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Government

Governor’s open declaration for NDC influenced his exit

Dr. Abdul Nashiru Issahaku

The Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has told Citi Business News the Bank of Ghana Governor’s decision to resign could be largely attributed to the difference in political ideologies between him and the governing New Patriotic Party (NPP). According to him, Dr. Issahaku’s open support for the past NDC government could have influenced his decision. “I’m ...

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Cocoa revenue to drop further over falling global prices – Agric Minister

Owusu-Afriyie-Akoto

The Minister of Agriculture, Dr. Owusu Afriyie Akoto has predicted a further drop in revenue from cocoa for this year. This also comes after the ten percent drop in revenue from cocoa exports between February 2016 and February 2017. According to the Minister, the declining global price of cocoa will largely affect the cocoa subsector which is among the top ...

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BoG Governor Dr. Issahaku resigns

Dr. Abdul Nashir Issahaku

The Central Bank Governor, Dr Abdul  Nashiru Issahaku has resigned. Citi Business News has gathered his resignation takes effect from the 1st of April, 2017. It’s unclear what led to his resignation but the Governor is reported to have cited personal reasons for the move. Dr Issahaku was appointed Governor of the Bank of Ghana by former President, John Mahama in ...

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Aviation Minister hopeful of more funds after GH¢59m allocation

Aviation Minister - Cecilia Dapaah

The Aviation Minister, Cecelia Dapaah is confident her outfit’s performance in the aviation sector would warrant an upward review of its budgetary allocation in the mid-year budget review. It follows Parliament’s approval of 59, 392, 362 cedis to the Ministry for 2017. According to her, the ambitious plans outlined by the ministry should culminate in making Ghana an attractive hub ...

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Finance Houses must avoid risky projects- CEO of IFS

kojo IFS original

The Chief Executive Officer for IFS Financial Services Limited, Kojo Ohene-Kyei has cautioned Finance Houses against projects that may result in financial losses. According to him, some Finance Houses in a bid to give loans to customers overlook the potential risks, leading to bad loans. In an interview with Citi Business News, Mr. Ohene-Kyei said it is high time the ...

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Dep. Finance Minister designate warns against cap on banks

Charles Adu Boahen -
 Deputy Finance Minister Designate

A Deputy Finance Minister designate, Charles Adu Boahen has warned against capping the number of banks in the country. Calls for a cap on the number of banks in the country have increased following the rising number of banks in the country. There are currently 33 banks operating with the number expected to rise to 35 by the end of ...

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US$1.8bn Cocoa Syndicated loan exhausted – Hackman

hackman more

The newly sworn-in Chairman of the Ghana COCOBOD, Mr. Hackman Owusu-Agyeman has disclosed that the US$1.8 billion Cocoa Syndicated Loan meant for this year’s cocoa production season has been exhausted despite outstanding payments yet to made. According to him, it is worrying that the funds were all not invested in the cocoa sector to improve this year’s yield. “The syndicated ...

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Hackman Owusu-Agyeman sworn in as COCOBOD Chair

hackman

President Nana Akufo-Addo has sworn in former Minister of Water, Works and Housing under the erstwhile Kufuor administration, Hackman Owusu-Agyeman, as Board Chairman of the Ghana Cocoa Board. Other members who were appointed to serve on the Board including Kwame Sarpong, Carlos Ahenkorah, Nana Johnson Mensah, Nana Dokua among others, were also sworn in today [Tuesday]. Mr. Owusu-Agyemang takes over from ...

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Banks initiate moves to cut interest rates for customers

Odun Odunfa - MD/CEO of First Atlantic Bank

Some banks have given indication of cutting their interest rates to reflect the reduction in the policy rate by the Bank of Ghana. They explain that the move forms part of plans to reduce the plight of businesses and eventually correct the bad loans in their books. The Bank of Ghana (BoG), in its 75th MPC meeting reduced its prime ...

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Parliament to pass Bill to cap statutory funds at 25%

Parliament House of Ghana

Parliament is today (Tuesday) expected to pass the bill that will allow the government to cap its budgetary allocation to statutory funds at twenty-five percent. The bill, on Monday, March 27th, passed the consideration stage. When passed, all allocations to the eight statutory funds will not exceed twenty-five percent of all government revenue for this year. Deputy Minority Leader, James ...

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Ghana Business News