Author: citibusinessnews
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Pensioner Bondholders Forum disappointed over govt’s unresponsivenes
The Pensioner Bondholders Forum has expressed disappointment at the government’s continuous failure to pay all outstanding coupons and principals owed its members as promised. The Forum laments that government is in arrears of four coupons and four principals. It explains that the first coupon has been in arrears for 98 days, the second for 85…
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Transfer shares held by Jubilee Holdings to GNPC without delay – Minority to govt
The Minority caucus in Parliament, is calling on the Akufo-Addo government to as a matter of urgency transfer shares held by Jubilee Holdings Limited (JOHL) to the Ghana National Petroleum Commission (GNPC). The transfer of shares, the Minority believes will make Ghanaians confident that an appropriate oversight is being exercised on the assets. It said…
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Government’s delay in paying our arrears eroding investor confidence – IPPs
Independent Power Producers (IPPs) have stated that government’s failure to pay them their arrears will not boost investor confidence. This comes as the IPPS have declined government’s proposal to restructure about $1.58 billion in arrears owed them by the state. Ghana aims to cut $10.5 billion in interest payments on its external debt in three…
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All set for 2023 Citi Business Festival in June
As the month of June inches closer, Citi FM and Citi TV will bring you the most anticipated business programme, the Citi Business Festival next month, June 2023. The Citi Business Festival is a month-long initiative marked with on-air and outdoor events held annually in the month of June to equip the Ghanaian business community…
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IMF deal positive signal for investor confidence, creditors – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the country’s recent agreement with the International Monetary Fund (IMF) will help to restore confidence and reopen avenues that have been closed to the country in recent years. In a speech to the nation on Sunday night, Akufo-Addo said that the IMF deal will not spell the…
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Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene
Banking and finance consultant, Dr. Richard Atuahene, has urged the Bank of Ghana and the government to strengthen the Ghana Financial Stability Fund to ensure the survival of struggling indigenous banks. During an appearance on The Big Issue on Citi TV and Citi FM, Dr. Atuahene emphasized that, in the wake of the domestic debt…
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PURC justifies 18.36% increase in electricity tariff
The Public Utility Regulatory Commission (PURC) has given insights into factors that it considered in the approval of the recent 18.3 percent electricity tariff increase. According to the commission, the tariff was supposed to be increased by 27.5% to cover some GH¢1.3 billion that the Electricity Company of Ghana (ECG) ought to have recovered. The…
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We’re ready to provide liquidity support to banks – BoG reiterates
The Bank of Ghana has reiterated that it stands ready to provide emergency liquidity support for banks in the country in line with their rules for liquidity assistance. According to the Central Bank, though no bank in the country has applied for liquidity support from the central bank currently, it has put in place measures…
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GRA arrests 3 shop owners for not issuing VAT invoices
The Domestic Tax Revenue Compliance Taskforce of the Ghana Revenue Authority (GRA) has apprehended three wholesale shop managers operating in the North Industrial Area for deliberately failing to issue VAT invoices to customers. According to the GRA, these managers, who primarily import food products, have caused significant financial losses to the state by neglecting their…
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GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs
The Board Chairman of the Ghana National Petroleum Corporation (GNPC) Freddie Blay has threatened to take legal action against some 29 CSOs calling for his resignation over a decision to sell a 50% stake in Jubilee Holdings Limited (JOHL) to PetroSA. In a statement, Mr. Blay also described the call for his resignation, as well…