Ghana’s Finance Minister-designate, Dr. Cassiel Ato Forson, has unveiled plans to abolish the controversial E-Levy and Betting Tax within 120 days of taking office. This move aims to ease the financial burden on Ghanaians and promote economic stability. “As part of our 120-day agenda, we will abolish the E-Levy,” he announced. Key Highlights of Dr....
Category: Business
Post
Post
We need to identify the wasteful budgets and cut them… – Ato Forson (Finance Minister Designate)
Dr. Cassiel Ato Forson, the Finance Minister-designate, has announced plans to establish an Independent Value for Money Office. This new office will help reduce waste in the public sector by working with parliament to check government expenditure and prevent overspending. Speaking before the Appointments Committee of Parliament, Dr. Ato Forson emphasized that wasteful expenditure is...
Post
Scrapping betting tax will not affect the economy – Ato Forson
Finance Minister-Designate Dr. Cassiel Ato Forson has played down concerns about the economic impact of scrapping the betting tax, citing its relatively minor contribution to the national coffers. The tax generates less than GHC50 million annually, a drop in the bucket compared to the country’s overall revenue. Dr. Ato Forson’s remarks came during his vetting...
Post
Ato Forson Announces Plans to Seek More IMF Support for Ghana
Ghana’s new government, led by President John Dramani Mahama, is considering seeking additional funding from the International Monetary Fund (IMF) to support the country’s economy. This move is aimed at cushioning the economy and addressing the challenges it faces. Economic Challenges Ghana’s economy has been experiencing significant challenges, including a high inflation rate and a...
Post
Ghana ranks second in global IMF poverty loans
Ghana ranks as the world’s second country indebted under the International Monetary Fund (IMF) Concessional Lending and Debt Relief Trust. The country holds an outstanding exposure of 2.242 billion Special Drawing Rights (SDR) representing 17% of the total borrowings from the IMF. This is captured in the IMF’s latest financial statements and quarterly reports ending October 31,...
Post
Govt misses 2024 inflation target as December rate hits 23.8%
The government has missed its 2024 end-year inflation target of 15% as inflation for December 2024 rose slightly to 23.8%, up from 23.0% in November, primarily driven by increases in food prices. This marks the fourth consecutive monthly rise after a five-month decline. Food inflation jumped from 25.9% to 27.8%, while non-food inflation saw a...
Post
Ghana is open for business again – Mahama tells business community
President John Dramani Mahama has given the business community a thumbs up, reassuring them that Ghana is open for business and ready to welcome investments. In his inaugural address, he emphasized his administration’s commitment to creating a business-friendly environment that fosters growth, prosperity, and maintains Ghana’s position as a key player in the global economy...
Post
Dumsor looms, Mahama’s govt must act swiftly – IES
The Institute for Energy Security (IES) has issued a dire warning about an impending power crisis, commonly referred to as ‘dumsor,’ urging the Mahama administration to take immediate action. This follows concerns raised by John Abdulai Jinapor, Member of Parliament for Yapei Kusawgu, who cited a severe fuel shortage as the root cause of the...
Post
We will rename Agric Ministry to focus on value addition, agribusiness – John Mahama
President-elect John Mahama has revealed that his government will rename the Ministry of Food and Agriculture to help focus government’s policy in the area on value addition and commerce. The move, according to Mr. Mahama will help the ministry concentrate on agribusiness to address challenges of food security. Giving more details on this policy change...
Post
Current financial year proving challenging for COCOBOD – IMF
Although Ghana Cocoa Board’s (COCOBOD) financial position improved in 2023, the current financial year is proving challenging, the International Monetary Fund has stated. According to the Washington-based multilateral institution, notwithstanding record-high spot market prices, the weak cocoa production in 2023/24 posed significant challenges to COCOBOD’s ability to deliver on existing forward sales contracts. As a...