Category: Top Stories
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Govt ensuring fiscal adjustments non-negotiable – IMF
Government will be under pressure to cut down its expenditure following the approval of the country’s US$3 billion deal with the International Monetary Fund (IMF). It is the expectation of the IMF that the government of Ghana under its obligations rolls out a raft of measures aimed at ensuring that the distressed economy is put…
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29 CSOs raise red flags over GNPC – PetroSA deal
The CSO Coalition on Extractive Governance is demanding for the immediate removal of GNPC Board Chairman, Freddie Blay and its CEO, Opoku Ahweneeh Danquah. The demand for their removal comes in light of GNPC’s intention to sell 50% stakes in Jubilee Holdings Limited (JOHL) to PetroSA, despite the substantial revenue potential this interest holds for…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…
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Irate GBC staff threaten strike over withdrawal of allowances
Staff of the Ghana Broadcasting Corporation (GBC) have threatened to embark on a series of industrial actions if the Fair Wages and Salaries Commission does not reinstate their allowances. Samuel Nat Kevor, the Divisional Union Chairman of GBC, on Tuesday, May 23, urged the Fair Wages and Salaries Commission to reverse its decision to withdraw…
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Mere IMF-dictated fiscal discipline not enough to solve Ghana’s problems – Bernard Avle
The General Manager of Citi FM and Citi TV, Bernard Avle, is convinced that the regularity with which Ghana and other countries in the global South seek assistance from the International Monetary Fund (IMF) indicates deeper issues beyond mere IMF-dictated fiscal discipline. According to him, “There are ideological, cultural, philosophical, and historical factors at play…
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Ministry of Finance urges businesses to be tax compliant
A Deputy Minister of Finance, Abena Osei Asare has reiterated calls for businesses and individuals to be tax compliant . She explains that domestic revenue mobilization has become critical given the current economic position of the country. Speaking at the Launch of the National Public Financial Management (PFM) organized by the Institute of Chartered Accountants…
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Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
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New taxes, tariff hikes crucial for Ghana’s bailout – IMF
The International Monetary Fund (IMF) has justified the adoption of three mobilization measures as well as the increase in utility costs as Ghana attempts to fix its balance of payment problems. Despite criticisms, the Excise Duty, Growth and Sustainability, and Income Tax Amendment laws aim to generate GHS4 billion for the country each year. These,…
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Ghana’s international reserves up to $5.7bn after IMF deal
The country’s gross international reserves have increased to US$5.7 billion after sealing the US$ 3 billion deal with the International Monetary Fund. These are highlights from data made available by the Bank of Ghana. “With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, the gross international reserves have…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…