Category: Local Economy
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Government eyeing GH¢750m with new E-VAT policy
The government is seeking to raise GH¢750 million in Ghana following the passage of the Value Added Tax Amendment bill, which introduces the E-Vat policy. The tax measure broadens the scope of the existing laws to cover electronic commerce, provides for the electronic issuance of a tax invoice, upfront payment of Value Added Tax by…
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New deadline for SIM re-registration too short – MoMo agents association
The Mobile Money Agents Association has said the two months extension announced by the government is not enough time to guarantee that all Ghanaians would re-register their SIM cards. According to the association, the challenge for many registrants is their inability to access their Ghana Cards. In an interview with Citi News, the Secretary of…
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Vodafone agrees sell stake in Ghana’s business to Telecel
Telecommunication company, Vodafone Plc has agreed a sale of its operations in Ghana to Telecel Group. This is part of the British telecommunications giant to refocus on key markets. According to Bloomberg, the London-listed company will sell its majority stake in Vodafone Ghana to Africa-focused Telecel, subject to certain conditions. Vodafone entered Ghana in 2008…
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IFC and LMI partner to provide clean power and water to businesses
Ghana’s manufacturing sector is set to see a boost as the IFC—a member of the World Bank Group and LMI Holdings have signed a partnership to provide essential infrastructure services to manufacturing companies located in LMI-operated special economic zones in Ghana. The initiative will see IFC provide LMI with a loan of up to $30…
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Global price dynamics push value of Ghana’s total exports to $9 billion in June 2022 – BoG data
The value of Ghana’s total exports increased to about 9 billion dollars in June 2022, from the 7.6 billion dollars recorded during the same time period in 2021. This is contained in the Bank of Ghana’s Summary of Macroeconomic and Financial Data for July 2022. The report also shows an increase in total imports from…
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Telecoms Chamber and IIPGH advocate sustained coding education
The Ghana Chamber of Telecommunications in partnership with the Institute of ICT Professionals, Ghana, (IIPGH), is advocating sustained coding education for children cross the country. The call was made on the sidelines of the final workshop of the Institute’s Coding Caravan initiative in Tsiame in the Volta Region of Ghana. The workshops, which started in…
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Printed cash claims: GH¢22bn was govt’s net claims, not new currency – BoG
The Bank of Ghana (BoG) has refuted claims by the Minority’s that it has printed more currency for the country without parliamentary approval. In a statement issued on Tuesday, July 26, 2022, the Central Bank clarified that the said amount of GH¢22.04 billion the Minority claimed to have been printed “represents net claims on Government,…
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Gov’t revises macroeconomic targets; GDP growth rate target reduced to 3.7%
The government has revised this year’s projected economic growth rate target of 5.8% to 3.7%. According to the Finance Minister, Ken Ofori-Atta, the reason behind the revision includes the heightened global pressures such as the Russia-Ukraine war which has caused the revenue measures to underperform. He disclosed this during the presentation of the mid-year budget…
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Government to use windfall from petroleum sector to address revenue gaps – Ofori-Atta
Government has announced that it intends to use the windfall from the petroleum sector to address revenue gaps and aggressively improve its revenue mobilization drive. This was announced by the Minister of Finance, Ken Ofori-Atta during his presentation of the 2022 Mid-Year Budget Review in Parliament on Monday, 25th July, 2022. According to him, this…
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Bank of Ghana maintains policy rate at 19%
In its quest to ensure macroeconomic stability, the Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 19 percent. This is the first time the Central Bank has maintained the policy rate this year, after increasing it twice by 200 basis points or more. The rate, which is of keen…