Category: Top Stories
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Maintain old transport fares for now – GPRTU to drivers
Ghanaians seeking to enjoy a 10% reduction in transport fares may have their hopes dashed following the refusal of some drivers to bring down fares. In a surprising turn of events, the Ghana Private Road Transport Union (GPRTU) has appealed to the general public to continue paying the existing fares until the leadership of the…
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GRA apprehends eight retail shops over tax default
Eight retail shops and restaurant managers have been apprehended by the domestic tax division taskforce of the Ghana Revenue Authority (GRA) for their deliberate failure to issue VAT invoices to customers. The arrests add to a total of 93 individuals currently being investigated and prosecuted. The taskforce conducted a targeted operation in East Legon and…
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Water tariffs go up from June 1
Effective June 1, 2023, the cost of water services will see an upward adjustment for all consumer groups. This follows a review and approval by the Public Utilities Regulatory Commission (PURC) for water tariffs to go up for the second quarter of 2023. “In taking this decision, the commission took cognizance of the cost of electricity,…
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Finance Minister pledges efficient resource deployment for future growth and stability
Finance Minister, Ken Ofori-Atta has highlighted the importance of the Debt and Debt Exchange Programme (DDEP) in minimizing interest payments and supporting Ghana’s debt management efforts. He further outlined strategies to enhance economic resilience, including reducing import dependency and improving operational efficiency. Addressing a joint press conference between the Government of Ghana and the International…
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IMF praises Ghana’s structurally comprehensive programme
While speaking at a joint press conference between the Government of Ghana and officials of the IMF, the IMF mission chief for Ghana, Stephane Roudet highlighted the extensive structural components of Ghana’s program with the Fund, emphasizing its richness and capacity to strengthen the country’s economy. Mr. Roudet stated, “it is important to emphasize that…
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Gov’t won’t rush to return to capital market – Ofori-Atta
Finance Minister, Ken Ofori-Atta has emphasized the country’s commitment to fiscal responsibility, stating that Ghana will not hastily seek to return to the international capital market for borrowing. Speaking at a press conference on Thursday (May 18), Ofori-Atta highlighted the importance of revenue measures and prudent expenditure management in ensuring financial stability and sustainability. He…
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Efforts underway to secure IMF cash on Friday – Ofori-Atta
The Finance Minister, Ken Ofori-Atta has revealed that Ghana is set to receive the first tranche of the $3 billion bailout package approved by the International Monetary Fund (IMF), tomorrow, May 19, 2023. While speaking at a joint press conference between the Government of Ghana and officials of the IMF, Ofori-Atta outlined a roadmap for continued…
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IMF bailout: Bank of Ghana Act to be revised
Ghana’s International Monetary Fund (IMF) programme will among other things revise the Bank of Ghana Act in a bid to strengthen the central bank’s independence and mitigate fiscal dominance. The amendments to the BoG Act will feature a stricter limit for monetary financing, mechanisms to monitor and enforce compliance, and a clear definition of emergency…
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Ghana had pre-existing fiscal and debt vulnerabilities – IMF
The International Monetary Fund (IMF) has revealed that Ghana’s pre-existing fiscal and debt vulnerabilities were exacerbated by large external shocks in recent years resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on monetary financing of the government. The fund made this known in a statement after the Executive Board…
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This is what the IMF said after approving Ghana’s $3bn bailout request
The Executive Board of the International Monetary Fund (IMF) has approved Ghana’s $3 billion bailout request, aimed at reviving the country’s crippling economy. The decision was made during the Executive Board’s meeting held on Wednesday, following Ghana’s receipt of financing assurances from the Paris Club. A statement by the IMF indicated that the “Executive Board…