Author: citibusinessnews
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BoG defends exchange rate figures
Governor of the Bank of Ghana Dr Henry Wampah has defended forex exchange figures from the central bank. Dr Henry Wampah’s defense follows accusations from a Deputy Governor of the Bank of Ghana Dr Mahamadou Bawumia that the central bank and the Ghana Statistical Service were cooking up exchange rate and inflation figures. According to…
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BoG holds policy rate at 19 percent
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate 19 percent. The committee at its last meeting in July increased the rate from 18 percent to 19 percent. It attributed the increase, at the time, to domestic fiscal pressures such as exchange rate fluctuations, price volatility and weakening…
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TUC vows to resist IMF related job cuts
The Trades Union Congress(TUC) has hinted to Citi Business News it will resist any program from the International Monetary Fund (IMF) that leads to job cuts in the public sector. Ghana’s economic team is currently locked up in a meeting with the IMF to salvage the country’s ailing economy. The TUC earlier warned government not…
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BOG to roll out consumer protection law
The Bank of Ghana (BOG) has hinted to Citi Business News it will soon introduce a new regulation to protect consumers in financial sector. The new law which will be rolled by the Bank of Ghana will affect only institutions regulated by the BoG. BOG has the overall supervisory and regulatory authority in all matters…
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Give priority to Ghanaians in oil contracts-NRGI
The Natural Resource Governance Institute (NRGI) is demanding that Ghanaians are given priority in the awarding of contracts in the upstream petroleum sector. This comes after the Energy ministry revealed that Ghanaian companies in the oil and gas sector have received close to 600 million dollars in contracts since Ghana started drilling oil in 2010.…
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IMF negotiations kick start today
Finance Minister Seth Tekper has revealed that Ghana will go into negotiation with the International Monetary Fund (IMF) with the country’s home grown solutions to make a case for better conditions. The team from the International Monetary Fund will today begin negotiations for a programme expected to get Ghana out of its current economic challenges.…
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Kofi Annan slams airlines over Ebola flight ban
Former UN Secretary General Kofi Annan has expressed disappointment at airline companies who have halted flights to Ebola stricken countries. A number of airlines including Korean Air Lines, Kenya airways, Air Cote d’Ivoire and the Emirates airlines have ceased operations to Ebola stricken countries. British Airways in early August announced it had temporarily suspended flights…
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AngloGold Ashanti ditches restructuring plans
AngloGold Ashanti will not to go ahead with a proposed restructuring and two-billion-dollar capital raise. The company called off the proposed demerger after shareholders expressed concerns over the amount of equity capital that would need to be raised. [contextly_sidebar id=”fqQApfRGatNUDo79k43Z5XAXlTUX34SD”]The proposed restructuring would have created a London-listed entity to house the company’s international assets with…
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NRGI warns hedging could lead to massive losses
The Natural Resource Governance Institute (NRGI) is warning that Ghana risks making some significant losses if cabinet approves the hedging proposal from the Energy ministry. The ministry wants to start quarterly hedging to avoid huge debts accumulating from subsidizing price differentials on petroleum products. Despite earlier reports that the Energy ministry will start hedging on September…
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Government institutions must emulate COCOBOD – Tekper
Finance Minister Seth Tekper has praised the credibility of the cocoa industry regulator Ghana COCOBOD (COCOBOD). Seth Tekper has advised other government institutions to emulate COCOBOD and take part in loan syndication like it does. COCOBOD last Thursday raised 1.7 billion dollars through a syndicated loan for the purchase of cocoa beans for the 2014/15…