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IFS cautions against terminating IMF deal

IMF-620x330

The Institute for Fiscal Studies (IFS), has cautioned of massive cuts in foreign aid and grants should government terminate the agreement with the International Monetary Fund, IMF. According to the Institute, Ghana’s stay with the IMF program has sustained support from some donor agencies. “Complete termination is not advisable because most of our development partners disperse their grants based on ...

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GNPC defends decision to invest outside core business

GNPC CEO, Alexander Mould

The Ghana National Petroleum Corporation(GNPC) has justified its decision to invest outside its core mandate. The corporation insists the move is only a strategic one targeted expanding the opportunities of the corporation. The Public Interest and Accountability Committee (PIAC) in its 2016 report lashed out at the GNPC for refusing to adhere to a directive not to invest its proceed ...

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Reducing Ghana’s debt levels; MMDAs must generate their own funds – IFS

debt

Government has been impressed upon to adopt fiscal decentralization policies and reduce the stress on the national budget. Proponents of this policy believe the overdependence of local governments on the national budget has contributed to increasing government obligations and subsequently the rising debt levels of the state. In its latest report on the economic priority areas for the new government, ...

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New govt must follow roadmap to settle VRA debt- GNPC CEO

Alex Mould-GNPC 600x330

The Chief Executive Officer of the Ghana National Petroleum Corporation(GNPC), Alex Mould has charged the new government to ensure that money owed by the Volta River Authority (VRA) is retrieved as soon as possible. “Government of Ghana has to do what they have to do. They have to ensure that SOE,ECG and the power sector abide by the rules of ...

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Cedi depreciation causing increase in fuel prices-COPEC

Ghana Cedi

The Chamber of Petroleum Consumers (COPEC) has blamed the continuous fall of the cedi against the dollar for the recent price hikes of fuel at the pumps. According to COPEC, the situation has resulted in speculations leading to an increase of about 4 to 10 percent in fuel prices. Fuel prices at the pumps saw an increase yesterday after an ...

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Investigations into DKM bribery allegations to end next week

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Investigations into alleged reports of bribery against workers and security personnel of GCB bank by DKM customers are expected to be completed on Friday 27th January, 2017. The police, upon request from the Registrar General’s Department, who are official liquidators of DKM micro finance company, early this month begun investigations into the matter. “Some of the workers from the Registrar ...

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Expresso workers head to NCA over salary arrears

Expresso 11

Workers of Telecommunication Company, Expresso, have disclosed to Citi Business News they will file an official complaint with the National Communications Authority (NCA) over the failure of the telecom company to pay them salaries owned them. According to the workers, the non-payment of their salaries for over 2 years has compelled them to make the move to ensure their remuneration ...

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IFS renews pressure to hedge Ghana’s oil

Executive Director of IFS - Prof. Newman Kusi

The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. “We are not going to achieve ...

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PIAC hits GNPC for investing outside core area

GNPC

The Public Interest and Accountability Committee (PIAC) has once again lashed out at Ghana National Petroleum Corporation for refusing to adhere to a directive not to invest its proceed in non-core business of the industry. In its Semi Annual Report on Management of Petroleum Revenue, PIAC bemoaned the decision of GNPC to invest in areas it has advised the corporation ...

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2016 first half petroleum revenue dropped by 55%

The FPSO JEA MIlls

Ghana’s revenue from the petroleum sector for the first half of last year dropped by over 50%. The figure declined from US$274.47 million in 2015 to US$126.41 million for the same period last year. This translates to a 55% reduction in revenues when compared to total petroleum receipts during the same period in 2015 (US$274.47 million) but 4% better than ...

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