Author: citibusinessnews
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IMF bailout: Quickly agree on debt relief terms – Ofori-Atta begs bilateral creditors
The Ministry of Finance has appealed to its bilateral creditors to quickly agree on the debt relief terms to help Ghana secure the second tranche of the $3 billion International Monetary Fund (IMF) bailout package. He expressed appreciation to the IMF for giving Ghana the needed support in its quest to help the economy turn…
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Gold Coast Fund Management customers spend night at Finance Ministry
Customers of the collapsed Gold Coast Fund Management Company spent the night at the entrance of the Finance Ministry to press home their demand for the release of their locked-up funds. According to the group an amount of GH¢8.6 billion which was approved by Parliament to settle its members, has not yet been given to…
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Ghana’s 3% economic growth an indication of a resilient economy – IMF Mission Chief
Stéphane Roudet, the International Monetary Fund’s (IMF) Mission Chief for Ghana, has lauded Ghana’s economic growth. In an interview on The Point of View on Citi TV, Mr. Roudet intimated that Ghana’s quick economic recovery is surprising and also encouraging, as the country has outperformed the IMF’s projection for the year 2023. He indicated that the IMF had…
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AGI moves to reduce cost of energy for industries
In its quest to cut rising energy costs for industries, the Association of Ghana Industries-Energy Service Centre (AGI-ESC), has launched a network to promote the use of renewable energy to reduce cost in energy usage within Ghana’s industrial sector. Dubbed “Energy Efficiency Network (EEN)”, it will provide a platform for industries in Ghana to improve…
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AfDB, EBID sign loan agreement for $50 million and €50
The African Development Bank Group and the ECOWAS Bank for Investment and Development (BID) have signed an agreement for a dual currency line of credit, comprising $50 million and €50 million to support local agricultural businesses in West Africa. Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Solomon…
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How Ghana’s central bank lost $5bn in one year – BBC
Ghana – once touted as a trailblazing African economic success story – is facing an unprecedented financial crisis. This week, hundreds of protestors took to the streets in the capital Accra, calling on the governor of the Bank of Ghana and his two deputies to resign over the loss of about 60bn Ghanaian cedis ($5.2bn;…
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World Bank revises Ghana’s growth rate downwards to 1.5 percent
Ghana’s economic growth is expected to decelerate to 1.5 percent this year, fresh projections by the World Bank have suggested. The slowdown is sharp drop from the 3.1 percent growth in 2022. It is also significantly low per the average of 61. percent pre-pandemic growth. The World Bank in its latest Africa’s Pulse report revealed…
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TOR-Torentco deal: Some staff raise fresh alarm over formation of subsidiary companies
Some workers of the Tema Oil Refinery (TOR) have raised fresh alarm over government’s plans to revamp the operations of the refinery through Torentco Asset Management. The concerned staff are alleging the formation of two separate companies that still have Torentco as part of its shareholders. On Tuesday, October 3, 2023, the workers who are…
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Govt defaults on paying pension contributions for public sector workers
Government has defaulted in the payment of pension contributions for public sector workers. The period of default spans from October 2022 to May 2023. In the report, it emerged that, government has not only failed in its obligations to settle the 13 percent Tier 1 pension contributions of the public sector employees for the period.…
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Gross insurance premiums decline in H1; but industry outlook remains positive
Gross premiums in the country’s insurance sector have declined in the first six months of 2023. As of the end of June 2023, the gross premiums have fallen to GHS 2.76 billion from the GHS 3.07 billion posted during the same period last year. However, recent developments in the insurance sector as captured in the…