Browsing: Economy and Finance

As government keeps innovating ideas to tackle the perennial depreciation of the local currency against the international trading currencies (especially, US dollar), a negotiation to allow importers use gold to pay for imported petroleum products is ongoing.

The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence.

This 2.5 percent increase in VAT would kill businesses and if it happens so, the government would not rake in the expected revenue, as it happened during the introduction of the E-levy this year, they said.

According to the Finance Minister Ken Ofori Atta, these comprise an agenda to: aggressively mobilize domestic revenue; streamline and rationalise expenditures; boost local productive capacity; promote and diversify exports; protect the poor and vulnerable; expand digital and climate-responsive physical infrastructure; and implement structural and public sector reforms.

The provisional debt data as at end September 2022 shows a significant increase in Ghana’s public debt largely due to exogeneous factors.

Ghana’s imports in value was US$2.0 billion in 2021. This was 5% of total imports to Sub-Saharan Africa from China.

The newest voice is the Chief Executive Officer of the Ghana Telecommunications Chamber who wants the rate to be reduced from 1.5% to 0.1%.

The global financial institution maintains that, Ghana will only reach a staff-level agreement with the IMF by the first quarter of 2023.

The amount is in return of some ten million tons of carbon dioxide emissions expected to be reduced by 2024 within a six million hectare stretch of the West African Guinean Forest.

It is therefore admonishing all RFIs to pay particular attention to the increased cyber security risks and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) issues associated with digitalization.