News

IFS warns of deeper economic woes if Ghana continues domestic budget financing

Published

7 months ago

August 16, 2024

The Institute for Fiscal Studies (IFS) has predicted that Ghana’s economic woes will deepen if it continues to adopt domestic financing of the national budget.

According to IFS, the government’s inability to access the Eurobond market has resulted in stiff competition with the private sector for loans to fund the budget, a development which is likely to lead to a shortage of investible funds for the private sector.

Speaking at a press briefing on a review of Ghana’s present fiscal and macroeconomic performance, the Acting Executive Director for IFS, Dr. Said Boakye, called for resilient measures to drive economic growth.

“The heightened domestic financing of the national budget that is currently taking place due to the country’s inability to access the Eurobond market owing to the death crisis is a cause for concern. The reason is that by this, the government is more aggressively competing with the domestic private sector for loanable funds,” he noted.

Dr. Boakye added: “This is likely to lead to a shortage of investible funds for the private sector and thus sustain a high interest rate, both of which have the effect of prolonging the current low economic growth and elevated unemployment rates.

“This calls for deliberate measures to tackle negative physical fundamentals like low revenue generation, excessive fiscal rigidities, corruption, and political-induced decisions. ”

News

Declaration of Monday, 31st March 2025 and Tuesday, 1st April 2025 as Public Holidays

Published

2 hours ago

March 24, 2025

Net News Ghana

The Ministry of Interior has declared Monday, March 31, 2025 and Tuesday, April 1, 2025 as Public Holidays

“The general public is hereby informed that Sunday, 30th March, 2025 or Monday, 31st March, 2025 marks Eid-Ul-Fitr which is a Statutory Public Holiday,” the ministry noted in a press statement

According to the ministry “In view of the fact that 30th March 2025 falls on a Sunday and in the interest of the public, His Excellency, the President of the Republic of Ghana, has by Executive Instrument (E.I.), in accordance with Section 2 of the Public Holidays and Commemorative Days Act (Act 601) declared Monday, 31st March 2025 and Tuesday, 1^{^st} April 2025 as additional Public Holidays and should be observed as such throughout the country.”

News

Strengthen Anti-Money Laundering Laws in Ghana – Interior Minister

Published

2 hours ago

March 24, 2025

Net News Ghana

Minister for the Interior, Muntaka Mohammed-Mubarak, has called for strengthened anti-money laundering laws in Ghana, urging the Inter Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Intelligence Centre (FIC) to collaborate in this effort.

During a meeting with a GIABA delegation led by Director-General Edwin Harris, Muntaka Mubarak emphasised the Government’s commitment to supporting GIABA’S work in maintaining a safe and secure environment.

The Director-General of GIABA, Mr. Edwin Harris acknowledged Ghana’s active participation in GIABA operations and encouraged continued collaboration.

Mr. Harris stated that Ghana has made significant progress in strengthening its anti-money laundering laws, with the passage of the Anti-Money Laundering Act 2020 (Act 1044).

The meeting had in attendance the Deputy Minister for the Interior, Okletey Teilarbi, the Acting Chief Director of the Ministry, Mrs. Doreen Annan, the Acting Chief Executive Officer of FIC, Albert Kwadwo Twum Boafo and other officials from the Ministry, GIABA and FIC.

News

Interior Minister reaffirms commitment to Enhancing Ghana’s Security Architecture

Published

2 hours ago

March 24, 2025

Net News Ghana

Minister of the Interior, Muntaka Mohammed-Mubarak has acknowledged the critical role the Police Service plays in maintaining peace and stability and reaffirmed Government’s commitment to enhancing Ghana’s security architecture.

Speaking at the Ghana Police Service Regional Commanders’ meeting, the Minister assured international partners, businesses, and investors, that Government remains committed to providing a secure environment, and ensuring necessary security measures are in place to facilitate uninterrupted business operations.

Muntaka Mubarak commended the Inspector General of the Police (IGP), Mr. Christian Tetteh Yohuno for initiating an orientation for Regional and Unit Police Public Relations Officers.

According to him, the programme aimed to enhance community engagement, share crucial information, and foster trust between the police and the public.

In his remarks, the IGP, Mr. Christian Tetteh Yohuno stated that the meeting provided an opportunity for them to reflect and strategize for the year ahead.

Mr. Yohuno also advised the officers to uphold the highest professional standards, emphasising the need for discipline and ethical conduct in discharging their duties.