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Tag Archives: Ghana Business News

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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Banks base rates stay at 26.6% in September

Dr. Ernest Addison - BoG Governor

The average base rate among commercial banks remained at 26.6 percent in September 2017 as recorded in August 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage and Average Interest report, of the thirty-one banks that were surveyed, Unibank still tops with its base rate ...

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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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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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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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Biz registration blues cleared with e-certificate                           

Mrs. Jemima Oware -  Registrar General

Individuals and businesses can now patronize any service from the Registrar General’s Department (RGD) via online. The development follows the launch of the E-Certificate on Thursday, October 19, 2017. The situation at the RGD hitherto was often chaotic as business owners who patronized various services from the department could not find their way around, getting them frustrated. But in a ...

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Free Trade Agreements least benefit Ghana

Container boxes are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai

Ghana has benefitted little from Free Trade Agreements (FTA) it has signed over the last decade. The development has also contributed to widening the country’s trade deficit recorded over the period. According to a latest research conducted by IMANI Africa, Ghana has made little use of agreements with other ECOWAS countries and the US. It however indicated an increased export ...

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Cement producers fear industry collapse over imported products

cement

Local cement manufacturers are predicting an imminent collapse of the industry should authorities fail to regulate the unfair competition from imported cement. They explain that the lack of punitive mechanisms have led to the dumping of substandard products on the Ghanaian market. A situation, the cement manufacturers contend has rendered them uncompetitive. They also fear they may be compelled to ...

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Ghana Business News