Tag: Ghana News
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IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring
The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has confirmed that Ghana has taken the required steps to secure the long-awaited financing assurance from its external creditors. He added that the IMF is patiently awaiting responses from bilateral creditors. “I have to tell you that whereas it took…
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IMF, World Bank work to accelerate debt treatment for Ghana, others under G20
The International Monetary Fund (IMF) and World Bank are working together to accelerate debt restructuring for Ghana and other countries under the Group of Twenty (G20) Common Framework. Ms Kristalina Georgieva, Managing Director, IMF said this during a plenary meeting at the 2023 IMF/WGB Annual Meetings in Marrakech. “The IMF and the World Bank are…
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Zambia advises Ghana to have restrictive laws on debt accumulation
Mr Situmbeko Musokotwane, Minister of Finance and National Planning, Zambia, has advised Ghana to have restrictive laws on debt accumulation. “We put a law in Parliament which tied my hands to say, going forward, you can’t be like those in the past. So, we tied our hands for Parliament to have more power and restrictions…
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World Bank revises Ghana’s growth rate downwards to 1.5 percent
Ghana’s economic growth is expected to decelerate to 1.5 percent this year, fresh projections by the World Bank have suggested. The slowdown is sharp drop from the 3.1 percent growth in 2022. It is also significantly low per the average of 61. percent pre-pandemic growth. The World Bank in its latest Africa’s Pulse report revealed…
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TOR workers demand dissolution of Board of Directors
The General Transport, Petroleum, and Chemical Workers Union of TUC (GPCWU) has urged the government to dissolve the board of directors at the Tema Oil Refinery (TOR). The union highlighted TOR’s achievements since the board’s appointment, tasked with securing a credible, strategic partner for TOR approximately 18 months ago. Nevertheless, the union has noted a…
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TOR-Torentco deal: Some staff raise fresh alarm over formation of subsidiary companies
Some workers of the Tema Oil Refinery (TOR) have raised fresh alarm over government’s plans to revamp the operations of the refinery through Torentco Asset Management. The concerned staff are alleging the formation of two separate companies that still have Torentco as part of its shareholders. On Tuesday, October 3, 2023, the workers who are…
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Cedi weakens against the dollar in October after months of relative stability
This week, the dollar has made a slight gain, by a few pesewas against the Bank of Ghana’s rate. According to the interbank forex rates from the Central Bank, the cedi is currently trading at GHS 11.13 against the dollar as of Monday, October 2, 2023. Despite widespread projections of cedi stability, currency analysts assert…
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Govt defaults on paying pension contributions for public sector workers
Government has defaulted in the payment of pension contributions for public sector workers. The period of default spans from October 2022 to May 2023. In the report, it emerged that, government has not only failed in its obligations to settle the 13 percent Tier 1 pension contributions of the public sector employees for the period.…
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Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise
Two trading associations in Ghana, the Traders Advocacy Group and the Abossey Okai Spare Parts Dealers Association, are urgently calling on the government to halt the Ghana Revenue Authority’s (GRA) initiative to deploy monitoring task forces for revenue collection. At separate press conferences on Monday, these traders raised concerns about what they describe as constant…
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Gross insurance premiums decline in H1; but industry outlook remains positive
Gross premiums in the country’s insurance sector have declined in the first six months of 2023. As of the end of June 2023, the gross premiums have fallen to GHS 2.76 billion from the GHS 3.07 billion posted during the same period last year. However, recent developments in the insurance sector as captured in the…