No Result
View All Result
Wednesday, June 7, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana is the best destination for investment in West Africa – Bawumia

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

    Citi Business Festival: Techgulf CEO cautions of AI’s intrusive power, calls for urgent digital education

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

  • TECHNOLOGY

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana is the best destination for investment in West Africa – Bawumia

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

    Citi Business Festival: Techgulf CEO cautions of AI’s intrusive power, calls for urgent digital education

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

  • TECHNOLOGY

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Zimbabwe: Govt Issues Directive for Multi-Currency Use Within Departments, Parastatals

bycitibusinessnews
June 16, 2016
in Africa, Southern Africa, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

GOVERNMENT has given its ministries departments, parastatals and local authorities a two-week deadline to set up mechanisms to pay for goods and services in other currencies that are within the multi-currency regime, other than the United States dollar to mitigate against the prevailing cash crisis.

Anyone intending to make payments to entities and institutions directly or indirectly controlled by State would soon be able to approach banks for approved currencies to make such payments. Key institutions that are targeted include parastatals or State enterprises and Government institutions such as ZESA, National Railways of Zimbabwe, TelOne, NetOne, Air Zimbabwe, the Zimbabwe National Road Authority and local authorities.

Finance and Economic Development permanent secretary Willard Manungo said in a statement directed to heads of government ministries that institutions and departments were expected to have adopted the new payment mechanism system by June 30. The directive follows complaints that some government agencies have been rejecting payment in rand.

ADVERTISEMENT

In terms of the order, the departments are expected to introduce a multi-currency pricing structure that will also include the bond notes, when they are introduced as expected this October.

Bond notes, a local equivalent of the US dollar, are backed by a $200 million African Export and Import Bank bond facility and will trade at one as to one with the greenback.

The institutions are required to accept payments in any of the multi-currencies and open bank accounts for the respective currencies or alternatively sell to the Reserve Bank of Zimbabwe. This comes as the central bank has configured the RTGS system into a multi-currency platform set to include five currencies in line with the May policy measures.

Manungo said the new measures would also be extended to other businesses including hotels, on a voluntary basis.

“Government ministries, government departments, local authorities and parastatals are key players in the adoption of use of multi-currencies given the extent to which they transact with the public. In this

respect, it is critical that such entities also adopt measures that facilitate restoration and promotion of the multi-currency system,” Manungo said.

“Accounting officers are therefore required to urgently arrange for departments and institutions under their purview to embrace application of the multi-currency arrangement in payment transactions

–

Source: All Africa

Related Posts

Local Economy

Ghana is the best destination for investment in West Africa – Bawumia

bycitibusinessnews

The Vice President, Dr. Mahamudu Bawumia, has stated that despite the existing economic challenges, Ghana remains the most favourable investment...

Read more

#CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

Ghana sends debt restructuring proposal to official creditors

IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

WTO Chief urges African governments to increase trade, agric investment

Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

Citi Business Festival 2023: Takeaways from reimagining digital economy forum

Next Post
The First Deputy Governor of the Bank of Ghana (BoG), Millison Narh

Repatriation of export receipts will develop Ghana-BoG

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.