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Govt projects ‘higher’ interest rates for energy bond

Ken Ofori-Atta - Finance Minister

Government may be targeting at least 19 percent interest rate on the energy bond to be issued to clear the debts in the energy sector. Citi Business News understands this is relatively higher compared to the estimated 18 percent rate on the ten year domestic bond. Sources close to the bond issue also indicate that the corporate nature of the ...

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Banks base rates stay at 26.6% in September

Dr. Ernest Addison - BoG Governor

The average base rate among commercial banks remained at 26.6 percent in September 2017 as recorded in August 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage and Average Interest report, of the thirty-one banks that were surveyed, Unibank still tops with its base rate ...

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Article: Energy bond must not be a “Pure” Public Debt–Terkper

Seth Terkper

Introduction An issue under current discussions is whether Ghana should add the ESLA-backed Energy Bond it is to issue to public debt, instead of remaining on VRA’s Balance Sheet. ESLA means Energy Sector Levy Act, 2015(Act …). Ghana has issued an ESLA Bond Prospectus and roadshows are underway for investors at home and abroad. We understand that the IMF takes ...

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Ghana, IMF yet to decide on mode for energy bond

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The International Monetary Fund (IMF) is yet to reach an agreement with the government of Ghana on the mode of issuing the energy bond. Sources close to the matter tell Citi Business News that a final decision is likely to be made next week. The government is currently on a road show in London ahead of the issue of the ...

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Banks reduce interest rates on deposits

bank-of-ghana pic

Commercial banks have reduced their interest rates they offer on customer deposits. Latest figures released by the Bank of Ghana have shown that the average interest rate customers get on money deposited at banks reached 10.4 percent in September 2017. According to the Annual Percentage Rates (APR) and Average Interest (AI) report, the figure is down from the 10.8 percent ...

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Roadshow for GH¢10bn energy bond starts today

Charles Adu Boahen - Deputy Finance Minister

Government will today (October 19, 2017) embark on a roadshow for the energy sector bond to be used to clear the energy sector debt. Today’s roadshow, to be carried out in London, is the first of two roadshows to be conducted ahead of the issuing of the bond.. The bond is also expected to be issued in tranches with the ...

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SupaBet customers threaten to lock all branches

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Scores of customers of betting company SupaBets have vowed to shut all branches of the company till monies owed them running into three hundred and fifty thousand Ghana cedis (350,000) are paid. “If they do not pay us we will lock the SupaBet at Lapaz and we will do same at circle and all the other branches”. One of the customers told ...

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Banks advised to shun collateral lending

Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong

The debate on whether collateral lending in the banking industry is a disincentive is fast coming up as some financial observers’ advice against using the method to advance loans. Even though full investigations are yet to be conducted into the cause of the collapse of UT Bank and Capital bank, some observers have hinted that collateral lending may have played ...

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Road show for energy bond starts tomorrow

bond

Government will tomorrow Thursday, October 19th, 2017 begin a road show for the energy sector bond, which will be used to clear the energy sector debt.. The show will commence in London on Thursday and there will be another in Accra on the 23rd of October, 2017. The 2.5 billion dollar bond which will be auctioned in tranches will start ...

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Digital Property Address System to be launched today

bawumia

The National Digital Property Address System, which is expected to make it easier to find locations in the country and boost service delivery, will be launched today [Wednesday], October 18, 2017. The system is expected to among other things aid government policies, planning and offer accurate data for service delivery. The system, which was designed by Ghanaian information technology firm, ...

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Ghana Business News