Government has agreed a three-year programme with the International Monetary Fund (IMF) worth $940 million dollars aimed at overcoming the country’s economic challenges, supporting stronger economic growth and lower inflation.
The deal follows months of negotiations after government announced in August last year that it would seek assistance from the IMF.
Mr John Dramani Mahama, President of Ghana, has assured the public that cabinet has approved supplementary measures to make adjustment to the 2015 budget due to the dramatic decline in crude oil prices.
He said this when he was delivering the state of the nations address at parliament on Thursday noting that Ghana stands to lose about seven hundred million dollars from oil exports if the price remains at current levels.
President Mahama said to achieve policy certainty and attain broad support for the Home Grown Economic Policies of Ghana an open discussion was held in August 2014 with the International Monetary Fund (IMF) for a three year Extended Credited Facility programme.
The results of the latest Bank of Ghana (BoG) Confidence Survey conducted in January 2015 indicate that consumer sentiments continue to improve. According to Dr Henry Kofi Wampah, BoG Governor, the overall consumer confidence index increased to 89.9 in December 2014, up from 85.6 recorded in October 2014.
The Producer Price Inflation (PPI) rate for December 2014 fell to 34.2 per cent, down from a revised 37.6 per cent recorded in November 2014, the Deputy Government Statistician Mr Baah Wadieh said on Wednesday.
Ghana took another major step towards the attainment of energy and power security with the signing of an agreement for the development of the Offshore Cape Three Points ( OCTP) integrated oil and gas project. The $7 billion project, being undertaken by Italy's largest oil company, Eni Spa, in collaboration with Vitol Energy
Petroleum Revenue Management Act, 2011 (Act 815) Section 8: Transparency and Accountability of Petroleum Receipts
Pursuant to Section 8 of the Petroleum Revenue Management Act, 2011 (Act 815), the Ministry of Finance, hereby, publishes petroleum receipts (defined in section 6 of the Act), namely, total output lifted and reference price, among others, for the fourth quarter of 2014.
The Ghana Revenue Authority (GRA) last year collected a total tax revenue of GH¢17.07 billion, representing a three per cent short fall of the targeted GH¢17.61 billion. Despite the shortfall the 2014 figure, registered a growth rate of 29.7 per cent collection over the 2013 figure of GH¢13.16 billion and 18.5 per cent over that of 2012.
The Government of Ghana joined the Better Than Cash Alliance to enhance fiscal transparency and promote financial inclusion for all its citizens. By becoming an Alliance member, the Government commits to transition government programmes from cash to digital payments.
This report presents detailed information on the Petroleum Funds from January to
September 2014. Similar to the 2013 report, the 2014 Annual Report on the Petroleum
Funds covers only nine months of 2014 as the 2015 Budget is due to be presented in
The government of Ghana has paid all the arrears relating to the migration of public sector workers onto the Single Spine Salary Structure (SSSS). Government has also for the first time provided its own inputs for negotiations in connection with the International Monetary Fund (IMF) economic package. This was disclosed by the Minister for Finance, Hon Seth Terkper, when he addressed a sensitization workshop on the 2015 budget in Accra. The workshop held annually for Regional Budget Officers, Regional Information Officers and cinema Van Commentators was to apprise them on policies and highlights of the 2015 statement and economic policy of government. The objective was to equip the officers with information for dissemination of budget information in their respective regions.