Bussiness
Economic Crisis: Reduce the size of Gov’t to complement debt program – ISSER
The Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana has called for a reduction in the size of government amid Ghana’s economic turmoil.
Addressing a 2023 budget review forum at the institute Tuesday, the Director of ISSER, Professor Peter Quartey, said to restore macroeconomic stability and build a resilient economy there was the need for fiscal consolidation — raising revenue and reducing expenditure, including reducing the size of government.
According to him, the increase in the VAT and cost-cutting measures in the public sector should be complemented by a reduction in the size of the government to achieve the desired outcome.
On the debt programme, Prof. Quartey said that a national consensus among key stakeholders, such as Parliament, investors, civil society organisations (CSOs) and the citizenry, would help accelerate the country’s recovery efforts and avoid the mistakes that led the economy into its current challenges.
“The government should deepen consultations, while the opposition engage meaningfully to avoid the mistakes of the past,” Prof. Quartey said.
Government has launched the Debt Exchange Program announced in the 2023 budget.
This comes on the heels of the conclusion of the broad contours of the debt sustainability analysis as part of the debt restructuring deal with the International Monetary Fund(IMF).
The debt operation is part of a comprehensive set of measures for reducing the present value of public debt to Gross Domestic Product (GDP) ratio to, at least, 55 percent in the medium term by offering an effective cap on interest payments on public debt.
Finance Minister Ken Ofori-Atta on Monday announced domestic bondholders with the exception of Treasury bill holders will be affected by the debt exchange program.
Per the arrangement, bondholders will get 0% interest in 2023, 5% in 2024 and 10% onwards. The bonds will also be redeemed in 3 installments within 10 years.
Source: Starrfm.com.gh
Ghanaian dancehall artiste Charles Nii Armah Mensah, known as Shatta Wale, has won two awards at the 43rd International Reggae and World Music Awards (IRAWMA) held in Florida over the weekend.
He picked up the Best African Dancehall Entertainer award as well as Concert of the Year for ShattaFest.
In a statement, Shatta Wale’s management expressed appreciation to the organisers and supporters of the awards.
“Management would like to sincerely appreciate the organisers of the IRAWMA awards for the recognition and continuous support for African music on the global stage.
“We also extend our deepest gratitude to fans across the world, especially the Shatta Movement fraternity, for their unwavering support, votes, and dedication throughout the years,” the statement said.
The statement added that the latest wins reaffirm the artiste’s position as one of Africa’s leading musical exports and a prominent figure in global dancehall culture.
The awards bring Shatta Wale’s total haul at the IRAWMA to 11, highlighting his continued presence on the international reggae and dancehall scene.
At last year’s edition, he won three awards: Best African Dancehall Entertainer, Best Music Video for “Killa Ji Mi”, and Best Crossover Song for “Commando” featuring Bounty Killer. -GNA
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
