The Bank of Ghana’s (BoG) Special Drawing Rights (SDR) holdings with the International Monetary Fund (IMF) decreased by $16.6 million in 2020. IMF SDR holdings of the BoG at end-November 2020 stood at Ghs 242.39 million ($42.2 million), but then declined to Ghs 148 million ($25.6 million) at end-December 2020. BoG’s Ghs 148 million ($25.6
Taxpayers must be up to date with compliance before asking for assistance. At the National Treasury press briefing on the economic support package required to deal with the negative economic impact of the “recent disturbances”, Finance Minister Tito Mboweni gave assurance that the fiscal path announced in the 2021 February budget will be maintained. Mboweni
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
The Nigerian federal government spent a total of N1.8 trillion on debt servicing in the first five months of the year, representing about 98% of the total revenue generated in the same period. This is according to the budget implementation report presented by the Minister of Finance, Budget & National Planning, Mrs Zainab Shamsuna Ahmed.
Global fiscal response to the Covid-19 pandemic in the last twelve (12) months according to the International Monetary Fund (IMF), has reached $16 trillion. In its April 2021 Fiscal Monitor, the Bretton Wood institution notes that prompt fiscal responses by world governments have strengthened health systems and provided emergency lifelines to households and businesses. Adding
Ghana has on several occasions warnings and alerts from rating agencies and major multilateral institutions such as the World Bank, IMF, and Fitch Ratings over its stagnant revenues and rising debt vulnerabilities. Fitch Ratings for instance, in June, reviewed downwards Ghana’s Long-Term IDR from ‘B’ to ‘B-‘ indicating an increase in the country’s default risk in repayment of its
The demographic profiles of countries like Kenya, where a high percentage of people are young, would suggest that it’s swiftly renewing its workforce with fresh talent. But this doesn’t seem to be the case. We conducted a study in a public sector organisation three years ago. We found that the bureau had an ageing workforce.
Public sector workers looking forward to a huge wage increment will not get it because the Finance Ministry says there is simply no money to meet such demands. And indeed this situation is likely to persist until 2024 as the Technical Adviser at the Ministry Dr Samuel Nii Noi Ashong called on the country to
Banks in the country going forward are expected to pay 5 per cent of gross profits to government. The new directive contained in the 2021 Budget Statement and presented to Parliament on March 12, by Minister for Parliamentary Affairs, Osei Kyei Mensa-Bonsu, is to help defray outstanding commitments – locked up funds – in the
Economic growth in Sub-Saharan Africa is estimated to have contracted by 2.0% in 2020, closer to the lower bound of the forecast in April 2020, and prospects for recovery are strengthening amid actions to contain new waves of the pandemic and speed up vaccine rollouts, according to the World Bank’s biannual economic analysis for the