World Bank report says Ghana's economy improving amid reforms - Capital Business
Connect with us

Hi, what are you looking for?

Vendors sell products on a busy street in Accra, Ghana, on March 21, 2022. (Photo by Seth/Xinhua)

Africa

World Bank report says Ghana’s economy improving amid reforms

ACCRA, July 23 (Xinhua) — Ghana’s economy has made progress after a year of reform implementation, according to the latest report by the World Bank Group.

The eighth economic update for Ghana released by the World Bank, titled “Strengthening Domestic Revenue Systems for Fiscal Sustainability,” said Ghana’s economic situation has been improving due to efforts to restore fiscal and debt sustainability, reduce inflation, and strengthen financial stability.

Over the past year, Ghana has made steady progress toward economic stabilization, tackling the severe macroeconomic imbalances that peaked in 2022, according to the report.

The report said the strong monetary policy position of Ghana’s central bank, coupled with a more stable exchange rate regime, has contributed to the reduction of inflation. It also underscored the need for Ghana to focus on quality fiscal adjustment to minimize the impact on growth, and the poor, vulnerable population.

It advised Ghana to introduce sector-specific reforms to ensure financial sustainability in agriculture and energy and rebuild capital buffers in the financial sector while urging the country to introduce bold tax policy measures and tax administration reforms to help improve its fiscal position and budget credibility.

Visited 1 times, 1 visit(s) today

More on Capital Business

World

ACCRA, July 17 (Xinhua) — The Ghanaian government has announced that it plans to introduce electric vehicles (EVs) for ministers and heads of public...

Lifestyle

JUNE 23 – Since its illegal invasion of Ukraine in 2022, Russia has become the most sanctioned nation on Earth, and yet its economy...

Top Story

NAIROBI, Kenya, June 19 – The Kenya Revenue Authority (KRA) seeks to make the value-added tax (VAT) category the leading source of tax for...

Africa

NAIROBI, Kenya, June 17 – The Kenya Revenue Authority (KRA) is keen on leveraging technology as part of reforms to fully digitize value-added tax...

Top Story

NAIROBI, Kenya, June 11 – The World Bank has lowered Kenya’s economic growth for 2025, down from 5 percent predicted about six months ago...

Kenya

JUNE 10 – The global economy will see the slowest decade for global growth since the 1960s as the effect of Donald Trump’s tariffs...

Top Story

NAIROBI, Kenya, May 28 — Kenya’s wealthiest individuals may soon be subject to a higher income tax rate under new reform proposals from the...

Top Story

NAIROBI, May 28 (Xinhua) — The World Bank on Tuesday cut Kenya’s 2025 economic growth projection to 4.5 percent from an earlier forecast of...