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Author Archives: Lawrence Segbefia

Article: Drop the policy rate to stimulate growth

Dr. Abdul Nashir Issahaku - BoG Governor

The  importance  of monetary  policy  is  revered  in  modern  macroeconomics  and  its prominence in the Ghanaian economy is unchallenged. The Monetary Policy Rate (MPR) is the monetary policy tool of the Bank of Ghana (BoG), and it is the rate at which commercial banks can borrow from the central bank. The MPR is expected to communicate the monetary policy stance ...

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NIC lashes out at govts for breaching Insurance Act

Commissioner of Insurance at the NIC Lydia Lariba Bawa

The National Insurance Commission (NIC) has bemoaned the practice where governments sign major contracts with foreign companies and allow the insurance component also to be repatriated out of the country. According to the commission, Ghana has lost millions of dollars through the practice over the years, depriving local insurance companies an opportunity to grow. Speaking at a programme organised by ...

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GE Oil & Gas opens new support base in Takoradi Port [photos]


General Electric (GE), a US based oil and gas company specialized in deep water offshore services in the oil and gas sector has opened its newly Sub Saharan facility at the Takoradi Port in the Western Region. The facility, according to the company will provide support services for its customer operations. In 2015, GE was awarded a $850 million contract ...

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Property Addressing System to be completed this year- Bawumia

Participants at the forum including Dr. Bawumia

The Vice President, Dr. Mahamudu Bawumia has disclosed that government will address three main policy pillars which are financial inclusion, the national identification project as well as property addressing system by close of this year. According to him, the government’s economic team has set this year as the benchmark to achieve all three pillars to propel the country into economic ...

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Israeli company, COMSEC invests in Ghana’s backup power system

The Sales Director of COMSEC, Boaz Alon

Ghana’s energy sector has received some boost as Israeli Technology Company; COMSEC Solutions invests into the nation’s backup power systems. The company, which has already partnered the Ministry of Finance to provide backup energy devices, aims at expanding its operations across the country. Speaking to Citi Business News after a sensitization workshop for some stakeholders in the power sector, the ...

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Over 23,000 jobs to be created in construction industry- World Bank

File Photo

About 23,700 jobs are expected to be created in Ghana’s construction sector by the end of the year. This follows a new report by the World Bank which shows that one million jobs will be available in Ghana’s construction sector between 2015 and 2020. Ghana’s Construction Sector grew by 4.9% in the first quarter of 2016, employing about 5,723 since ...

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YIEDIE calls for investment in construction industry

Project Director for YIEDIE Kafui Mills – Odoi

The Youth Inclusive Entrepreneurial Development Initiative for Employment (YIEDIE) has called for investment into Ghana’s construction industry to create jobs for the youth. According to YIEDIE, the construction industry is projected to create over 23,000 jobs by end of this year. The figure, follows a report by the World Bank which showed that over one million jobs will be available ...

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Don’t issue Eurobond- Govt told

Eurobond money

As the 2007 Eurobond matures this year, government has been advised not to issue any international bonds this year to help reduce Ghana’s debt stock. The 10-year 750 million dollar bond, which was issued in 2007 at a cost of 8.5 percent, opened the way for Ghanaian to issue subsequent bonds, ballooning the country’s debt stock. Before leaving office, former ...

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BoG, others intensify move to flush out counterfeit notes

Participants across the West African region

Central banks across the West African sub-region have met to build capacity in fighting fake currency circulation. The circulation of counterfeit notes has been a major challenge for West African countries as fake notes are transited every year, running into millions of dollars. Speaking to Citi Business News at workshop organized in Accra on Banknote and Currency Management, the Director ...

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Over 400 workers lose jobs in Tema…as steel factory closes

WhatsApp Image 2017-03-17 at 1.41.42 PM (2)

About 400 workers of a steel company in Tema, Rider Steel Ghana Limited have been laid off due to the company’s inability to pay for what they describe as unfair and high electricity tariff. According to the company, which is located within the Tema Export Processing Zone, it is being charged 52 pesewas per kilowatt hour of electricity by a ...

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