Author: Bobbie Osei
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Prof. Quartey urges new BoG board to push for a reduction in loan default rates
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged the new board of the Bank of Ghana to among other things strengthen the Central Bank’s enforcement and regulatory mechanisms. This follows the swearing-in of the board and a call by President Nana Akufo-Addo for the board…
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Resolve high interest rate concerns – Akufo-Addo urges new BoG board
President Nana Akufo-Addo has charged the new board of the Bank of Ghana to interrogate the issue of high interest rates in the country. According to the President, a low interest rate for businesses in the country is critical for ensuring that Ghanaian businesses become and stay competitive. The President made the remarks at the…
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Dr. Osae defends concerns Auditor-General raised against GNPC’s international transactions
The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae has disagreed with the Ghana National Petroleum Corporation’s (GNPC) assertion that the requirement to seek parliamentary approval for some five international transactions, referred to in the 2020 Auditor-General’s report, does not apply to the corporation. The Auditor-General indicted the GNPC for signing and awarding…
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We don’t need parliamentary approval for international transactions – GNPC
The Ghana National Petroleum Corporation (GNPC) has described as wrong, findings by the Auditor-General, pointing to the fact that the company entered into five significant international business contracts without parliamentary approval, contrary to the provisions of Article 181 of the 1992 Constitution. According to a rejoinder published by the GNPC in response to the 2020…
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Interferences, fragmented front to blame for ineffectiveness of internal auditors – Dr. Oduro Osae
The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae, has blamed management interference in the work of internal auditors, hence their inability to prevent unchecked payments in public institutions. The 2020 report of the Auditor-General have amongst other things revealed numerous infractions and irregular payments on the part of various state institutions amounting…
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OMC’s likely to repeat infractions in audit report if GRA refuses to ‘bite’ – COPEC
The Chamber of Petroleum Consumers (COPEC), says some Oil Marketing Companies (OMC’s) in the country are likely to default on the payment of taxes on petroleum products lifted from the Tema Oil Refinery (TOR) next year if political interference in the affairs of the Ghana Revenue Authority (GRA) is not halted. The 2020 report of…
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GRA charged to retrieve GH¢226.9 million in unpaid taxes from 28 OMCs
A 2020 report of the Auditor-General has revealed that 28 Oil Marketing Companies in the country owe the Customs Division of the Ghana Revenue Authority an amount of GH¢ 226.9 million. According to the audit report, the 28 OMCs from July 2018 to December 2019, lifted various petroleum products without paying the required duties and…
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Ebenezer Essienyi replaces Jonathan Amoako-Baah as new GRIDCo boss
The Board of the Ghana Grid Company Limited (GRIDCo) has confirmed Ing. Ebenezer Essienyi, as the new Chief Executive of the company. This follows the nomination of Ing. Essienyi by the President, Nana Addo Dankwa Akufo-Addo. Ing. Essienyi, who is a member of the Senior Management team of GRIDCo, succeeds Ing. Jonathan Amoako-Baah, whose successful…
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Surge in food prices pushes year-on-year inflation rate to 9% in July
Significant increases in food prices across the country have pushed year-on-year inflation for July 2021 to 9%. This is the highest rate of inflation recorded since March of this year when the inflation rate stood at 10.3 percent. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service. The…
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Provide financial institutions with accurate data – Banking Consultant tells Ghanaians
Ghanaians have been cautioned against providing inaccurate personal data to financial institutions and other institutions participating in the Credit Reporting System (CRS). The advice comes on the back of the expansion of the list of companies that can participate in Ghana’s Credit Reporting System. The Credit Reporting System (CRS) is a database established under Act…