Author: citibusinessnews
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ACEP urges 40% projected revenue in Stabilization Fund against oil price volatility
In order to avoid the impact of revenue shortfalls from the oil and gas sector often due to price volatility on the international market, the Africa Center for Energy Policy (ACEP), is asking government to secure at least a 40 percent projected revenue in the Stabilization Fund. According to a report on petroleum funds published…
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121 candidates apply for the Secretary-General of AfCFTA post
One hundred and twenty-five candidates, all African citizens, applied for the Secretary-General position of the African Continental Free Trade Area which is located in Accra, a source close to the African Union Commission has said. Two prominent Ghanaians, including a former Minister of State under the previous administration, made it to the shortlist of 30…
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New US$3 billion Eurobond will not balloon public debt – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has given the assurance that the country’s debt to GDP, which is the total value of all goods and services produced, would not escalate to alarming levels with the issuance of the latest Eurobond. Ghana’s debt to GDP is currently around 63 percent. Following Ghana’s eighth appearance on the Eurobond…
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Auction proceeds won’t be enough to pay us – Depositors of collapsed financial firms
Some depositors of the collapsed savings and loans companies, microfinance firms and finance houses say they may not receive all their locked up funds through the auctioning of used cars and other assets belonging to the defunct financial institutions. The depositors are of the view that that the proceeds from the exercise may not be…
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Amoabeng, two former BoG officials, 3 others charged over UT Bank’s collapse
The state has dragged a former deputy governor of the Bank of Ghana, Dr. Johnson Asiama and a former Head of Banking Supervision, Raymond Amanfu alongside the founder of UT Bank, Kofi Amoabeng to court over their actions surrounding the collapse of UT Bank. The other persons joined to the suit include Catherine Johnson, a…
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Duffuor, Asiama, 7 others charged with 68 counts over Unibank’s collapse
A former Finance Minister and founder of defunct Unibank, Dr. Kwabena Duffuor, has been charged by the state with sixty-eight (68) counts of Fraudulent Breach of Trust, Money Laundering, Dishonestly Receiving and Falsification of Accounts. In a suit filed at the High court, Dr. Duffuor will be facing trial alongside a former Deputy Governor of…
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Gov’t to issue US$750m IPO for Minerals Development Fund next month- Ofori-Atta
Finance Minister Ken Ofori-Atta, has revealed that plans to issue an initial public offer (IPO) to raise US$750 million for the Minerals Development Fund has been scheduled for March this year. The sale of US$750 million shares in the mining fund was initially planned for January 2020, but the government postponed it as it sought…
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State discontinues case against Kofi Amoabeng; new charges being prepared
The state has discontinued the case against the founder of now-defunct UT Bank, Prince Kofi Amoabeng at the Circuit Court. Kofi Amoabeng was facing charges of stealing and money laundering over his alleged role in the collapse of UT bank. According to the prosecution represented by ASP Emmanuel Nyamekye, they intend to file a fresh…
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GSA appeals to gov’t for more resources to rid market of substandard goods
The Ghana Standards Authority (GSA), has appealed to government to make available adequate resources to enable it execute its mandate of inspecting and confiscating sub-standard electrical cables, gadgets, and accessories. According to the Authority, adequate resources would among other things, help prevent inferior electrical cables and other substandard gadgets from entering the country. A report…
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Annerquaye Abbey writes: Why the cedi’s appreciation is good for Ghana’s public debt
The cedi’s battle against the US dollar has always been one-sided – with the local currency’s struggles well documented. It is almost certain that any news report on the cedi has always focused on how much of its value it has lost against the US dollar, occasionally interspersed with bouts of positive performance. Although the…