Bringing you updates from the world of business

Bringing you updates from the world of business

Finance Minister, Ken Ofori-Atta has not ruled out the impact of the ongoing war between Russia and Ukraine, as having contributed to the woes of Ghana’s economy. The Minister believes the development forms part of unforeseen factors that have shaken the country’s fiscal stability in recent times.

The Monetary Policy Committee of the Bank of Ghana has increased the policy rate – the rate at which it lends to commercial banks – by 2.5% per cent to 17%. This is the first time since November 2018 that the rate has gone up so high.

Bringing you updates from the world of business

Bringing you updates from the world of business

The Ghana Revenue Authority (GRA) has described the implementation of the review of the Benchmark Value policy, from March 2022, as so far successful. After a stakeholder meeting last month, the government reduced the benchmark values on general goods from 50% to 30% as well as import discounts on vehicles from 30% to 10%.

46.5% of Ghanaians surveyed by the Center for Economics Finance and Inequality Studies on the Electronic Transaction Levy, say, they will stop using Mobil Money, should the E-Levy be passed into law. 41.4% however said they will reduce their Mobile Money transactions should the levy be passed. The report further said those who will continue to use mobile money fully if the current bill is passed make up 10.7% of the Ghanaian population.

Prices of petroleum products are expected to shoot up by at least 5 percent from Wednesday, March 16, 2022, the Institute for Energy Security (IES) has projected.

Economist, Professor Lord Mensah says Ghana’s discovery of oil has had no impact whatsoever on the Ghanaian economy since 2007. According to him, the oil only became an add-on to boost investor confidence when the government needed to borrow funds from the international market.