Weekly Wrap: 9000 hospitality workers sacked, debt stock increases and more
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Weekly Wrap: 9000 hospitality workers sacked, debt stock increases and more

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Bank of Ghana keeps Monetary Policy Rate at 14.5% despite rise in inflation:

The Bank of Ghana (BoG) has maintained the Monetary Police Rate at 14.5%, YEN.com.gh has learned.

The decision follows a March 2020 meeting where the rate was reduced from 16% to 14.5%

Information available shows that some commercial banks, impressed with the decision, called for a further reduction in order to ease access to credit.

READ ALSO: COVID-19: Over 100 businesses lose almost GHC40 million - GNCCI

Ghana’s debt stock increases by GHC16.9 billion in First Quarter of 2020 - BoG report:

A new report from the Bank of Ghana (BoG) shows that Ghana’s debt stock increased by GHC16.9 billion between January and March 2020.

The 2020 Quarter 1 results were part of a Summary of Economic and Financial Data released by the Central Bank.

The Report shows that Ghana total debt stock as at March 2020 is GHC236.1 billion, which is 59.3% of the Gross Domestic Product (GDP).

Per a report by citinewsroom.com, the Report also shows that Ghana’s debt increased by GHC38.1 billion, from GHC219.2 billion to GHC236.1 billion, on a year-on-year basis, from March 2019 to March 2020.

COVID-19: 9000 hotel and guest house workers sacked:

Information available to YEN.com.gh shows that about 9000 employees of hotels and guest houses in Ghana have been laid off

According to the Ghana Progressive Hoteliers Association (GPHA), the workers were sacked due to lack of patronage of services offered.

A number of facilities, it has been gathered, have either completely shut down or now operate at a minimal capacity.

The GPHA’s National President, Charles Adu-Gyamfi, revealed that the Association coordinates the activities of 400 hotels which have about 12,000 workers.

Ofori-Atta: Minister reveals Ghana’s economy could not withstand partial lockdown beyond 3 weeks:

The Minister of Finance, Ken Ofori-Atta, has revealed that it was impossible for the partial lockdown recently imposed on two regions in Ghana to go beyond three weeks.

He explained that Ghana’s largely informal economy would be severely hit if the lockdown had been further extended.

On March 27, 2020, President Akufo-Addo announced the imposition of a partial lockdown on Greater Accra and parts of Ashanti Region.

This formed part of an effort to contain the spread of the coronavirus which has affected several people and claimed lives all over the world.

OVER THE WEEKEND:

No new levies on electricity charges – GRA clarifies:

The Ghana Revenue Authority (GRA) has come out to clarify issues surrounding the Value Added Tax (VAT), the Ghana Education Trust Fund Levy (GETFund), and National Health Insurance Levy (NHIL) on energy and capacity charges.

In a statement signed by the Assistant Commissioner of Communication and Public Affairs, Florence Asante, GRA assured the general public that the Authority does not seek to introduce any new or additional taxes on electricity charges in this era of coronavirus pandemic.

Coronavirus GH¢600m stimulus package in Ghana to focus on 9 sectors:

Businesses operating in nine selected sectors of the economy are the ones to benefit from the GH¢600 million stimulus package meant to cushion micro small and medium enterprise (MSME) from the negative impact of the coronavirus disease (COVID-19).

The beneficiary sectors are healthcare and pharmaceutical, manufacturing, agri and agri-business, water and sanitation, tourism and hospitality, education, textiles and garments, commerce or trade, and service.

READ ALSO: Ghanaians blast Kennedy Agyapong after he reveals how he became a rich man

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Source: Yen

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