Investor demand for T-bills exceeds target by GH¢12.39bn
Investors’ demand for short-term papers in the primary market continues to exceed targets, recording an oversubscription of GH¢12.39billion on the back of limited investment options and attractive yields on the Treasury bills. Bills tendered by investors totalled GH¢47.3billion, approximately an average of 33 percent higher than the target of GH¢34.91billion – leading to the rejection of […]
IMF Regional Economic Outlook Report: Ghana in Perspective
Sub-Saharan African countries are facing a funding squeeze due to persistent global inflation and tighter monetary policies, resulting in higher borrowing costs and pressure on exchange rates. The interest burden on public debt is increasing due to a reliance on expensive market-based funding and a long-term decline in aid budgets. This lack of financing is […]
Understanding Ghana’s Growth and Sustainability Levy Act of 2023 (Act 1095)
“You don’t pay taxes – they take taxes” – Chris Rock. The Parliament of Ghana on the night of 31st March 2023 passed the Growth & Sustainability Levy bill, into law replacing the National Fiscal Stabilisation Levy Act, 2013 (Act 862). Many Ghanaians woke up to the news on April Fools’ Day. In fact, three new […]
GRA sets May 1, 2023 as implementation date for 3 key tax measures
The Ghana Revenue Authority has set May 1, 2023 as implementation date for the new and revised taxes announced in the 2023 Budget. The implementation date was captured in a notice issued by the authority. The new and revised taxes include three key tax measures – the Excise Amendment Act, 2023; Income Tax Amendment Act, […]
2022 PIAC Report: Finance Ministry fails to transfer 5% ABFA to DACF; ¢643.6m utilised on Agenda 111
For two consecutive years, the Finance Ministry has not been able to meet the requirement to transfer 5.0% of the Annual Budget Funding Amount (ABFA) to the District Assembly Common Fund (DACF), contrary to the decision of the Supreme Court of Ghana in the case of Kpodo and Another vs Attorney-General in 2019. The 2022 […]
GIPC organizes 2nd edition of MDA-Investor forum
The Ghana Investment Promotion Centre (GIPC) held the 2nd edition of its MDA-Investor Forum, to advance deliberations on improving relationships between state institutions and businesses within the country. The forum successfully brought together representatives from various Ministries, Departments and Agencies (MDAs)/Metropolitan, Municipal, District Assemblies (MMDAs) and investors, to dialogue on the current business regime, and […]
91-day T-bill yield to touch 20% at next auction; as secondary market remains flat
The yield on benchmark 91-day Treasury bills (T-bills) is expected to reach the 20 percent mark for the first time since the third week in March, marginally raising government’s cost of borrowing. Yields on the shortest-tenor bill jumped from 12.52 percent at the beginning of 2022 to a high 35.75 percent at the beginning of […]
Market expects MPC to keep policy rate at 29.5%
…as inflation drops significantly to 45% in March 2023 Market observers are predicting that the Bank of Ghana (BoG) Monetary Policy Committee (MPC) will keep the benchmark policy rate at its current level in the next meeting in May, following a significant decline in consumer inflation to 45 percent in March 2023. Analysts at Rand […]
Investors advised to diversify equity holdings
Amid renewed investor participation in the equities market, the Portfolio Manager at EcoCapital Investment Management Limited, Elliot Amponsah, has advised investors to diversify their investments in the stock market to mitigate risks. According to him, equities come with a higher level of risk than other asset classes – making it appropriate for investors to purchase […]
We will move swiftly to approve Ghana’s IMF programme – IMF MD assures
The Managing Director of the International Monetary Fund, Kristalina Georgieva, has given the Fund’s firm assurance that it will act swiftly to approve Ghana’s programme request as soon as a deal is reached with its creditors. According to her, “we are sure that the creditors are going to move swiftly at next week’s meetings and […]