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IMF endorses collapsed UT, Capital banks bond

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The International Monetary Fund(IMF) said it supports Ghana’s plans to sell 1.6 billion cedis ($362 million) of bonds to settle the liabilities of collapsed UT and Capital Banks, a Bloomberg report has said. The IMF country representative, Natalia Koliadina, disclosed that the proposal to sell the debt of the two collapsed banks was made by the government of Ghana during ...

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Banks resist crypto currency use in Ghana

Henry Baye  - Executive Director of Retail Banking for West Africa at Standard Chartered Bank

Some banks have expressed strong resistance to the adoption of crypto currency in Ghana describing it as grounds of breeding money laundering and other financial crimes. The banks have also cited the absence of a law as basis for their posture. There have been calls on the central bank to allow the use of crypto currencies due to the uptake ...

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Ghana’s inflation to hit single digit by April (Article)

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Headline inflation increased to 10.6% year on year in February from 10.3% year on year in January, driven largely by higher food inflation. The rise in February’s print was broadly in line with our expectations and does not alter our view on policy rates in the year ahead, particularly as inflation is in an entrenched downtrend. With the policy stance still ...

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Govt signs $39m deal to finance planting for food & jobs

Ken Ofori Atta - Finance Minister

Government has signed a 39 million dollar loan agreement with the African Development Fund (ADF) to support government’s planting for food and jobs program. The facility is to finance the Savannah Zone Agricultural Productivity Improvement Project (SAPIP). A statement from the Finance Ministry and copied to Citi Business News said the project will be implemented over a five year period, ...

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Debt Audit Commission will only deepen bureaucracies – Govt

Chairman of Parliament’s Finance Committee, Dr. Mark Assibey-Yeboah

Government has described as a duplication of functions suggestions for the creation of a Debt Audit Commission to regulate the country’s borrowings and reduce its debt burden. Chairman of Parliament’s Finance Committee, Dr. Mark AssibeyYeboah explains that yielding to such requests will rather complicate the current issue as there already are institutions which have oversight responsibilities on all government’s borrowing ...

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Review application over $ 60m NIB judgment debt case dismissed

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The Supreme Court has dismissed a review application seeking to overturn its own decision dismissing a 60 million dollar judgment debt the High Court ordered the National Investment Bank (NIB) to pay Dominion Corporate Trustees Limited in 2013. According to the panel of seven justices of the Supreme Court, the review suit filed by Dominion Corporate Trustees failed to meet ...

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Ignore appetite for borrowing after rebasing economy – Osei Assibey

Dr. Eric Osei Assibey - Economist at the University of Ghana

Some economists have impressed on government not to add unto the country’s debt even as it prepares to rebase the economy. Though they explain that the incentive to borrow more may be inevitable, the possibility that it will worsen the repayment burden, must be considered. The Ghana Statistical Service is hoping to complete the process of rebasing Ghana’s economy by ...

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Poverty levels to widen over excessive borrowing – IFS

Executive Director of IFS - Prof. Newman Kusi

The Institute for Fiscal Studies (IFS) is predicting of a huge distortion to the provision of major infrastructural projects in the country should government fail to tackle the rising public debt stock. The IFS argues that the rising interest payment on the debt continues to drain financial resources allocated to the construction of critical infrastructure such as roads, railways and ...

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Local producers yet to fully comply with tax stamp policy

GRA

It is emerging that some retailers of local excisable products are yet to comply with the tax stamp policy, two weeks into the implementation of the policy. The policy has faced stiff opposition from business associations over the impact it is having on their cost of operations. Citi Business News visited some major retail centers to assess the level of ...

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Invasion of GLICO office was lawful—NDK

NDK BOSS oko-8-600x330

NDK Financial Services Limited is refuting assertions that it invaded the office of GLICO General Insurance Limited out of mischief. According to NDK, its action on Thursday, 8th March 2018, where it attached some properties of GLICO after a court ruling were in pursuant to the orders of the Court. A press statement copied to Citi Business News said the ...

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