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Banking And Finance

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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Energy sector debt: Govt debt to banks, fuel suppliers hits $1.2 b

Boakye Agyarko - Energy Minister

Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks are owed 782 million dollars, ...

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Breakdown of Govt’s energy sector debt – Infograph

debt

Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks are owed 782 million dollars, ...

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VRA debt: 160 million cedis to be paid end of March

Alhassan Andani - President; Ghana Assoc. of Bankers & MD of Stanbic Bank

About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government commenced payments to the affected ...

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GhIPSS to work with stakeholders to ensure telcos interoperability

Archie-Hesse-CEO

The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, says he will work with stakeholders to enable telcos to become interoperable by the end of the year. He was reacting to a challenge thrown by the Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia, that stakeholders should ensure the interoperability of telcos within ...

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BoG’s 120 million dollars auction begins yielding results

bank-of-ghana pic

Currency analysts have stated that the Bank of Ghana’s auction of 120 million dollars in the first quarter of this year, to contain the cedi’s depreciation has begun yielding the intended results. According to them, the move would have been more effective if the Bank of Ghana increased its supply of dollars in the first two months of the year. ...

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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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Declining inflation, ‘stable’ cedi to signal drop in policy rate

Economist Dr. Lord Mensah

Economists are highly expectant of a reduction in the policy rate by the Monetary Policy Committee (MPC) of the Bank of Ghana as the Committee prepares to announce its new rate next Monday. They cite the declining inflation, relative stability of the cedi and government’s pro business agenda as the basis for their claims. “Obviously looking at what is happening ...

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Be wary of unrealistic returns offered by investors- Iddrisu Mahama

Iddrisu Mahama

An Investment Banker Iddrisu Mahama has cautioned investors to be mindful of unrealistic rates offered by financial institutions on  some investment portfolios. Mr. Mahama says though such rates are enticing to customers, they usually turn bad as they have high risks and are short lived. “When you are looking for returns, first of all, think about your principal. That is ...

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Ghana Business News