Month: December 2022

Ghana Records $4.7bn In Remittances In 2022, Maintains 2nd Position In Africa
05 Dec

Ghana Records $4.7bn In Remittances In 2022, Maintains 2nd Position In Africa

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Ghana maintained its position as the 2nd largest recipient of remittances in Africa, recording $4.7 billion inflows in 2022. This is 4.4% more than the previous year. According to the latest World Bank Migration and Development Brief, Ghana received the second-largest remittance inflow in dollar terms and the ninth-largest level in relation to Gross Domestic Product in Africa. Indeed, it constituted 6.1% of GDP. The report said remittance flows to Africa in 2021 registered a strong 16.4% increase to reach $50 billion, exceeding expectations. The largest recipients of remittances in the region during 2022 – measured in US dollar terms –…
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Proposed Debt Exchange Programme Will Bring Some Confidence Into Economy – Dr. Addison
05 Dec

Proposed Debt Exchange Programme Will Bring Some Confidence Into Economy – Dr. Addison

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The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed hope that the proposed debt exchange programme to restructure the country’s debt will bring some confidence into the economy as well as enhance the ongoing monetary policy to control inflation. According to him, this has become necessary due to the economic challenges, which many banks are being affected. This has led to high cost of borrowing and doing business in the country. Speaking at the Annual Bankers Dinner in Accra which is part of the Bankers Weeks celebration by the Chartered Institute of Bankers Ghana, Dr. Addison said…
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‘Investor Protection Fund’ Will Restore Confidence, But Debt Exchange Programme To Spur Investment Withdrawals – PwC
05 Dec

‘Investor Protection Fund’ Will Restore Confidence, But Debt Exchange Programme To Spur Investment Withdrawals – PwC

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Auditing and accounting firm, PwC, is upbeat the Investor Protection Fund outlined in the 2023 Budget would restore investor confidence which it describes as low due to the various rating downgrades and the recent decline in investment valuations. It is however warning that the proposed debt exchange programme is likely to further spur the rate of client investment withdrawals. This is coming after the capital market has in recent past recorded significant withdrawals of clients’ investments, following speculations about the government’s debt restructuring programme. However, the government intends to propose an amendment to the Securities Industry Act, 2016 (Act 929)…
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Domestic Debt Exchange: No Haircut On Treasury Bills, Principal Bonds – Gov’t
05 Dec

Domestic Debt Exchange: No Haircut On Treasury Bills, Principal Bonds – Gov’t

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Government has announced that there will be no “haircut” on the principal of bonds and that individuals with government bonds will have their full investments on maturity. In a public address on the recent debate about possible haircuts on all bonds and treasury bills following government’s debt restructuring deal with the International Monetary Fund (IMF), Finance Minister, Ken Ofori-Atta said government will ensure that people’s investments are safe. “Treasury Bills are completely exempted, and all holders will be paid the full value of their investments on maturity. There will be no haircut on the principal of bonds. Individual holders of…
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MoMo Agents Want E-Levy Further Reduced To 0.5%
05 Dec

MoMo Agents Want E-Levy Further Reduced To 0.5%

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The Mobile Money (MoMo) Agents Association of Ghana is urging government to further reduce the Electronic Transfer Levy (E-levy) from 1% to between 0.1 to 0.5%. The Minister of Finance, Ken Ofori-Atta, while presenting the 2023 budget and economic policy announced a reduction of the E-Levy from 1.5% to 1%. He also added that, the policy will now be applied to all transactions effective 2023. But the agents explain, the expected revenue target can be reached if government takes another view of the rate. Speaking to Citi News, the General Secretary of the Association, Evans Otumfour said, Ghanaians will keep evading…
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“2022 Wassce Results Prove Free SHS Is Working Well” – President Akufo-Addo
04 Dec

“2022 Wassce Results Prove Free SHS Is Working Well” – President Akufo-Addo

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The President of the Republic, Nana Addo Dankwa Akufo-Addo, has described the results of the 2022 batch of students who wrote the West Africa Senior Secondary Certificate Examination (WASSCE) as the best in the last eight years. According to President Akufo-Addo, “six (6) years on following the implementation of the Free Senior High School policy, which has guaranteed a minimum of Senior High School education for 1.7 million Ghanaian children, the highest such enrolment in our history, I can state, without equivocation, that I am very proud of the policy and of its results thus far.” Delivering an address at…
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Hopeson Shouldn’t To Be Sacked From National Security Because He Supports Alan- Obiri Boahen
03 Dec

Hopeson Shouldn’t To Be Sacked From National Security Because He Supports Alan- Obiri Boahen

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A former deputy General Secretary for the New Patriotic Party (NPP), Nana Obiri Boahen, has said it is wrong for Hopeson Adorye to be sacked from the National Security because he supports Mr. Alan Kwadwo Kyeremanten. In an interview on Wontumi TV which was monitored by Wontumionline.com, Nana Obiri Boahen stated that if some senior members of the party can’t do it to persons who support Vice President Bawumia, then it is wrong to do it to supporters of Alan Kyeremanten of which, Hopeson, is a staunch member. Using himself as an example, Nana Obiri Boahen stated that “I am for Bawumia but…
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