Category: Top Stories
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IMF deal: Ghana now an attractive investment destination; investor confidence renewed – Ofori-Atta
Finance Minister, Ken Ofori-Atta says the approval of Ghana’s US$ 3billion bailout from the International Monetary Fund (IMF) signals an era of renewed investor confidence in the country’s economy. The Minister was reacting to the $300 million funding for African countries by the U.S. International Development Finance Corporation (DFC) which Ghana is a beneficiary. DFC…
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Africa risks losing 500bn barrels of crude over int’l pressures – Dr. Amin Adam
The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has indicated that over 500 billion barrels of crude oil will be left untapped in Africa following growing concerns from international communities to ensure a sustainable climate. This development, he believes will mitigate the growth of the African continent. He further explains that…
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Ghana gets $300 million from US to build first-of-its-kind data center
Ghana is set to receive $300 from the United States government as part of the International Finance Corporation (DFC) for African countries. The sum is a private investment to help construct Accra’s first-of-its-kind data center. Ghana is a beneficiary of the facility because of the renewed investor confidence in the economy following the approval of…
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Mahama’s promise to restore licenses of collapsed banks impractical – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson, says it is practically impossible for future governments to restore the licences of banks collapsed a few years ago. His comment comes on the back of a promise by former President John Dramani Mahama to restore the banking licenses that he said were unjustly cancelled…
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IMF bailout: Severe hardships await Ghanaians – Economist predicts
An Economist, Dr. Patrick Assuming, is anticipating severe hardships for Ghanaians in the coming months following the country’s receipt of $600 million, being the first tranche of the International Monetary Fund’s (IMF) $3 billion three-year extended credit support. The senior lecturer with the University of Ghana entreated Ghanaians to brace themselves up as they will…
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Revising BoG Act good for stabilizing fiscal management – Economist
Economist, Courage Boti has stated that the International Monetary Fund’s (IMF) call to revise the Bank of Ghana Act is a step in the right direction. He notes that the move is critical to stabilizing the country’s fiscal management. In an interview with Citi Business News, Courage Boti also explained that, “I don’t think this…
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IMF deal: We did a very diligent negotiation – Oppong Nkrumah
Information Minister, Kojo Oppong Nkrumah has slammed persons alleging that the $3 billion bailout deal secured from the International Monetary Fund (IMF) was poorly negotiated by Ghana’s representatives. Oppong Nkrumah said the people of Ghana and the government of Ghana have done a good job with regard to the negotiation of the programme. The Member…
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![Ghana’s US$ 3billion IMF deal [Full document]](https://citibusinessnews.com/wp-content/uploads/2023/05/IMF-1.jpg)
Ghana’s US$ 3billion IMF deal [Full document]
Large external shocks in recent years have exacerbated Ghana’s pre-existing fiscal and debt vulnerabilities, resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on monetary financing of the government. Decreasing international reserves, Cedi depreciation, rising inflation and plummeting domestic investor confidence, eventually triggered an acute crisis. It is on the…
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IMF’s $600 million hits Bank of Ghana’s account
The first tranche of cash from the International Monetary Fund (IMF), meant for budget support and to help stabilize the cedi, has hit the accounts of the Central Bank today, 20th May, 2023. The cash support is the first tranche of the $3 billion bailout package approved by the International Monetary Fund, IMF. A tweet…
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GRA to prosecute 93 companies for various tax offences
The Ghana Revenue Authority is actively investigating and prosecuting approximately 93 companies for a range of tax offences. Joseph Annan, the Accra Area Tax compliance coordinator, has emphasized that defiant non-taxpayers will face legal consequences to ensure compliance with the country’s tax laws. Annan made this statement during a press briefing following a recent VAT…