Category: Local Economy
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Inflation for December jumps to 54.1%
The Ghana Statistical Service has pegged the inflation rate for December 2022 at 54.1 percent. This means that in the month of December 2022, the general price level was 54.1% higher than in the same period in 2021. At 59.7%, food inflation was the highest inflation rate for December 2022, soaring past the 55.3% recorded…
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We can’t exempt insurance industry from debt exchange – Finance Ministry
The Ministry of Finance has categorically stated that it cannot exempt the insurance industry from the Debt Exchange Programme. The Ghana Insurers Association in December 2022 called for the exemption of insurance companies from the domestic debt exchange programme. According to the association, 40 percent of its total assets for the third quarter of 2022…
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![Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]](https://citibusinessnews.com/wp-content/uploads/2023/01/ACCR-Mashud.jpg)
Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]
January is the most important time of the year for pensioners and their dependents, primarily because it is when the Social Security Administration announces the new rates by which monthly pensions of existing retirees will be increased. The import of indexation is to restore the purchasing power lost by pensioners in the previous year. Pensions…
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GUTA welcomes Ofori-Atta’s interim appointment to Trade Ministry
The Ghana Union of Traders Associations (GUTA) has welcomed the announcement of Finance Minister Ken Ofori-Atta as caretaker minister for the Ministry of Trade and Industry. President of GUTA, Dr Joseph Obeng believes with the support of the deputy ministers, work in the ministry should be able to progress steadily. “I think it’s in good…
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Akufo-Addo’s defense of Akonta mining firm unfortunate – Ken Ashigbey
The Chief Executive Officer of the Ghana Chamber of Telecommunications and convenor of the Media Coalition Against Illegal Mining, Ing. Dr. Kenneth Ashigbey has expressed reservations about the president’s defence of Akonta Mine over the firm’s alleged engagements in illegal mining activities. Speaking at the 28th National and 16th Biennial Congress of the National Union…
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GUTA calls for total reform in VAT implementation
The Ghana Union of Traders Association (GUTA) has called for a total reform in the implementation of the Value Added Tax (VAT) to enhance compliance. GATU’s call follows the implementation of the increase in the VAT rate from 12.5% to 15% effective January 1, 2023. Finance Minister, Ken Ofori-Atta had indicated that the increase is…
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Freight forwarders’ new rates take effect from January 1
The Ghana Shippers’ Authority (GSA) and Freight Forwarders have announced new rates which take effect on Sunday, January 1, 2023. The new rates will guide Freight Forwarders and Clearing Agents who assist importers to clear their goods at the country’s two seaports, Tema and Takoradi ports, Elubo and Aflao borders, as well as the Kotoka…
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GRA reverses 30% discount on imported goods, vehicles effective January 1
The Ghana Revenue Authority (GRA) has announced the reversal of 30% discount on import values of general goods and 10% discount on Home Delivery Value of vehicles effective January 1, 2023. The reversal according to GRA follows the government’s 2023 budget statement and economic policy. In a statement issued by the GRA, it said, “following…
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Prudent financial policies stabilising economy – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has attributed the appreciation of the cedi against the dollar to the prudent financial decisions the government has taken to revive the economy. He said the staff-level agreement with the International Monetary Fund (IMF) and the improvement of forex inflows from remittances among others will later yield more positive results…
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Government assures of manufacturing policy to boost pharmaceutical industry
Government has reiterated its commitment to the fruition of a pharmaceutical manufacturing policy to enhance the activities of churning out pharmaceutical products in the country. This policy when fully implemented will attract investment for the pharmaceutical industry and boost the economic fortunes of the nation. Speaking during the 2022 India – Ghana Pharma Business Summit…