According to Fitch, the possibility of new revenue measures could lead to a further shrinkage of deficit in 2023, but the government's slim majority in parliament could frustrate attempts to raise tax rates or implement new taxes.
The banking sector’s profit before tax was GH¢4.4 billion, representing 21.6 percent annual growth in June 2022, compared to 32.1 percent in the previous year.
The, current situation, if not addressed, could prove disastrous for the country as this could trigger a domino effect and even imports of essential commodities could come to a grinding halt.
Among other things on the table, the Union is calling on government to ensure their safety in their line of work.
The ratings released last week, projected annual average inflation of 22% in 2022, slowing to 16% in 2023. Fitch's projection is better than Ghana government's revised projected end year inflation of 28.5% as presented by the Finance Minister, Ken Ofori-Atta, during the presentation of the mid-year review budget to parliament, fortnight ago.
The downgrade reflects deterioration of Ghana's public finances, which has contributed to a prolonged lack of access to Eurobond markets, in turn leading to a significant decline in external liquidity.
Prices of goods and services have shot up by a thousand percentage (100%) with fuel products being the most hit in record time in the country.
Effective September 1, 2022, Ghanaians would be paying the approved adjusted tariffs for all electricity and water usage.
the new E-VAT, the government seeks to raise GH¢750 million if the Value Added Tax Amendment bill, which introduces the E-Vat policy, is passed by parliament.
the revision of the end-period inflation for 2022, as part of the re-jigging of the entire macroeconomic framework, has been necessitated by a significantly-changed macroeconomic environment.