Domestic tourism spending hits GH₵698m

Domestic Tourism in Ghana

A Ghana Statistical Service report indicates that expenditure made by domestic tourists during their visits to different parts of the country in 2015 amounted to GH₵698.4million. Out of this amount, expenditure by domestic tourists visiting friends and relatives constituted 29.6 percent; funeral expenditure constituted 24.3 percent, and business expenditure accounted for 25.3 percent. The report defines domestic tourism as the ...

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The Lost Focus of Technical Universities in Ghana

Technical Universities

Humanities, otherwise known as arts, still dominate in admissions to the newly christened technical universities, one year after their conversion, which is contrary to the recommendation made by the technical committee that worked on the conversion. The committee was clear in its report, that a future technical university should offer study programmes that are vocationally-oriented or career-focused, with emphasis on ...

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Staff of telcos accomplices in mobile money fraud – Police

Mobile money fraud

The rate at which subscribers of mobile money are being defrauded by both criminals and some staff of telecom companies has reached alarming proportions. The service, which has been touted as the innovation to bring banking to the doorsteps of the unbanked, is turning out to be a monster depriving mostly poor people of their little money. What is even ...

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Domestic air travel shoots up by 26%

Domestic Air

Deputy Finance Minister, Kwaku Kwarteng has disclosed that there has been a 26 percent increase in patronage of domestic airlines since the abolition of the VAT on domestic airfares. The 2017 budget heralded the abolition and review of some 12 key taxes. They included the 17.5% VAT on domestic airfares, the 17.5% VAT on financial services as well as the ...

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GIFMIS to replace stand-alone legacy financial management systems


The Ghana Integrated Financial Management Information System (GIFMIS) is meant to replace all stand-alone legacy Financial Management Systems at the Ministries, Departments, Agencies (MDAs) and the Metropolitan, Municipal and District Assemblies (MMDAs). Mr Ken Ofori-Atta, the Minister of Finance said GIFMIS also had the possibility of interfacing other systems that need to be maintained; adding that this was to assist ...

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IMF warns on financial stability

imf - Ivory Coast

The risks to global financial stability in the immediate future have declined, according to a new assessment from the International Monetary Fund. But at the same time, vulnerabilities over the longer term are building, the IMF warns. The very low-interest rate policies of the rich countries have led investors to search for higher returns. But that, in turn, has led ...

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Ghana’s economy too difficult to understand – ISSER Fellow


A Senior Research Fellow and Head of Economics Division of the Institute of Statistical, Social and Economic Research (ISSER), Dr Charles Ackah, has cautioned policymakers to avert their minds to the social implications of Ghana’s under-performing economy. He says the consequences, particularly of poverty, rising inequality and joblessness are dire for an economy whose growth is tottering from the year ...

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Ghana clears 2007 Eurobond


Ghana has cleared her first Eurobond issued in 2007. A former Finance Minister, Seth Terkper who confirmed this to Citi Business News said the government cleared the final instalment of the bond on October 4, 2017. According to him, the government resorted to about 200 million dollars from proceeds from oil and previous bonds issued to retire the debt. Reacting ...

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Government to implement tax stamp policy in 2018

tax stamp

The government has dropped hints about its intention to implement the tax stamp policy beginning with Tobacco, Alcoholic and non-alcoholic drinks, bottled water and textiles in January, next year. A deputy Minister of Finance, Mr Kwaku Agyeman Kwarteng, who dropped the hint said the implementation of the tax stamps policy was not an imposition of additional tax by the government ...

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Ghana, US promote seed sector development

Seed Sector

The United States Agency for International Development (USAID) through the US government’s Feed the Future Initiative last week launched the National Seed Trade Association of Ghana (NASTAG), in collaboration with the Ministry of Food and Agriculture and other development partners. NASTAG is a partnership between producers, traders, government institutions and processors in the seed industry. The Association aims to spur ...

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