Category: Top Stories
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Eximbank commits $10 million to sustain Ghana’s largest yam exporter position
The Ghana EximBank is set to commit 10 million dollars to the sector to sustain Ghana’s position as the world’s largest exporter of yam. Speaking to the media on the sidelines of a stakeholder forum on yam exports, Chief Executive Officer of the Ghana EximBank, Lawrence Agyinsam, stated that the amount his outfit is committing…
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FDI Inflows: Ghana is second highest recipient in West Africa
FDI flows to Ghana increased by 39% to $2.6 billion for the year 2021. According to the World Investment Report 2022, this placed Ghana second in West Africa, and seventh in Africa, in terms of FDI attraction. The rise in Ghana’s FDI flows was attributed to major projects in its extractive industries, which included; the…
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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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Parliament passes Tax Exemptions Bill 2022
Parliament has passed the Tax Exemptions Bill 2022 to streamline the tax exemption regime in the country. The Bill, among other things, comprises tax waivers given to local and foreign companies to encourage increased investment and more foreign direct investment in the economy. When assented to by the President, the Tax Exemptions Bill will strengthen…
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Accra-Tema motorway users to pay tolls after completion of expansion works
Users of the Accra-Tema motorway can expect to start paying tolls again after the completion of expansion works on the road. During the Mid-year budget review, the Finance Minister, Ken Ofori-Atta, said the completed road will be tolled to recover the whole cost. The toll will also be to “pay lenders and provide a return…
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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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Minority, business community react to Ken Ofori Atta’s Midyear budget review
After the Presentation of the Midyear budget review by the Finance minister, Ken Ofori Atta, in parliament yesterday, the minority in parliament and members of the business community have been reacting to portions of the captured policies. This comes at a time when the government is making efforts to get the economy back on track…
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Gov’t to make $13.2bn savings from renegotiated power contracts – Ofori-Atta
The government says it could save the country about US$13.2 billion from successful renegotiating of some of the Power Purchase Agreements (PPAs). The savings would accrue over the lifespan of the renegotiated agreements, the Minister of Finance, Ken Ofori-Atta, told Parliament. Mr. Ofori-Atta said during the presentation of the mid-year budget review Monday, July 25,…
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Unprecedented global developments forced us to IMF – Ofori-Atta breaks silence
Unprecedented developments across the world forced the government to turn to the International Monetary Fund (IMF) for assistance, Finance Minister, Ken Ofori-Atta has said. In his first public remark after Ghana invited IMF to support it, Ofori-Atta said although the government had tried resisting the urge of signing up for an IMF bailout, Russia’s invasion…