Tag: Ghana
-
GRA summons 11 shop owners over tax irregularities
Eleven shop managers have been summoned by the Domestic Tax Compliance Taskforce of the Ghana Revenue Authority (GRA) for thorough investigations into their business operations. The shop owners have been involved in issuing selective VAT invoices and have failed to adhere to tax compliance regulations, leading to substantial revenue losses for the state. The GRA…
-
Upholding financial stability of Ghana’s energy sector: Why IPPs cannot accept debt haircut amid government’s economic challenges
The energy landscape is undergoing rapid transformation, driven by the growing role of the Independent Power Producers (IPPs) in meeting global electricity demands. In the intricate landscape of deregulated electricity markets, the role of Independent Power Producers (IPPs) is pivotal in driving electricity generation and supply. Recent debt haircut proposals by Government of Ghana (GoG),…
-
High inflation worsens food security, deepens poverty crisis in Ghana – World Bank report
Ghana is grappling with a severe inflation crisis that has unleashed devastating consequences on food security and poverty levels, according to the latest Ghana Economic Update released by the World Bank. The report shed light on the alarming surge in prices across all consumer categories, significantly impacting the living standards of Ghanaians, especially the poor.…
-
Producer Price for June 2023 falls marginally to 29.2%
Recent data from the Ghana Statistical Service show that the Producer Price Inflation (PPI) for the month of June 2023 fell marginally to 29.2% from the 30.3% recorded in May 2023. This represents a 1.1 percentage point decrease in producer inflation relative to the rate recorded in May 2023 However, the month-on-month change in the…
-
Golden nectar: Uncovering Ghana’s blossoming honey industry
Ghana has a long history of beekeeping, dating back to the 16th century. The country is home to a wide variety of bees, including stingless bees, honey bees, and carpenter bees. Honey is a valuable product in Ghana, and it is used for both food and medicinal purposes. The honey industry in Ghana has been…
-
Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
-
BoG maintains monetary policy rate at 29.5%
Cost of borrowing is expected to remain high at least for the mean time as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 29.5 percent. This is the first time this year that the Central Bank is maintaining the key rate. The monetary policy rate, which is…
-
10 phone accessory shops burnt at Tip-Toe lane
About 10 shops with phone accessories worth thousands of cedis have been destroyed by fire at the Tip-toe lane, close to the Kwame Nkrumah Interchange, in the national capital on Sunday, May 21. The fire which started around 2pm was doused by a joint team of fire tenders from Abelemkpe and Ministries branches of the…
-
Fuel prices to decline in second pricing window of May – COPEC
The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a decline in the prices of fuel in the second pricing window of May 2023. COPEC’s projections indicate that the decline is a result of the decrease in the price of crude on the international market and stable to slightly declining forex rates. Petrol is expected…
-
Ghana’s fiscal outlook to reduce to 6.6% – Prof. Osei-Assibey
Economist and Statistician, Professor Eric Osei-Assibey has opined that the fiscal outlook of the local economy will reduce to about 6.6 percent in the coming months of the year 2023. He explains that this forecast could be achieved based on government’s fiscal consolidation measures put in place as it seeks a $3 billion IMF bailout…