India, Nigeria’s largest destination for oil exports, has suffered a drop in oil imports by 7% to 3.9 million barrels per day (BPD), paving the way for lower government revenues for the next couple of months. This is because the country represents 16.79% of Nigeria’s total revenue generated from exports in the first quarter of
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has assured Ghanaians that the roads under the government’s Sinohydro agreement will be completed in 2021. According to him, most of the roads under phase one are at various stages of completion. Presenting the 2021 budget statement and economic policy on the floor
Former Finance Minister, Seth Tekper, has dismissed assertions that the fiscal deficit to Gross Domestic Product (GDP) stood at 10.8% in 2016, insisting the Mahama administration actually left a budget deficit of 6.1% or 4.7%, depending on the accounting method used. According to Mr. Terkper, the Mahama administration did not leave very high levels of
The global economy is making progress returning to its pre-pandemic growth trajectory, though supply challenges and quicker inflation continue to make for a bumpy recovery. In the U.S., rising prices are weighing on sentiment and risk restraining the pace of consumer spending growth. China’s economy is already showing a hit from the surging delta variant
The deficit in Nigeria’s infrastructure has brought a heavy cost to the economy. For instance, congestion due to poor port and associated transport infrastructure has created losses of N3.5 trillion at Nigeria’s maritime logistic hubs, according to a March 2019 report by the research group, African Centre for Supply Chain (ACSC). These losses are set to
First Deputy Governor of the Central Bank, Dr Maxwel Opoku-Afari, has proposed two short-term strategies to enable government reset Ghana’s economy following its disruption by the Covid-19 pandemic. According to the Deputy Governor, disruption in Ghana’s economy on the back of the Covid-19 pandemic, resulted in a slump in economic activity with GDP growth declining
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.
Energy think tank, the Institute for Energy Security (IES), has averred that the ongoing impasse between ENI Ghana Exploration and Production Limited – subsidiary of Italian oil major ENI – and Springfield Exploration and Production Limited, could prove costly for Ghana if not settled and allowed to end up in the International Court of Arbitration.
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
Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has accused the National Petroleum Authority (NPA) of unilaterally adding some 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. In statement issued by the Chamber on Friday, April