Tag: Ghana
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Ghana to host 2019 Africa Caucus Meeting next week
The Ministry of Finance and the Bank of Ghana will be hosting the first leg of the 2019 African Caucus Meeting of the Governors of the World Bank Group and the International Monetary Fund (IMF) in Accra between 31st July and 2nd August 2019. The second meeting will take place at the venue of the…
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IFS warns real budget deficit may exceed 5% by end of 2019
The Institute for Fiscal Studies (IFS) is warning that government may record a real budget deficit of more than 5 percent of GDP if government does not reduce its appetite for borrowing. According to the IFS, even though government has outlined measures not to overspend, the trend rather shows that government is borrowing outside its…
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Ghana’s debt stock hits 200 billion cedis by May
Data released by the Bank of Ghana shows that the country’s total debt stock has hit 200 billion cedis by May 2019. The data shows that the debt stock increased by 2 billion cedis in three months from March to May. The external component of the debt is pegged at 20.5 billion dollars while the…
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Activities in mining and quarrying push June PPI to 7.6%
The Producer Price Inflation (PPI) for June 2019 has increased to 7.6 percent compared to the same period in the previous year. This rate represents a 0.9 percentage point increase in the producer inflation relative to the rate recorded in May 2019 which was 6.7 percent. The Producer Price Index measures the average change over…
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ECOWAS not ready for ECO currency in 2020—Prof. Quartey
Economist Professor Peter Quartey is of the view that ECOWAS is not ready for the common currency, ECO, which is scheduled to start circulating next year. Prior to the commencement of the circulation of the currency, ECOWAS member states are expected to meet common criteria comprising primary and secondary ones. Though the Heads of State…
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Article: What next for government as dumsor clock ticks?
In 1984, Ghana was confronted with its first electricity crisis as a result of a severe drought of the lake, very much attributable to climate between 1982 and 1984. It was reported that the total inflow into the dam between 1982 and 1984 was less than 15% of the expected total, and that triggered power…
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Manufacturers to pass on increased tariffs to consumers—Chamber of Commerce warns
Manufacturers are likely to transfer to Ghanaians, the cost associated with the recent increase in electricity and water tariffs announced by the Public Utilities Regulatory Commission (PURC). That’s according to the Ghana National Chamber of Commerce and Industry (GNCCI). The Utility Services Regulator recently approved an 11.17 percent tariff increment for electricity and 8.1 percent…
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Cement manufacturers in pain over impact of high taxes on their operations
Cement Manufacturers in the country want government to reduce the number of taxes and levies imposed on their operations. According to the Cement Manufacturers Association of Ghana, the increasing number of taxes and levies imposed on them is putting a pressure on their members. Among the numerous taxes and levies is the recently added fumigation…
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COCOBOD engages 22 banks to raise syndicate loan for 2019/20 crop season
The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo is hopeful COCOBOD will be able to raise the needed funds to finance the 2019/2020 crop season through a syndicated loan. According to him, a team from COCOBOD and other relevant state institutions had a successful roadshow last week after engaging twenty-two banks abroad to raise…
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Article: Boosting energy access, security in West Africa through regional cooperation
The developed part of the globe have found reliable and affordable energy as an enabler to goods and services that has enriched and extended lives. And for developing countries, the need for consistent supply of affordable energy is more vital to modernizing agriculture, increasing trade, empowering women, saving lives, improving transportation, expanding industries, and powering…