Category: Local Economy
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Tax on agro inputs a threat to agribusiness and food security – Analysts
CropLife Ghana together with the Chamber of Agribusiness Ghana, Peasant Farmers Association of Ghana (PFAG), National Seed Trade Association of Ghana (NASTAG) and the Ghana Rice Interprofessional Body (GRIB) have jointly held a press conference to urge Government to restore the tax exception on Agro-inputs. The President on September 12, 2022 assented to the tax…
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Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt
The Convener of the Individual Bondholders Forum, Senyo Hosi, has stated that the agreement between the Ministry of Finance and the Ghana Association of Banks on the Domestic Debt Exchange Programme (DDEP) affirms their position for individuals to be completely exempted. In a statement, Mr Hosi hailed the agreement between the Ministry of Finance and…
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Assin State College receives Dano “Inner Strength” Award
Having made substantial progress in the 2022 National Science and Math Quiz, Arla Foods, producers of Dano Milk has presented the coveted “Inner Strength” Award to Assin State College. The Award comes with Dano Products worth GH₵7000, a plaque, and a scholarship fund of GH₵10,000 – to be presented to Stephen Nyamekye, a contestant at…
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DDE: Banks secure 5% coupon for 2023; other revisions
The government has revised some terms of its Domestic Debt Exchange Programme (DDEP) following discussions with the Ghana Association of Banks. Hitherto, the new bonds under the programs were not to accrue any interest until 2024, starting at 0% coupon in 2023 which steps up to 5% in 2024 and 10% from 2025. But after…
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Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments
Retail customers not interested in a rollover of their cocoa bills would now be paid using COCOBOD’s deposits at the banks. That’s the agreement reached among the Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks following the COCOBOD’s bills default. This comes after Government last week, defaulted in the payment of matured…
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SIGA awaits cabinet approval on listing of SOEs on GSE
Director-General of the State Interests and Governance Authority (SIGA) Amb. Edward Boateng has disclosed that his outfit is awaiting approval from Cabinet on the listing of selected state-owned enterprises (SOEs) to raise capital from the Ghana Stock Exchange, GSE. As part of efforts to make SOEs profitable and attractive to investors, SIGA last year set…
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Re-engage IMF; renegotiate terms – Theo Acheampong to gov’t
Economist and Political Risk Analyst, Dr. Theo Acheampong is urging government to review its target of reaching a 55% Debt-to-GDP ratio by 2028. He views the target as too ambitious adding that it imposes undue pressure on government, forcing it to further burden some categories of bondholders. Dr. Acheampong believes that if the 55% Debt-to-GDP…
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Banks seek shorter maturities in local debt-swap deal
Ghanaian banks are holding out for better terms in a domestic bond-exchange program aimed at easing the government’s debt-service burden. This is according to Bloomberg. No bank will make a profit in 2022 if they accept the new bonds offered under the exchange, and some face collapse, according to two people familiar with ongoing talks…
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Technical committee formed to ensure continuous engagement on debt programme
The Minister of Finance, Ken Ofori-Atta says a technical committee will be formed to ensure continuous engagement with all stakeholders involved in the domestic debt exchange programme. He made the announcement after meeting leaders of individual bondholder groups and other stakeholders at the Finance Ministry on Wednesday, January 18, 2023. The meeting between the Minister…
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PURC’s reasons for 2023 tariff increment baseless – IES
The Institute for Energy Security (IES) has taken a dig at the Public Utilities Regulatory Commission (PURC) following the increment in utility prices. The IES in a statement described the announcement as baseless. PURC early this week announced an increment in electricity prices by about 30% and 8.3% for water effective February 1, 2023. The…