Ghana’s Cocoa Freight Rates to Increase by 5% for 2024/2025 Season
The Cocoa Marketing Company (CMC), Ghana Shippers’ Authority (GSA) and 17 shipping lines have agreed to a 5% increment in basic freight rate for the 2024/2025 cocoa season. The new rates, set to take effect on October 1, 2024, reflect the ongoing challenges in the global shipping industry while maintaining Ghana’s competitiveness in the cocoa […]
New Shippers Authority Law will promote welfare of traders – GUTA
The Ghana Union of Traders Association (GUTA) has welcomed the newly passed Ghana Shippers’ Authority (GSA) Law, saying it will offer the Authority “the teeth to bite” to effectively regulate the shipping industry. The Association said the law would empower the GSA to exercise control of the port and have the power to approve or […]
T-bills auction: Government fails to meet target for 6th consecutive week
The government failed to meet its treasury bills target for the sixth week running. According to the T-bills auction published by the Bank of Ghana, the government missed the target by 6.91%. The government got GH¢ 4.624 billion from the sale of the T-bills. The target for the auction was GH¢4.96 billion. GH¢3.606 billion, representing […]
It is time to review VAT policy – GRA supports calls by business associations
The Ghana Revenue Authority (GRA) has joined calls for policy reforms to simplify the country’s tax administration. According to the Commissioner General Julie Essiam the current Value Added Tax (VAT) structure makes it difficult for individuals and businesses to comply. She made this call at the 12th Annual International Tax Conference organized by the Chartered […]
Ghana’s public debt hits GH¢742bn from GH¢658.6bn – Amin Adam
Dr Mohammed Amin Adam, the Finance Minister, has disclosed that the central government’s provisional total debt stood at GH¢742 billion (US$50.9 billion) as of June this year. This figure represents 70.6 per cent of the Gross Domestic Product (GDP). While delivering the 2024 mid-year budget review in parliament in Accra on Tuesday, Dr Adam stated, […]
Ghana’s oil revenue increases to US$840m in first half of 2024
Ghana’s oil revenue has increased to US$840m in the first half of 2024. This amount represents a 36% increase compared to the US$540 million recorded during the same period in 2023. The total petroleum revenue receipts consist of proceeds from oil liftings, corporate tax, surface rental, as well as interest on the Petroleum Fund account. […]
Wood shortage looms as 75 out of 100 local timber manufacturing companies collapse
Ghana faces the risk of spending millions of cedis on timber imports, as 75 out of 100 local timber manufacturing companies have collapsed due to continuous forest destruction by bushfires. Players within the timber industry warn that the remaining 25 companies in the Western North, parts of Eastern and Central Regions, are struggling to secure […]
Labour groups call urgent meeting over NPRA’s decision on SSNIT hotels
Organised Labour is set to hold an emergency meeting today to decide its next steps following the National Pensions Regulatory Commission’s (NPRA) approval for the sale of SSNIT shares in six hotels. The NPRA had previously directed SSNIT on June 28 to suspend negotiations with Rock City over the sale of four hotels, pending further […]
SSNIT announces shift to fixed-income-focused portfolio
The Social Security and National Insurance Trust (SSNIT), the largest institutional investor in the economy, has announced a transition to a fixed-income-focused portfolio. SSNIT’s portfolio totals GHS 16.7 billion, with 49.3 percent in equities, 34 percent in alternative investments, and only 16.7 percent in fixed income. However, SSNIT plans to significantly rebalance its portfolio in […]
Ghana’s exports to EU surge by 8% in 2023, reaching €2.6bn
Ghana’s exports to the European Union (EU) surged by 8% in 2023, reaching 2.6 billion euros, up from 2.4 billion euros the previous year. However, imports from the EU to Ghana declined from 3.7 billion euros in 2022 to 3.3 billion euros in 2023. According to the Ministry of Trade and Industry, the total trade […]