Author: Bobbie Osei
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GNPC’s plan to increase stake in Aker and AGM troubling – CSOs
News of efforts by the Energy Ministry to get Parliament to give them, along with the Ministry of Finance the mandate to agree on a purchase price with Aker Energy and AGM, in connection with plans by the Ghana National Petroleum Corporation (GNPC) to acquire stakes in the two oil and gas companies, has generated…
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Inaccurate data could hamper Ghana’s Credit Reporting System – Banking Consultant
Banking consultant Nana Otuo Acheampong has charged the Bank of Ghana and institutions participating in the Credit Reporting System (CRS) to ensure accuracy in the data they collect. According to him, poorly kept records could lead to innocent borrowers being rated unfairly by lenders. The remarks come on the back of the announcement of the…
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Banks see strong growth in their asset base in 1st half of 2021
Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows steady growth in their total assets. While banks like UBA Bank and OmniBSIC Bank saw their asset base grow by almost 40 percent at the end of the first half of 2021, when…
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ADB leads in profit growth rate as banks remain profitable in 2021
Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows promising increases in profits for some and some slowdown in profit growth for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 13 of Ghana’s top banks covering January…
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Cede majority stake in TOR to private investors to ensure its success – IES
Government has been urged to cede majority of its stake in the Tema Oil Refinery (TOR) to private investors, to ensure it attracts the needed investment to succeed. This advice was given by the Institute for Energy Security (IES). The proposal comes on the back of the recent appointment of Ghana’s former Ambassador to China,…
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Akufo-Addo appoints former Ambassador to China Edward Boateng as TOR MD
President Nana Akufo-Addo has appointed Ghana’s former Ambassador to China, Edward Boateng as Managing Director of the Tema Oil Refinery (TOR). Mr. Boateng is expected to spearhead the transformation of the company. Edward Boateng who served as Ambassador from 2017 to 2020, takes office at the Tema Oil Refinery at a time when workers of…
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Insurance for mobile money agents currently necessary – NIC Boss
Commissioner of Insurance, Dr. Justice Ofori has encouraged mobile money agents to consider getting insurance following the growing incidence of attacks in their line of work. The Mobile Money Agents Association of Ghana has in recent times expressed concern over the incessant robbery attacks on agents, saying their line of business is currently one of…
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Government collects GHS28.3 billion in 1st half of 2021; misses target by 13%
Government has missed its half-year revenue target by about 13%. Total Revenue and Grants from January to June this year amounted to GHS 28.3 billion as against a programed amount of GHS 32.4 billion. The government performed better on the expenditure front as it fell short of its programmed amount by about GHS 5 billion,…
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2021 growth, inflation and fiscal deficit targets likely to be missed – Economist
A key feature of all budgets are the macroeconomic targets set out in the respective statements. The targets give an idea of the confidence level in the structure and fortunes of the economy for the period in question. Before giving updates on progress made with the implementation of government’s programs and policies in 2020, as…
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Ghana’s debt stock hits GH¢332 billion, debt to GDP now 76.6%
Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana. The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢ 30 billion in April and May. This saw Ghana’s total public debt as of the end of May…