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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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‘Brand Ghana’ must be embraced by all —Stakeholders

gh-lgflag

Despite moves by governments over the years to make Ghana a strong brand,  it is yet to be recognized globally as one. The discussion on branding Ghana was at the centre of deliberations for the maiden annual conference of the Executive Women’s Network. The maiden edition of the Executive Women’s Network annual conference saw the First Lady of the Republic ...

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Article:Poor credit practices, is the cause of high NPLs

bog microfinance

Poor credit practices, not energy sector SOEs are the cause of high NPLs In a number of publications, I have read both practitioners and consultants in Ghanamaking the statement that debts owed to banks by State Owned Enterprises (SOE) especially in the energy sector[1] has been a primary cause of defaults in 2016. On two separate occasions, I have pointed ...

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Domestic air travel shoots up by 26%

Kotoka International Airport, Accra

Deputy Finance Minister, Kwaku Kwarteng has disclosed that there has been a 26 percent increase in patronage of domestic airlines since the abolition of the VAT on domestic air fares. The 2017 budget heralded the abolition and review of some 12 key taxes. They included the 17.5% VAT on domestic air fares, the 17.5% VAT on financial services as well ...

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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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Corruption threatens govt’s ‘Ghana Beyond Aid’ agenda

Corruption

Economist, Dr. Ebo Turkson has underscored the need to exhaustively deal with corruption if government should be successful with its vision of creating a ‘Ghana Beyond Aid’. Dr. Turkson who largely agrees with the need to build a society which is less dependent on other foreign support however fears the objective may not be reached if corruption is not adequately ...

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ECG to launch online payment system

ecg

The Electricity Company of Ghana (ECG) will launch an online payment application system by end of 2017  to facilitate post payment of electricity bills. According to the company, the move forms part of measures to enhance their operations and cut down on revenue losses. General Manager of ECG Accra West, Ingineer Abdulai Kurah who spoke on behalf of MD of ...

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Pension for cocoa farmers kicks off in 2018

Cocoa-Pix

Cocoa farmers will from 2018 be signed onto a Cocoa Pension scheme. This is according to Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Atta Krufi. The scheme which was originally proposed in the COCOBOD Act of 1984 never took off due reasons including the lack of an accurate database on cocoa farmers. However in an interview with ...

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Ghana, IMF yet to decide on mode for energy bond

bond

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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Ghana Business News