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
Total government expenditure for 2021 is projected to reach some GHS 113.75 billion, equivalent to 26.2 per cent of Gross Domestic Product (GDP). The increment in public expenditure represents a growth of 13.7 per cent above the outturn of GHS 100 billion recorded in 2020. Meanwhile, total revenue and grants for 2021 is projected to
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.
Former Finance Minister, Seth Tekper says the present government does not have any excuse in failing to manage the Ghanaian economy well because it has better resources than the previous NDC administration did. According to Mr. Terkper, the Akufo-Addo administration is enjoying three oil fields, compared to one in the previous administration, whilst global oil
The Ghana Association of Bankers wants government to find other ways of addressing the high fiscal deficit, rather than targeting the banking sector with new tax introduction. “As an industry, we believe that if we [the banking industry] have this huge fiscal deficit, we must have a plan to address it.” “We believe we have
Allowing for more exchange rate flexibility can help reduce FX borrowing needs, as well as lower the FX risk premium in domestic interest rates, the International Monetary Fund (IMF) has recommended. “Greater exchange rate flexibility, with interventions limited to smoothing sharp fluctuations, can help reduce FX borrowing needs as well as lower the FX risk
Minister for Finance, Ken Ofori-Atta, has made a justification for the sudden rise in the country’s public debt stock as a ratio of Gross Domestic Product (GDP). Speaking at a presser on Sunday, May 9, following the massive social media campaign dubbed #FixTheCountry by which the Ghanaian youth are demanding for good roads, quality education,
The International Monetary Fund (IMF) said on Tuesday it had approved a $2.7 billion line of credit for Panama to address the coronavirus pandemic. The IMF’s executive board approved the two-year arrangement under its Precautionary and Liquidity Line (PLL) to serve as “insurance against extreme external shocks” that the pandemic’s economic fallout causes. In determining
The Speaker of Parliament Alban Bagbin is on a collision course with President Akufo-Addo over his decision to slash budget estimates for the Judiciary and the Legislature. Alban Sumana Bagbin during the presentation of the 2021 budget statement last Friday directed the Interim Finance Minister Osei Kyei-Mensah-Bonsu and the Vice President Dr Mahamudu Bawumia, who
Supported by a robust sales force and tight cost controls, Pharm Ltd. experienced sustained double-digit growth over a number of years, only to find that their supply chain struggled to keep pace.