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 may have no option than to return to the International Monetary Fund (IMF) for financial support if its debt continues to rise. The debt, which is presently a little above ¢335 billion, continues to surge and create problems for the economy. According to a Bloomberg survey, the country may have to pay a higher

Multilateral institution, the African Development Bank (AfDB) is seeking to strengthen Ghana’s domestic revenue mobilisation with the launch of the $7.4 million Institutional Support Project. The launch of the Institutional Support Project follows the signing of grant and loan agreements with the Finance Ministry and the first disbursement of the project funds. The funds provided under the project according to 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.

Data from the Ghana Revenue Authority (GRA) has shown that revenue generated from personal income tax has continuously seen a decline for the past five years – a situation that tax experts and authorities said can be partly blamed on the evasion of taxes by some professionals whose income are not captured in the tax

PFM Tax Africa views the 2021 mid-year budget review by Finance Minister, Ken Ofori-Atta as inadequate, failing to satisfy the legal requirement and obligations under section 28 of the Public Financial Management Act 2016 (Act 961). We classify the minister’s presentation, not lightly, as virtual non-review. See below our news release on the minister’s presentation

Ghana’s Gross Domestic Product (GDP) growth rate according to analyst and founder for the Institute for Security Studies (ISS), Dr Jackie Cilliers will fall by 2 percent if the country’s external debt composition crosses 60 percent of its GDP. Ghana’s total debt stock as at March 2021 was Ghs 304.66 billion, but the debts tock then increased by Ghs

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

Former Finance Minister Seth Terkper has urged government to use part of the Special Drawing Rights (SDR) money from the International Monetary Fund (IMF) to pay off the zero-coupon sovereign bond it issued earlier on in the year, as waiting for it to mature will be more expensive to the state. The IMF last month

American credit rating agency, Fitch Ratings, has projected Ghana’s interest payments on debts to increase to 53 percent of total revenue this year. Interest payments Fitch however notes, will fall by 3 percentage points reaching 50 percent of total revenue in 2022. The projected interest payments for 2021 when compared to 2019’s interest payments of