Category: Local Economy
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Securing IMF bailout won’t fix economy – Harry Yamson
Even if Ghana secures its 18th extended loan facility from the International Monetary Fund (IMF), Michael Harry Yamson, Managing Partner at Ishmael Yamson and Associates, fears the country’s economic woes will further worsen. He believes the government has not demonstrated enough fiscal and political discipline in order to improve macroeconomic stability. Mr. Yamson told Bernard…
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ECG negotiates with GRA to offset ¢600m tax obligation
The Electricity Company of Ghana (ECG) is negotiating with the Ghana Revenue Authority (GRA) to offset about GH₵600 million of its tax obligations to the state. The company intends to write off the debt of some “sensitive” public sector institutions that have accumulated over the years Mr. Samuel Dubik Mahama, the Managing Director, ECG, who…
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We are open to accelerating AfCFTA’s success – CEO of GSA
The Chief Executive Officer (CEO) of the Ghana Shippers’ Authority (GSA), Ms. Benonita Bismarck has expressed the readiness of her organization to collaborate with the African Continental Free Trade Area (AfCFTA) Secretariat to develop effective transport and logistics policies and programs under the AfCFTA Agreement. According to her, the success of AfCFTA largely hinges on…
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Producer Price Inflation drops to 43.7% in March 2023
The Ghana Statistical Service has reported a decrease in the year-on-year inflation at factory gate prices for all goods and services to 43.7% in March 2023, down from 50.8% in February 2023. This decline is consistent with the Consumer Price Inflation which also fell to 45.0% in March 2023. The data shows a monthly producer…
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Ghana’s economy grew by 3.1 percent in 2022 – GSS
Latest data from the Ghana Statistical Service, GSS has revealed that Ghana’s economy has expanded by 3.1% in 2022. According to the GSS, this is dip as compared to the 5.1 percent record in the year 2021. The data also shows that the economy grew by 3.7 percent in the fourth quarter of 2022. Addressing…
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Food inflation may go up due to 3 new taxes- Chamber of Agribusiness
A Director of Policy and Research Bureau at the Chamber of Agribusiness Ghana, Kojo Ahiakpa, has opined that the three taxes assented to by the president may cause food inflation to rise. President Nana Addo Dankwa Akufo-Addo has assented into law the three new taxes passed by Parliament in March 2023. The taxes are the…
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Ghana’s fiscal outlook to reduce to 6.6% – Prof. Osei-Assibey
Economist and Statistician, Professor Eric Osei-Assibey has opined that the fiscal outlook of the local economy will reduce to about 6.6 percent in the coming months of the year 2023. He explains that this forecast could be achieved based on government’s fiscal consolidation measures put in place as it seeks a $3 billion IMF bailout…
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DBG assures of finance support for SMEs to boost economic growth
The Chief Executive Officer of the Development Bank Ghana (DBG), Kwamina Duker has indicated the bank is disbursing at least 600 million Ghana cedis in loans for on-lending to SMEs this year as part of efforts to resuscitate the economy. He maintains that the challenges confronting the local economy can be partly resolved if the…
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Operators of Deepwater Tano/Cape presents PoD to govt
Operators of Deepwater Tano/Cape Three Points block offshore Ghana have submitted a Plan of Development to the Ghanaian authorities on behalf of its partners. The plan of development will form the basis for the sustainable and efficient development of the Pecan. This was contained in a press statement issued by Aker Energy Ghana Limited and…
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Ghana will get bailout package soon – IMF boss
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is optimistic that the fund’s Executive Board would grant final approval to Ghana’s bailout request soon. Ms Georgieva said at the ongoing World Bank/IMF Spring Meetings in Washington D.C. that her optimism stemmed from the swelling goodwill that the country was getting from the…