Economy

Minority calls for MOU on $19 billion in Parliament

Parliament of Ghana

The Minority caucus in Parliament has challenged Vice President, Dr Mahamudu Bawumia and the New Patriotic Party to make available to Parliament details of the $19 billion MOU between Ghana and China. According to them, the recent Supreme Court ruling on the two Guantanamo Bay inmates makes it imperative for the government to bring the $19 billion MOU with the ...

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Chinese investment in economy not a loan – Veep explains conditions

Bawumia

Vice-President Alhaji Dr Mahamudu Bawumia has stated that the Chinese investment in the Ghanaian economy is not a loan, aid or hand-out. “We sought to leverage less than five per cent of our bauxite deposits to unlock close to $20 billion,” he told participants attending a two-day conference on the theme: “Building resilient industries and infrastructure for economic transformation in ...

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T-bill rates hit 5-year low

2018 Budget

Rates on short-dated government securities have taken their free fall to another level, hitting a five-year low on June 23, this year. Buoyed by the current stable inflation and foreign exchange rate regime, rates on the benchmark 91-day treasury bill (T-bill) dropped from 25.19 per cent on July 13, 2015, to 22.79 per cent in January, last year, before narrowing ...

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USAID study examines Impact of Trade-Related Fees and Charges in Ghana

The US Ambassador to Ghana Robert P. Jackson has launched “The Cost of Trading in Ghana,” a new study on the impact of trade-related fees and charges. United States Agency for International Development (USAID) conducted the study on behalf of the National Trade Facilitation Committee, according to a press release from the US Embassy in Ghana. The study was launched ...

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3% VAT flat rate to start tomorrow

Government is set to go ahead with the implementation of the 3% VAT flat Rate from this Saturday, despite intensified appeals by Business Associations for the policy to be scrapped. The 3% VAT flat rate will see manufacturers and wholesalers charge the tax component on their wares and subsequently account for the tax payment. But the businesses argue that the ...

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2017 first quarter GDP rises to 6.6%

Ghana’s Gross Domestic Product (GDP) for the first quarter of 2017, grew by 6.6 percent. This compares with the 4.4 percent recorded in the same period of last year. For the first quarter of this year, Ghana’s GDP at constant prices including oil was 8, 557.8 million cedis compared with the 8,028.4 million cedis recorded in the same period of ...

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Ghana secures $15 billion Chinese funding for transformation agenda

China has pledged some $15 billion dollars to fund Ghana’s government’s massive economic transformation agenda, with the likelihood that a further four billion dollars would be committed for various development projects across the country. The commitment by the Chinese is based on a financing module presented by the government of Ghana, seeking for partnerships to fund its development agenda, leveraging ...

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Gov’t to decide whether to extend IMF deal

IMF Deal

The government is set to take a crucial decision on whether it will extend the three-year Extended Credit Facility (ECF) with the International Monetary Fund next month. A team from the Fund is already in town to review data on the economy, with the aim of using the findings to reach a conclusion on the direction Ghana should take on ...

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Inflation rate falls to 12.6 percent in May

The annual inflation rate fell to 12.6 percent in May from the 13.0 percent recorded in April, due to general decline in prices for both the food and non-food groups. The rate of inflation is the lowest since December 2013. The monthly change rate for May was 0.7 percent compared to the 1.6 percent recorded for April. Mr Baah Wadieh, ...

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Cedi’s woes hamper Stock Exchange’s performance

Cedi / Dollar Performance

The Ghana Stock Exchange (GSE) closed in the red in the week ending June 9, making it the second consecutive decline in recent times. The decline in the two market indices was due to currency depreciation and drops in the earnings of Unilever Ghana. The two happenings dragged the GSE Composite Index further down by 0.09 per cent to an ...

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