Category: Local Economy
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NPA to regulate bitumen supply chain to ensure quality and efficiency
The National Petroleum Authority (NPA) is developing a framework to regulate the importation, storage, processing and marketing of bitumen in the country. The framework, which will have inputs from the Ghana Standards Authority (GSA), the Ghana Highways Authority (GHA), and the Customs Division of the Ghana Revenue Authority (GRA), is to streamline the bitumen supply…
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Inflation could anchor at 28% before end of 2023 – Courage Boti
Economist and currency analyst at GCB Capital Limited, Courage Boti is hopeful of a sharper decline in the country’s inflation as he predicts the year 2023 could end with a rate of about 28 percent. His comment comes on the back of a significant drop in inflation with the month of March recording 45% from…
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March inflation drops to 45.0%
Inflation has dropped significantly to 45.0 percent for the month of March 2023. This represents a 7.8 percentage point decrease over the 52.8 percent recorded in February 2023. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday. Per the data, food inflation also stood at…
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Ghana Airports Company Limited holds 8th annual General Meeting
The Deputy Minister for Transport, Honourable Hassan Tampuli has commended the Board and Management of Ghana Airports Company Limited (GACL) for gradually steering the company out of the financial challenges brought about by the COVID-19 pandemic. He made these comments at the 8th Annual General Meeting of GACL held at Kotoka International Airport. Hon. Tampuli…
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Ghana’s bilateral creditors set to clear way for $3bn IMF bailout
Ghana hopes to take a big step towards restructuring its $58bn-worth of debt this week, with its bilateral creditors meeting on Tuesday to discuss whether to provide enough relief to unlock a $3bn IMF bailout. Ghana owes $5.5bn to foreign governments and their state banks. Ken Ofori-Atta, finance minister, said he had “hope” those bilateral…
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Govt assures of making Financial Stability Fund more efficient
The government has indicated that it is working to make the Financial Stability Fund more efficient to support banks which have been impacted by the Domestic Debt Exchange Programme. According to the government, this is crucial as the fund will provide temporary liquidity and solvency to licensed financial companies. Speaking at the launch of the…
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Financial information penetration in Ghana now at 95% – Finance Ministry
The Deputy Minister of Finance, Abena Osei Asare has disclosed that financial information penetration in the country has shot up to about 95 percent. This according to her is a little over the 85 percent projections made by government for the year 2023. The Deputy Minister maintains that although the figures have gone up, many…
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AGI disappointed over passage of 3 new revenue bills
The Association of Ghana Industries (AGI) has expressed disappointment over the passage of government’s three new tax bills into law, by Parliament. In a statement signed by its Chief Executive Officer, Seth Twum Akwaboah, the Association, said the passage of the bills is detrimental to the economic growth of the country because they “pose very…
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BoG cuts dollar supply to BDCs for 2023 Q2
The Bank of Ghana has indicated that it has slashed its dollar supply to the Bulk Oil Distribution Companies due to the Gold for oil policy. This comes at the time when the president in delivering the State of the Nation Address in Parliament in March, said the policy, which is aimed at reviving the…
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Excessive tax policies may heighten cost of living – Federation of Labour
The Ghana Federation of Labour (GFL) has cautioned the Government to be mindful of overburdening the manufacturing sector with tax policies as that may result in widespread unemployment, increased cost of living, and endanger national security. Mr Abrahma Koomson, the GFL Secretary, in a statement said, with the current financial crisis and taking into account…