Economy

Ghana’s mortgage cost the highest in the world- Dr. Bawumia

Bawumia

The Vice President Dr. Mahamudu Buwumia has bemoaned the cost of mortgage houses in Ghana describing it as the highest mortgage to income ratio in the whole world. By this, Ghana tops the list of countries in the whole world whose citizens income cannot pay for mortgage houses offered in the country. Speaking at the launch of Construction Bank, which ...

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Government to issue $2.5 billion bond to offset energy sector debts

President Nana Addo Dankwa Akufo-Addo has disclosed that government would soon issue a $2.5 billion bond to offset the legacy debts of the energy sector in order to create space for increased investment. The President said the decision was borne out of the need to address quickly Ghana’s energy supply constraints by tackling the financial challenges of the sector. President ...

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Govt seeks transaction advisor for $ 2.5bn energy bond

2018 Budget

The government through the Finance Ministry, is seeking transaction advisors for its $2.5 billion (¢10 billion) energy bond to repay legacy debts in the energy sector. According to government, the move is to put the energy sector back on a strong financial footing as part of comprehensive steps to resolve the sector’s challenges in a sustainable manner. In an exclusive ...

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Replace the case-by-case system for customs duty exemptions – World Bank

Sub-Saharan Africa

The World Bank says Ghana should replace the case-by-case system for customs duty exemptions with a standard set of exemptions by product. The Bank said this would reduce the administrative burden involved in granting and monitoring duty exemptions and it would limit opportunities for rent seeking. Mr Sebastian James, Senior Economist in charge of Tax Policy, World Bank, who was ...

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Banks must respond to policy rate cut—GCCI

GCCI policy rate

The Ghana Chamber of Commerce and Industry (GCCI) has called on banks to reduce their lending rates to reflect the recent cut in the Bank of Ghana’s policy rate. The Monetary Policy Committee (MPC) of the Bank of Ghana, on Monday, reduced its policy rate by 100 basis points to bring the policy rate down to 22.5 percent. The GCCI, ...

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Producer Price Inflation drops to 4.8% in April

Producer Price Inflation to drop

Ghana’s producer price inflation for April this year recorded 4.8 percent. This is down from the 6 percent recorded in March this year. This means that the cost of production for industries has seen some stability during the period. The difference between the producer price inflation between March and April this year was negative 1.3 percent. The Acting Government Statistician, ...

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Debt levels decline to 62% of GDP

GDP

The Finance Minister, Ken Ofori-Atta, has disclosed that the country’s debt, as a percentage of GDP, has declined from the 73 percent recorded last year to about 62.7 percent as at end of last month. The 2017 budget forecasts that total debt to GDP will close the year at 70.9, which makes the latest figure, less than half way into ...

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Extending IMF deal: Ghana, IMF to decide next month

IMF

Government’s decision on a possible extension of the IMF deal is likely to be concluded next month. This is the indication from the Chairman of Parliament’s Finance Committee, Dr Mark Assibey Yeboah. His comments come at a time that discussions on a possible extension of the deal have been on top of the agenda between the government and the IMF. ...

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CHRAJ directs Finance Minister to respond to $2.25 bond petition

GDP

The Commission on Human Rights and Administrative Justice (CHRAJ) has directed the Minister of Finance, Mr Ken Ofori-Atta, to respond to allegations of breaching the 1992 Constitution within 10 days. The allegations were made against him by Mr Yaw Brogya Genfi last week, in a complaint to CHRAJ by which he petitioned the commission to investigate the matter. In his ...

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Revenue projections for 2017 are ‘optimistic’ -IMF

imf - Ivory Coast

Ghana’s economy growth is due to pick up in 2017 and inflation is coming down, but the government’s revenue projections for the year are “optimistic”, International Monetary Fund mission chief Annalisa Fedelino said on Thursday. Ghana is following a three-year IMF programme worth around $918 million that aims to stabilise government finances and restore rapid economic growth, which could enable ...

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