Tag: Institute of Economic Affairs
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IEA proposes increase in Monetary Policy Rate by 100 to 150 basis points
The Institute of Economic Affairs (IEA) is asking the Monetary Policy Committee of the Bank of Ghana to increase the monetary policy rate by another 100 to 150 basis points to 20 or 20.5 percent. This is ahead of the Central Bank’s MPC press conference on Monday, July 25 which might see the review of…
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IEA suggests hybrid approach in tackling rising inflation rate
The Institute of Economic Affairs (IEA) is asking the government to take overall responsibility in checking the rise in the country’s inflation rate, as it suggests the use of a hybrid approach to deal with the situation over the long term. This approach, according to the Institute, is a combination of the inflation targeting approach,…
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BoG’s inflation targeting framework can’t reduce rise in inflation – IEA
The Institute of Economic Affairs (IEA) is unhappy with the current approach being used by the Bank of Ghana in stemming Ghana’s inflation situation. According to the Institute, the inflation targeting framework being used by the Central Bank cannot provide a lasting solution to the country’s inflation problem hence must be avoided. In a paper…
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Monetary Policy Rate must be increased to 19% to check inflation – IEA
Amidst the continuous rise in inflation rate and calls for an intervention to stem the situation, the Institute of Economic Affairs (IEA) is projecting a 200 basis points increase in the monetary policy rate to 19 percent. This, it believes, will help narrow the gap with rising inflation and also ease to some extent the…
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IEA calls for changes in current inflation targeting structure
The Institute of Economic Affairs (IEA) has asked for reform in the current inflation-targeting framework operated by the Bank of Ghana. The Director of Research at the Institute of Economic Affairs, Dr. John Kwakye believes the framework does not help the country achieve its inflation targets because it predominantly focuses on demand-side factors, while the…
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66% of businesses want reduction of taxes to stabilize operations – IEA survey
The majority of businesses in the Greater Accra Region believe they need critical interventions from the government to improve the business environment in the coming months. According to the Institute of Economic Affairs 2021 Business Confidence Survey, 66 percent of businesses in Accra expect the government to reduce taxes and charges to bring stability to…
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2022 Budget: Gov’t urged to institute measures to block tax revenue leakages
Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye is asking the government to adopt pragmatic measures in the 2022 budget to seal all loopholes in Ghana’s tax system to rake in more revenue for development. Ghana loses a substantial amount of revenue annually through illicit financial flows such as trade…
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Impose 5 percentage points ceiling on lending rates – IEA to BoG
The Institute of Economic Affairs (IEA) has called on the Monetary Policy Committee of the Bank of Ghana to impose a ceiling of 5 percentage points on the spread of lending rates on banks. This follows the recent call by President Nana Akufo-Addo on the Bank of Ghana to address the problem of high lending…
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Ghana-China trade hits over $4 billion in first half of 2021 – Chinese Ambassador
Despite the impact of the COVID-19 pandemic on the global economy, bilateral trade between Ghana and China continues to grow. H.E. Lu Kun, the Chinese Ambassador to Ghana, revealed that the value of trade between Ghana and China in the first half of 2021 alone was over 4 billion dollars. This according to the ambassador…
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Increase tax on profitable and more resourceful businesses – IEA
The Institute of Economic Affairs (IEA) on Tuesday said the government should have imposed more taxes on profitable and resourceful businesses rather than sparing them in the mid-year budget review. The Institute said the Minister would be more successful in raising revenue to fund the expenditure needs if the tax increases were directed at the…