Tag: Ghana Business News
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Sustain ties with IMF after December 2018 – IFS to gov’t
The Institute of Fiscal Studies (IFS) has impressed on the NPP not to completely cut ties with the International Monetary Fund (IMF) even after completing the three year program in 2018. The IFS explains that the government’s plans to exit the program after 2018 may be necessary only if it is able to meet set…
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US woos Ghanaian exporters via AGOA
The US Ambassador to Ghana, Robert Jackson has bemoaned the low levels of exports from Ghana to the US. He argues that Ghanaian producers have not taken full advantage of the African Growth and Opportunity Act (AGOA) which accords duty free treatment to nearly seven thousand qualifying products to the US. In an interview with…
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Reducing interest rates: Economist hopeful of banks’ response
Some economists are predicting that commercial banks across the country will soon reduce their interest rates. Figures from the Bank of Ghana (BoG) show that the 91 day Treasury bill is at 12.5 percent while that of 182 days is at 12.9 percent. Following the decline, there have been concerns over why interest rates on…
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Govt may miss 2017 budget target over low expenditure – IFS
The Institute for Fiscal Studies (IFS) has cautioned that government will miss its 2017 budget target should it fail to spend in critical sectors of the economy. The IFS argues that government’s refusal to pay valid arrears and invest in infrastructural development for the first half of this year has impacted heavily on economic growth.…
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GEPA targets $ 10bn exports by 2021
The Ghana Export and Promotion Authority (GEPA) has begun a nationwide engagement to increase exports revenue by ten billion dollars within the next four years. As a result, the Authority has met with some Municipal and District Chief Executives (MDCEs) in the Upper East Region to prioritize one product or service each, that will be…
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Businesses push for an overhaul of port clearance processes
Importers and business associations are demanding an overhaul of the revenue collection systems at the various ports in the country. They argue that they are over burdened with taxes which impede the efficient revenue collection and general activities at the ports. The business operators have also threatened to boycott business related activities at the ports…
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Ghana’s trade surplus hits 1.4 billion dollars – BoG
New figures from the Bank of Ghana have shown that Ghana’s total balance of trade recorded a surplus of 1.429 billion dollars as at June this year. This is equivalent to 3.1 percent of GDP. The surplus is an improvement over the 1.4 billion dollars deficit recorded in the same period last year. This has…
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Tullow records $ 300m loss after tax in 2017 first half
Tullow Oil has posted a loss after tax of 300 million dollars for the first half of this year. The figure represents a decrease of 270 million dollars compared to the 30 million dollars profit after tax recorded for the same period last year. The oil company’s revenue for the first half of 2017 however…
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Importers blame custom officials’ interdiction for port delays
At least one hundred staff of the Custom Division of the Ghana Revenue Authority (GRA) at the Tema Port have been interdicted for their alleged involvement in revenue losses. Information available to Citi Business News indicates that the development has spanned between May and July 18, 2017. In addition, the customs division has also embarked…
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Producer price inflation drops to 3.6% in June
Ghana’s Producer Price Inflation (PPI) for June 2017 stood at 3.6 percent. This represents a 1.1 percent drop from the 3.7 percent recorded in May 2017. The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services. Explaining the reasons accounting for the…