BUSINESS NEWS | GHANA AND BEYOND š 10/10/2023
š©The Ghana cedi is expected to strengthen by roughly 1.0% to the US dollar in 2024, Fitch Solutions has disclosed in its latest Country Risk on Ghana. This will make it one of the best-performing currencies in Africa during the period. According to the UK-based firm, the government will make progress regarding the restructuring of Ghanaās external debt under the G20 Common Framework by the second quarter of 2024. This it says will boost investor sentiment towards Ghanaian assets, drive capital inflows, and provide support to the cedi.
š©The International Monetary Fund said that Ghana will need a debt relief agreement from its official creditors to qualify for further disbursements under a $3 billion extended credit facility program. The Washington-based lender reached a staff-level deal with Ghana on the first review of the program that started in May, StĆ©phane Roudet, IMF mission chief, said in a statement Friday. Ghanaās dollar bonds rose and were among the best performers in emerging markets. Notes maturing in 2049 gained 0.2 cents to 41.07 cents on the dollar by 2:14 p.m. in London.
š©Government through the Ministry of Finance is seeking to comprehensively redesign the controversial Electronic Transfer Levy (E-Levy). According to a Joy News report, the move forms part of governmentās Medium Term Revenue Strategy seeking to revamp and optimize the taxation policy for much better effectiveness and efficiency. The portal added that the comprehensive redesign of the E-Levy could depict a rather forward-thinking approach to taxation in line with the digital age. It added that government will adopt the redesigned taxation policy to boost its revenue generation efforts while broadening the domestic tax base to support key sectors of the economy.
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