On Friday July 1, government announced President Nana Addo Dankwa Akufo-Addo has directed the Minister of Finance, Ken Ofori Otta, to roll Ghana on an IMF programme to help fiscal consolidation. Ghana’s latest return to the Fund follows unprecedented global economic crisis emanating from the covid-19 pandemic and the more recent Russia-Ukraine war....
Officials of the International Monetary Fund (IMF) will commence negotiations with the government today on a possible programme to support Ghana’s homegrown economic policies. The IMF team – led by the Mission Chief for Ghana, Carlo Sdralevich – will have in-person meetings with the Finance Ministry, the Economic Management and...
A former Chair of Parliament’s Finance Committee, Mark Assibey-Yeboah, has asked the government not to take negotiations with the International Monetary Fund for granted. “We should be careful about negotiating a programme,” he told Umaru Sanda Amadu on Face to Face on Citi TV. A delegation from the IMF is scheduled to start...
The Finance Ministry has disclosed that government will not terminate the 1.5% levy on electronic transactions, despite its application to the International Monetary Fund (IMF) for economic assistance. This was contained in a statement from the Ministry on Tuesday, addressing key questions regarding government’s ongoing engagement with the Fund. Regarding...
Former Finance Minister, Seth Terkper, does not think Finance Minister Ken Ofori-Atta will have a problem engaging the International Monetary Fund (IMF), despite his opposition to the bailout programme. Though Mr. Ofori-Atta has spoken of his preference for local solutions to Ghana’s revenue challenges, Mr. Terkper said these do not...
A team from the International Monetary Fund (IMF) is set to arrive in Ghana today, Tuesday, July 5, 2022, ahead of a discussion with the government of Ghana on a bail-out request made to the fund. Negotiations will begin on Wednesday, July 6, 2022. President Nana Akufo-Addo on Friday, July
The University Teachers Association of Ghana is calling on the government to ensure that it puts in place permanent measures to address the challenges facing the Ghanaian economy. According to the association, it is problematic that the country continues to go to the IMF almost every four years. The president...
Chief Executive of the Ghana Enterprises Agency, Kosi Yankey Ayeh, has disclosed that about ¢520 million have been invested into the Micro, Small and Medium-scale enterprises sector in the last three years. According to her, this has been able to elevate some sector players to new levels of their businesses....
Former Finance Minister, Seth Terkper has described the Electronic Transfer Levy (E-levy), as an overhyped revenue generation policy. According to him, many Ghanaians are now trying to find ways to avoid paying the levy. The E-levy, which was amended from 1.75% to 1.5% is a tax that applies to electronic...
My Friend Who Married Woman With Heavy Front And Back Is Crying Now – Man Laments A man has revealed what happened to his friend who married a woman with a heavy front and back. A Nigerian man has cried out on behalf of his friend. According to the man,...
The Chairman of Parliament’s Finance Committee, Kwaku Kwarteng, says should the government assess that the e-levy is not a helpful policy, it will be withdrawn. His comment comes on the back of a tweet by a leading member of the New Patriotic Party (NPP), Gabby Otchere-Darko, which said the e-levy...
Ranking Member on the Finance Committee of Parliament, Dr. Cassiel Ato Forson says Ghana’s economy will become a disaster if the government does not let go of its “empty pride” and seek support from the IMF. According to him, the country’s economy is headed in the direction of Sri Lanka’s...
Government will from Monday to Wednesday conduct a series of engagements with key sector players within the economy to assess the impact of the economic mitigation measures that were announced in March this year. The exercise is expected to enable government to determine whether or not the measures have provided...
Former Finance Minister Dr Kwabena Duffuor has said the country is in a more perilous debt situation today than at any time between 2009–2016. In a statement backed with figures, Dr Duffuor noted that the country’s total debt stock of GH¢351.8 billion as at end-2021, GH¢112.5 billion, representing 32%, was...
The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah says Ghana’s economy will remain overly exposed to volatility on the global market if it doesn’t commit resources to make the Tema Oil Refinery efficient. According to him, an efficiently operating Tema Oil Refinery will ensure that the...
Former Energy Minister, Boakye Agyarko, says the New Patriotic Party (NPP) must boldly acknowledge to Ghanaians the dire situation of the economy. According to him, that will be the first step toward addressing the challenges and putting the country back on track with economic progress. Speaking on Asempa FM, Mr....
The Private Enterprise Federation has taken a swipe at the Bank of Ghana’s Inflation Targeting Frameworks, saying, it has not been able to tame inflation as expected. According to its Chief Executive, Nana Osei Bonsu, the technique or practice of increasing policy rate anytime inflation goes up has not been...
The Deputy Secretary of Commerce of the United States Department of Commerce, Don Graves, has pledged the United States of America’s support to Ghana to help grow businesses, particularly Micro, Small and Medium-Scale Enterprises (MSMEs), a move that he describes will boost Ghana’s economic transformation. Speaking at the 2022 US-Ghana...
The Chief Executive Officer of C_Nergy Ghana, Michael Cobblah, says the government running to the International Monetary Fund (IMF) should not be the solution to sustaining Ghana’s economy. According to him, the solutions proffered by the IMF have in the past not been able to be sustained thus it was...
Former Finance Minister, Seth Terkper, says the reason why the government is unable to pay subsidies on petroleum products or reduce petroleum products is because the monies for the subsidies have been collateralized. Government established the Energy Sector Levies Act (ESLA) 2015, Act 899, as amended, to consolidate levies collected...
As the world celebrates pride, believers in Christ are to model humility, and we do this by sharing the Gospel of Jesus Christ. We tell others the good news when we display humility, loving others enough to tell them the truth. For though the LORD is high, he regards the...
The Ghana Statistical Service last week announced that inflation had jumped to 27.6% in May 2022 from 23.6% recorded in April. The drivers of this development are varied and largely driven by local products. Data from the Statistical Service show that 56.2% of the products accounting for the rise in...
An Economist, Dr. Adu Sarkodie thinks the Bank of Ghana’s measures at fighting inflation may be counter-productive without multisectoral support from some key governmental ministries. He argued that Ghana’s record-high inflation of 27.6%, which is primarily supply-driven, requires key Ministries – Trade, Finance and Agriculture to institute policies that will...
Economist with Databank, Courage Martey, believes the time for targeted fiscal policy interventions like subsidies for key sectors like Agriculture to check the rising rate of food prices which feeds into food inflation and national inflation is now. While the contribution of food and non-alcoholic beverages to national inflation saw...
The Association of Ghana Industries (AGI) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MoU) in order to cement their relationship and commitment to promoting the growth of the Small and Medium-sized Enterprises (SME) sector and ultimately improving their contribution towards the development of Ghana’s economy. The...
