Author: Bobbie Osei
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Prof. Quartey calls for balanced approach in governments’ borrowing agenda
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged the Board of the Bank of Ghana to ensure that there is a balance when it comes to government’s source of borrowing. A look at the Summary of Economic and Financial Data released in July by the…
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LUKOIL raises questions over government’s plan to increase its shares in DWT/CTP
International Oil & Gas Company LUKOIL has expressed concerns over government’s recent attempts to acquire a major stake in the Deepwater Tano/Cape Three Points (DWT/CTP) bloc operated by Aker Energy Ghana Limited. According to LUKOIL, being one of the main partners in the DWT/CTP project, with a 38% Licence Interest and a 42.22% Participating Interest,…
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New petroleum hub will give economy a major boost – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has expressed confidence in the ability of the upcoming petroleum hub, saying it will drastically improve the fortunes of Ghana’s petroleum industry. Parliament last year passed the Petroleum Hub Development Corporation Bill, to facilitate the establishment of a petroleum and petrochemical hub in the country, which will be provided with…
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Banking clean-up: Government charged to retrieve locked-up cash from indicted persons
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged government to pursue and retrieve all monies from persons found culpable of taking monies from banks, following the banking sector clean-up exercise. Governor of the Bank of Ghana, Dr. Ernest Addison disclosed back in May 2021 that…
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Prof. Quartey cautions against a return to ‘dark days of banking’ in Ghana
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has cautioned against a return to the dark days of the banking industry in Ghana. According to him, the new board of the Bank of Ghana should among other things continuously assess the soundness of the industry to ensure…
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Cedi likely to experience further marginal depreciation this year – Economist
With exactly four months to the end of the year 2021, the Ghana Cedi is expected to experience some further marginal depreciation against the U.S Dollar, following a recent period of weakening. After showing a rare determination to shed only about 3.8 percent of its value against the US dollar last year, the local currency…
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CalBank has lowest average lending rate in Ghana – BoG
As average lending rates across Universal Banks continue to drop in the country, albeit marginally, some banks appear to have far lower average lending rates compared to their peers. In the past year, the country’s monetary policy rate, which informs the rate at which financial institutions lend to consumers and businesses, dropped from 14.5% in…
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56% of fraud cases in Banks and SDIs involved staff members – BoG Report
The significant increase in the reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020, which stands at GHS1 billion, was a result of a number of factors, including the involvement of staff of these financial institutions. According to the Bank of Ghana’s new fraud report for the year 2020,…
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Reported value of fraud against Banks & SDIs hits GH¢1 billion
The reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020 was about GH¢1 billion. This represents an increase of over 750 percent when compared to the reported value of fraud recorded in 2019, which stood at about GH¢115 million. That’s according to the Bank of Ghana’s Banks & SDI…
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Economist calls for prudent spending as IMF’s $1 billion SDR allocation hits BoG’s account
Sources at the Bank of Ghana have confirmed to Citi Business News that the $1 billion dollars interest-free money expected from the International Monetary Fund (IMF) as part of the Special Drawing Rights (SDR) program, has hit the accounts of the Bank of Ghana. The Board of Governors of the IMF at the start of…