Category: Top Stories
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We’re ready to help Ghana stabilize economy – IMF
The International Monetary Fund (IMF) has expressed its willingness to help Ghana stabilize its economy. This was disclosed by the IMF’s Managing Director, Kristalina Georgieva in a tweet after a meeting with the Finance Minister, Ken Ofori-Atta. The IMF concluded a fact-finding mission to Ghana in July in which it met with key stakeholders like…
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$750m Afrexim Bank loan hits Bank of Ghana’s accounts
The $750 million African Export-Import Bank (Afreximbank) Loan approved by Parliament last month, has hit the Bank of Ghana’s (BoG) account, sources close to Citi Business News have stated. The loan, which is part of a $1 billion dollar facility, reached the Central Bank on Thursday, 25th August 2022. Citi Business News sources with the…
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Managing Director of Ghana Stock Exchange, Ekow Afedzie retires in November
Managing Director of the Ghana Stock Exchange, Ekow Afedzie, is set to retire from his position later this year [November 2022], after 31 years of dedicated service. This was announced at the company’s 32nd Annual General Meeting in Accra. Ekow Afedzie was appointed as the Managing Director of the Exchange on January 1, 2020. Commenting…
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Trade surplus to widen to 4.4% of GDP in 2022 – Fitch predicts
Despite the current poor economic situation and predictions of a worse situation due to further depreciation of the cedi and high inflation rate, Fitch Solutions believes elevated global commodity prices will cause Ghana’s trade surplus to widen to 4.4% of GDP in 2022 from 1.4% in 2021. Ghana recorded a trade surplus of $1.43 billion…
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GUTA suspends plans to close shops after meeting with Council of State
The Ghana Union of Traders (GUTA) has called off its planned shop closure scheduled for Monday, August 29, 2022. This was after a meeting with the Council of State. GUTA said a joint committee has been set up to look into its concerns. President of the Association, Dr. Joseph Obeng, after the meeting, said the…
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Traders Advocacy Group calls on traders to defy GUTA’s strike directive
The Traders Advocacy Group Ghana is asking its members to disregard directives by the Ghana Union of Traders Associations (GUTA) to close their shops as a measure to drum home their displeasure with the government over the current economic situation. GUTA has instructed its members to act on the 29th of August in a bid…
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2022 light crop season to close on September 8 – COCOBOD
The Ghana Cocoa Board has announced that purchases for the 2022 light crop season will cease at close of business on Thursday, 8th September 2022. According to the Board, returns on the declared purchases will be accepted up to 4:00 pm on Thursday, 15th September in order to assist the Licensed Buying Companies (LBCs) to…
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GRA to roll-out automated tax clearance system from October – Veep
Government has revealed that it will begin rolling out the automation of all tax clearing certificates, TCCs, from October this year. This is part of efforts to promote tax compliance. This latest move is aimed at reducing the voluntary use of powers and its attendant alleged corruption by public officials in the country. Prior to…
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Fitch projects 43% depreciation of the cedi, higher inflation in 2022
The hope of Ghanaians to see an end to the sharp rise in inflation and the wanton depreciation of the local currency has further been dashed as Fitch Solutions forecasts a further weakening of the local currency throughout the year. In its latest ‘Ghana’s Private Infrastructure Investment Set for Medium-Term Recovery’ report, Fitch is predicting…
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GNCCI urges gov’t to introduce deliberate policies to boost revenue mobilisation
The Ghana National Chamber of Commerce and Industry, GNCCI, has reiterated calls for government to operationalise the Tax Exemption Bill and the Property Tax law and other deliberate programmes to boost domestic revenue mobilization. According to the Ghana National Chamber of Commerce and Industry, the high cost of doing business in the country which they…