Tuesday, December 6, 2022
As the largest contributor to Ghana's Gross Domestic Product (GDP), accounting for over 50% of GDP, agriculture is essential for the country's overall economic development. In addition, it generates roughly 60% of export revenue. It economically supports 80% of the people, whether directly or indirectly, through farming, the sale...
The recent downgrade of the Treasury’s long-term issuer by Moody’s Ratings – from a Caa2 to Ca with a stable outlook – should not be cause for immediate alarm, as market observers had anticipated the development and factored it into their decision-making, Economist and Research Lead at GCB Capital,...
Government will continue its investment in the four previously selected priority areas for allocations under the Annual Budget Funding Amount (ABFA) for the next three years, 2023-2025, the Budget Statement and Economic Policy for 2023 has revealed. This is in line with provisions of the Petroleum Revenue Management Act (PRMA)...
The Institute of Economic Affairs (IEA) has described as worrisome the expectation that Other Financing Sources - international concessional and development partners - are expected to finance the entire projected budget deficit in the medium-term; that is, between 2023 and 2026. Data available in the budget statement suggest that the...
The execution of government's medium-term economic plans, backed by the International Monetary Fund (IMF), will bring the Ghanaian economy back to pre-COVID levels according to a market observer. However, the recovery process will be expensive for all stakeholders, Apakan Securities remarked in a post-2023 budget analysis. Per the 2023 budget, government...
As stated in Articles 179 and 180 of the 1992 Constitution of the Republic of Ghana, the Executive is required to present an account of the management of the economy for 2022 and a Budget Statement for 2023 financial year to the Legislature for approval. The Budget Statement and...
"It is now seven years since the world adopted the first-ever target to reduce illicit financial flows, including corporate tax abuse, following the AU/ECA High Level Panel on Illicit Financial Flows out of Africa report. This remains of critical importance with regard to the task of strengthening global efforts in...
The Alliance for Social Equity and Public Accountability (ASEPA) has described the proposed 2.5 percent upward adjustment of the Value Added Tax (VAT) rate as contradictory to efforts employed to curb inflation, especially those of the central bank’s monetary policy interventions. Presenting the 2023 Budget Statement and Economic Policy on...
The Monetary Policy Committee (MPC) of the Bank of Ghana has, once again, hiked the policy rate by 250 basis points, saying impacts from shocks experienced in the economy over the past few months still persist. This effectively pushes the policy rate to 27 percent from the previous 24.5 percent...
The Minister of Finance - or possibly the outgoing Minister of Finance - Mr. Ken Ofori-Atta appears to have weathered the storms not only from Minority Members of Parliament, but strangely also from Majority Members of Parliament (MPs of his own government) who have been calling for his head....
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