17
Mon, Dec
19 New Articles

The government is looking forward to a reduction in petroleum prices by an average 5.8 per cent for petrol, 4.8 per cent for diesel and 2.46 per cent for liquefied petroleum gas (LPG) this week.

Read more ...

The government is looking forward to a reduction in petroleum prices by an average 5.8 per cent for petrol, 4.8 per cent for diesel and 2.46 per cent for liquefied petroleum gas (LPG) this week.

This has been influenced by the marginal strength of the cedi as well as global oil market prices.

Speaking at a press briefing in Accra yesterday, Deputy Information Minister Pius Enam Hadzide disclosed that this latest development follows a further reduction in the inflation rate from the 9.5 per cent recorded in October to 9.3 per cent.

Lifting the burden

He attributed the positive changes to various interventions by the Economic Management Team to bring relief to Ghana’s citizens.

Among these interventions is a reduction in 14 tax handles in 2017; a reduction in electricity tariffs; a reduction in taxes on petroleum products from 40 to 26 per cent; and the absorption of the cost of senior high school fees by the state.

“The government is optimistic that the drop in inflation and fuel prices will therefore add another layer to the work done in these first 24 months to ease the legacy burden on Ghanaians,” Mr Hadzide said.

Prudent measures

Mr Hadzide said specific measures such as fiscal consolidation and monetary policy tightening, as well as relative exchange-rate stability for the most part of 2017 and the easing inflationary pressures, have countered the high rates of inflation the government inherited.

“Inflation has seen a continued fall since January 2017. It has dropped from 15.4 per cent in December 2016 and is now at a six-year low of 9.3 per cent,” the Deputy Minister said.

“What this means is that if in December 2016 the prices of goods and services were increasing at 15.4 per cent (Annual Progress Report, 2016), now, through the policies of the administration, the rate of price increases has slowed down to 9.3 per cent ‒ enabling Ghanaians to retain more money in their pockets and reduce their hardship,” he said.

These measures, he said, yielded results by reducing headline inflation from 15.4 per cent in December 2016 to 11.8 per cent in December 2017, a reduction of 3.6 percentage points.

“These prudent measures were again steadily implemented in the 2018 fiscal year and this accelerated the disinflationary trend experienced in 2017,” Mr Hadzide said.

“From headline inflation of 11.8 per cent in December 2017 the trend was further dragged down within the first five months of 2018 to 9.8 per cent (May 2018).
“Owing to the competence of the economic managers, in October 2018 the inflation rate further declined to 9.5 per cent. Although there were slight increases in the ensuing months after May, the managers were able to direct it back on track,” he said.

The Danquah Institute (DI) is standing its ground on the complete renegotiation of a contract between the Ghana Ports and Harbours Authority (GPHA) and Meridian Port Holdings (MPH) which was signed in November 2015. Now DI says it has directed its legal team to trigger measures aimed at challenging the agreement.

Read more ...

Vice-President Mahamudu Bawumia has called for greater interaction and collaboration between Africa and people of African descent across the world in order to help achieve their collective aspirations.

Read more ...

Vice-President Mahamudu Bawumia has called on Ghanaians to show compassion and understanding to lepers, noting that there is nothing to fear from anyone cured of leprosy.

Read more ...

Parents whose children are enjoying free senior high school have been advised by the Minister of State in charge of Tertiary Education, Professor Kwesi Yankah, to ensure that the resources they save through the Free SHS policy are saved for their wards’ future.

Read more ...

Reports seen by the Daily Statesman yesterday indicate that at least two people were feared dead and several others injured in renewed chieftaincy clashes in Bole, usually seen as one of the more serene communities in the Northern Region. The violence occurred yesterday morning.

Read more ...

President Nana Addo Dankwa Akufo-Addo has described former President John Agyekum Kufuor as the most successful leader ever in the Danquah-Dombo-Busia tradition.

Read more ...

The government has announced a package of 24 scholarships for children of farmers and fishermen to pursue higher education qualifications ranging from first degree to PhD in any agricultural subject of their choice. Each of the scholarships will be worth GHC1 million.

Read more ...

President Nana Addo Dankwa Akufo-Addo has said that no monument can compensate for the sacrifices Chief Simon Diedong Dombo made to ensure the sustenance of Ghana’s independence and multiparty democracy and the survival of the United Party tradition.

Read more ...
Sign up via our free email subscription service to receive notifications when new information is available.

Become A Fan on Facebook

Weather

Accra Ghana Sunny, 28 °C
Current Conditions
Sunrise: 6:3 am   |   Sunset: 5:51 pm
73%     12 mph     1011.0 in
Forecast
Mon Low: 24 °C High: 31 °C
Tue Low: 24 °C High: 31 °C
Wed Low: 23 °C High: 31 °C
Thu Low: 24 °C High: 30 °C
Fri Low: 24 °C High: 30 °C
Sat Low: 24 °C High: 30 °C
Sun Low: 24 °C High: 30 °C
Mon Low: 24 °C High: 30 °C
Tue Low: 24 °C High: 31 °C
Wed Low: 24 °C High: 30 °C