• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana’s economic health dependent on fiscal consolidation measures – Oxford Business Group

3 years ago
in Business, Economy, Editor's pick, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
81
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

—Ghana’s economic health dependent on fiscal consolidation measures – Oxford Business Group

The Oxford Business Group has disclosed that Ghana’s economic health in the coming years will largely depend on government’s ability to implement further fiscal consolidation with target for 2022.

This will include a primary surplus of 0.1% of Gross Domestic Product (GDP) and a fiscal deficit of 7.4% of GDP.

“Achieving the country’s fiscal goals will require discipline, but Ghana has repeatedly demonstrated its ability to navigate major economic and financial challenges. Its [Ghana] young population provides ample dynamism, and GDP growth is well positioned to accelerate in the short to medium term thanks to a raft of structural reforms”, it said.

The government is aiming for positive primary surpluses in 2022-25, with the fiscal deficit returning to the threshold outlined in the Fiscal Responsibility Act – suspended during the pandemic – of not more than 5% of GDP by 2024.

Additionally, it pointed out “the country’s experience capitalising on its variety of natural resources, coupled with its growing e-finance and commerce sectors, also stand it in good stead as the pandemic [COVID-19} continues into 2022.”

Despite ongoing uncertainty at the global level, the Oxford Business Group said “a budding confidence is present in Ghana that is starting to be reflected in domestic and international investment levels”.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

Read: Enterprise Insurance grows assets to GHS 513m; records GHS 32m as profit

However, it stressed the work to finalise the 2022 budget illustrates the challenges facing Ghana’s economy.

“With financing the public debt a rising concern – Fitch estimated that general government interest payments on debt would take up 47% of government revenue in 2022 – the leadership is under pressure to raise income, while also maintaining and even expanding programmes in welfare, infrastructure and job creation. And it must balance these priorities in a world that is not quite past the pandemic”.

The 2021 budget began a process of fiscal consolidation with increases in the National Health Insurance Levy and the Value-Added Tax rate of 1.0 percentage point each. Other levies were imposed on polluters, fuel and financial sector profits.

The 2022 budget therefore set out plans for further consolidation.

It introduced a 1.75% tax on electronic financial transactions to support infrastructure and transport projects. After much criticism, however, the rate was lowered to 1.5% in late January 2022 and remained under review by Parliament as of February 2022.

At the same time, certain discounts on import fees have been removed, motorway tolls abolished and tax-free thresholds hiked to encourage economic activity.

The Group further indicated that the projected expansion in the tax base due to the national identification card programme and other digitalisation initiatives, will – by government estimates – help secure a minimum of 3% of GDP in extra revenue.

Tags: ghanaGhana’s economic healthGhana's economic health dependent on fiscal consolidation measures - Oxford Business GroupNational Health Insurance LevyValue-Added Tax
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.