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Finance Ministry assures govt’s commitment on BoG zero financing

Finance Minister, Mr. Seth Terkper

The Ministry of Finance has assured that government is committed to attaining the provisions outlined in the International Monetary Fund (IMF) programme which requires government to achieve zero financing from the Bank of Ghana(BoG), among other benchmarks. A statement from the ministry copied to Citi Business News explained that government is implementing the objectives of the Fund programme which includes ...

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Government lifts ban on inland border rice importation

Rice

Importers of rice into Ghana can now do so through the land borders from the 1st August this year. It follows the lifting of a ban placed on inland importation of rice by the Ministry of Trade and Industry and the Parliamentary Select Committee on Trade, Industry and Tourism. The ban, which has been in force for about three years ...

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Govt must commit to zero BoG financing- IMF

IMF

The International Monetary Fund(IMF) has told Citi Business News it is closely observing the current parliamentary debate on the reduction of government budget support by the Bank of Ghana from 10 percent to zero. Indications gathered by Citi Business News show that most parliamentarians on the floor of the House were not enthused about reducing the figure to zero percent, ...

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It’s too late to renegotiate IMF programme- Economist

Economist Dr. Lord Mensah

Government has been advised not to push for a renegotiation of the IMF programme that requires among other benchmarks that government achieves a zero percent financing of its budget from the Bank of Ghana. Parliament is currently debating the provision with most MPs stating on the floor of the House that the present 10 percent budget financing can be reduced ...

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DKM to pay 63,000 customers; its liabilities hit GH₵21m

DKM

Customers of DKM Microfinance anticipating payment of claims after the liquidation process may have to wait a little longer. Information gathered by Citi Business News indicates that liquidation processes continue to face some constraints. The Official Liquidator for the company has revealed that the paucity of records has made it difficult to determine the true state of affairs of the ...

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Ghana loses GHS5.9bn through financial irregularities- Report

franklin-cudjoe-300x220

A new report released by Imani Ghana titled “Imani’s Fiscal Recklessness Index” has revealed that financial irregularities cost Ghana GHS 5.9 billion from 2012 to 2014 due to failure to adhere to rules and regulations pertaining to debt management. According to the report, the irregularities were mainly due to violations of rules, flagrant disregard for the financial administration regulations and ...

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EPA won’t collapse local businesses-Trade Minister

Dr. E. Spio-Garbrah is Minister for Trade

The Minister of Trade and Industry, Dr. Ekow Spio-Garbrah has rejected claims that signing an interim Economic Partnership Agreement (EPA) with the European Union (EU) will collapse indigenous businesses in the manufacturing sector. According to him, Ghanaian manufacturers will rather have to adopt strategies to raise their standards and be competitive to export their products to the European Markets. Speaking to ...

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MPs demand clarity on BoG Amendment Act

Bank of Ghana

Some Members of Parliament are seeking further clarity on government’s decision to cap the financing of the country’s budget deficit from the Bank of Ghana, at 5 percent. They argue that the move is not in the best interest of the state as it is in sharp contrast to the 10 percent cap for other countries in the West African ...

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GCAA to install HF facility end of August

Ghana Civil Aviation Authority

The Ghana Civil Aviation Authority (GCAA) has revealed that installation process for the HF facility at the Kotoka International Airport will be completed by the end of August this year. This follows an agreement with the staff of the GCAA early this month after a row regarding the encroachment of aviation lands. The workers argued among other things that the ...

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Citi Business News