The National Petroleum Authority (NPA) has reduced the addition of Ghs 0.17 pesewas to the already Parliament approved Ghs 0.30 pesewas tax charge on fuel price as contained in the 2021 budget statement. The reduction in the price of fuel followed a meeting between the Minister for Energy, the NPA, Association of Oil Marketing Companies
The teams focused their efforts on a few of the highest-value S&OP levers in order to review the current planning process, identify gaps in the planning infrastructure and analytically understand demand and supply variability.
Traders Advocacy Group Ghana has commended the government for not introducing new taxes in the 2021 mid-year budget review. The government as part of efforts towards reviving the economy amidst the Covid-19- pandemic earlier in the year introduced some new taxes, including the Energy Sector Recovery Levy. In an interview with Citi Business News, General Secretary
Vice President of Imani Africa, Bright Simons has said it has become critical for more public sector borrowing in order to survive as a country. According to him, the country’s fiscal space is currently under enormous fiscal pressure, a situation he believes makes a strong case for the country to borrow in order to survive.
The size of Ghana’s economy is projected to swell from $62.8 billion in 2020 to $83.2 billion by the end of 2023. According to Fitch Solutions, research arm of credit rating agency, Fitch Ratings, the expansion of Ghana’s economy is expected to start this year, with the economy growing by $7.2 billion in monetary terms.
The World Bank is expressing worry that Ghana’s economy has begun to deindustrialize prematurely, according to its latest Ghana Economic Outlook Report. Traditionally, manufacturing is a marker of industrialization, but economic indicators show that the country’s economy may have begun to de-industrialize prematurely. “There are indications that Ghana has begun to deindustrialize prematurely. Traditionally, manufacturing
Chief Executive Officer of the Chamber of Independent Power Producers and Bulk Consumers (CIPDiB), Elikplim Kwablah Apetorgbor, has suggested to the Ghana Grid Company Limited (GRIDco) a solution to the incessant power outages witnessed across the Greater Accra Region. Calling on the management of GRIDCo to ensure that power transmission equipment are well upgraded with obsolete
In recognition of the devastating effects of the COVID-19 pandemic on African economies, the President of the African Development Bank, Akinwumi Adesina, says the bank is willing to help West African countries accelerate growth and development to ensure economic stability. Speaking at the opening of the 59th ECOWAS Heads of State and Authority summit in
Erstwhile Minister for Finance, Seth Terkper, has called for the introduction of sunset clause(s) in corrective temporary taxes introduced by government in times of crisis. Mr Terkper, a tax expert, touching on the introduction of taxes by governments as an austerity measure during times of economic crisis, opined that such corrective taxes having served their
The end result of the two world wars, coupled with a Great Depression was enormous physical and economic destruction in both Europe and the United States. These necessitated the drive to create a new international monetary system that would stabilize currency exchange rates without backing currencies entirely with gold; to reduce the frequency and severity of balance-of-payments deficits;