Joy Business Report @1

The International Monetary fund says it is very committed in helping Ghana stabilize its economy.

The Finance Minister is expected to present the 2024 Mid-Year Budget review on July 12th or 15th.

This comes days after the Minister announced an end to the country's debt restructuring as part of the International Monetary Fund's (IMF) conditionalities. According to the Majority Chief Whip, Frank Annoh-Dompreh, the specific date "is yet to be confirmed.

The Bank of Ghana (BoG) has reviewed rules covering advance payments for imports of goods and services to the country. This was contained in a statement published by the central bank to regulate the sector. The review will take effect from July 1, 2024.The BoG said the decision was taken as part of measures to clarify the procedures that govern Advance Payments for imports.

Key players within the industry sector urge government to direct savings made from the debt restructuring programme into productive sectors of the economy.

Fitch Solutions has revised Ghana’s real Gross Domestic Product (GDP) growth for 2024 to 4.3%, from the previous 3.8%.The London-based firm is also forecasting an expansion of the Ghanaian economy by 4.5% in 2025.

Finance Minister Dr Mohammed Amin Adam has announced the completion of Ghana’s debt restructuring programme with its official creditors. Addressing attendees at a UK Town Hall meeting, Dr Amin Adam highlighted that these efforts have resulted in savings of 8 billion dollars for the country.

The Committee of holders of Ghana’s Eurobonds has announced that it has reached an agreement in principle with the government of Ghana on a restructuring of the Eurobonds.

The Ghana Revenue Authority goes after public institutions and other firms as it embarks on an operation to collect taxes owed by institutions to the state.

The Ghana cedi lost 3.88% in value to the US dollar last week on the spot market increasing its year-to-date depreciation to 21.20%.

The Ghana Statistical Service (GSS) has announced that the country’s gross domestic product (GDP) is estimated to have increased by 4.7 percent in the first quarter (January to March) of 2024. Compared to the fourth quarter (October to December 2023) last year, the economy grew by 1.2 percent.