Tag: Ghana News
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Tullow driving local participation in Ghana’s oil and gas sector
In keeping with its commitment to local content participation in the oil and gas sector, Tullow has partnered with the Upstream Petroleum Business Academy of the Petroleum Commission (PC), to deliver training to local suppliers in Ghana. The training, on the theme, “Closing the Gap Workshop on Reverse Auctions,” was led by Tullow’s Chief Procurement…
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Government secures GH₵3.9bn in reopened DDEP
The government has secured GH₵3.9 billion in the reopened domestic debt exchange programme, the Ministry of Finance announced on Tuesday. This represents a significant achievement for the government, which is seeking to fully implement its COVID-19 programme for economic growth in the face of the prevailing economic situation. The Finance Ministry in a statement added…
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Monetary policy rate held steady at 30%
The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy. This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023. After…
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Ghana’s total exports decline by 9%
Ghana has recorded a nine percentage points drop in its total export earnings. As of August 2023, total exports stood at US$10.76 billion. It is lower than the US$ 11.81 billion recorded in August 2022. Although Ghana maintained a trade surplus in the year under review, total exports declined by about US$ 1 billion accounting…
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Excise tax amendment shows positive signs; rakes in GHS 140m
A revenue of GHS 140,245,004.48 has been collected since the implementation of the Excise Duty Amendment Act, 2023 (ACT1093) from May 1 to September 20, this year as compared to GHS 107,998,254.64 last year. Mr. Edward Bagyiri, Chief Revenue Officer, Import and Export Unit, Ghana Revenue Authority (GRA), Customs Division made this known at a…
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Ghana records over $200m trade surplus in two months
New figures from the Bank of Ghana (BoG) show that, Ghana’s trade balance increased by US$231.9 million between June and August. This means, Ghana’s trade balance grew by about 13 percent from the US$ 1.78 billion recorded in July 2023. It brings the country’s total trade balance to US$ 2.01 billion as at August 2023…
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Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah
Private legal practitioner, Kwame Jantuah, has warned authorities against the consequences of the influx of Chinese tanker trucks in Ghana’s oil downstream space. The legal practitioner wants the influx checked to save local businesses. A letter by the Tanker Owners Union to the National Petroleum Authority (NPA), appealed to the NPA to intervene in the importation…
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Public debt hits GHS 575.5 billion; now 71.9% of GDP
Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP). This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023. According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt…
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GRA fights off claims of harassing traders; calls for cooperation
The Ghana Revenue Authority (GRA) has appealed to the business community to collaborate with its taskforce as the Authority moves to engage leadership of traders to address concerns over the collection of taxes. This comes on the back of a warning by the Ghana Union of Traders Association (GUTA), against the GRA over allegations of…
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Global finance must transform to address Africa’s climate challenge – Ofori-Atta urges
Minister for Finance, Ken Ofori-Atta, has made a clarion call to action urging the global financial community to undergo a profound transformation to confront the pressing climate crisis affecting Africa. Mr. Ofori-Atta emphasized the critical need for increased financing to support Africa’s adaptation and mitigation efforts in the face of climate change. “Africa is at…