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
Ghana’s debt jumped by ¢3.5 billion to hit ¢335.9 billion at the end of July 2021, the Bank of Ghana’s latest Summary of Economic and Financial Data has revealed. This is equivalent to 76.4% of Gross Domestic Product and keeps the nation in the highly debt distress category. The World Bank and the International Monetary
Tekper dismisses 10.8% fiscal deficit at end-2016; says economy now not better than it was in 2016 Former Finance Minister, Seth Tekper, has dismissed assertions that the fiscal deficit to Gross Domestic Product (GDP) stood at 10.8% in 2016, saying, the past administration actually left a budget deficit of 6.1% or 4.7%, depending on the
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.
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
With the wide-spread use of mobile phone devices, the introduction of Mobile Money (MOMO) in Ghana since 2009 has had quite a significant impact on the Ghanaian economy by reducing unemployment to some extent, developing the payment ecosystem, providing a means of savings for people without access to banks, timely completion of financial transactions, among others. More than a decade down
The Nairobi Securities Exchange (NSE) has disclosed that it has acquired a 4 per cent stake in the Dar s Salaam Stock Exchange citing strategic reasons. “Back in 2017, we took a position in the Dar er Salaam Stock exchange. Dar Es Salaam Stock exchange was doing an IPO. And its always been part of our regional strategy to
Director of Research for the Institute of Economic Affairs (IEA), Dr John Kwakye, has made calls for transparency on the country’s financial and energy sector debts as a component of the country’s overall public debt stock. The call by the Institute, Dr Kwakye explains, would aid in dispelling the notion of concealment of the debt burden of
Governor of the Bank of Ghana, Dr. Ernest Yedu Addison, has said that the main reason for high lending rates in the country is largely due to government’s huge borrowing from the domestic debt market to support the budget; hence, any hope of affordable lending will depend on fiscal consolidation. Dr. Addison’s comment comes on
Despite pandemic-induced supply chain challenges and construction delays, renewable capacity additions in 2020 expanded by more than 45% from 2019, and broke another record. An exceptional 90% rise in global wind capacity additions led the expansion. Also underpinning this record growth was the 23% expansion of new solar PV installations to almost 135 GW in 2020.