Author: citibusinessnews
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Gold for Oil has doubled Ghana’s gold reserves – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison says the country’s gold reserves have doubled following the gold for oil deal. Ghana’s gold reserves according to the Governor would have been low if the gold for oil policy was not rolled out. The program was initiated by the government as a response…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…
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Irate GBC staff threaten strike over withdrawal of allowances
Staff of the Ghana Broadcasting Corporation (GBC) have threatened to embark on a series of industrial actions if the Fair Wages and Salaries Commission does not reinstate their allowances. Samuel Nat Kevor, the Divisional Union Chairman of GBC, on Tuesday, May 23, urged the Fair Wages and Salaries Commission to reverse its decision to withdraw…
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Mere IMF-dictated fiscal discipline not enough to solve Ghana’s problems – Bernard Avle
The General Manager of Citi FM and Citi TV, Bernard Avle, is convinced that the regularity with which Ghana and other countries in the global South seek assistance from the International Monetary Fund (IMF) indicates deeper issues beyond mere IMF-dictated fiscal discipline. According to him, “There are ideological, cultural, philosophical, and historical factors at play…
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Ghana’s international reserves up to $5.7bn after IMF deal
The country’s gross international reserves have increased to US$5.7 billion after sealing the US$ 3 billion deal with the International Monetary Fund. These are highlights from data made available by the Bank of Ghana. “With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, the gross international reserves have…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…
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MoMo transactions hit GH¢ 550.4bn in first four months of 2023
In the first four months of 2023, Mobile Money (MoMo) transactions in Ghana totalled GH¢ 550.4 billion. This is according to data from the Bank of Ghana. Its May 2022 Summary of Economic and Financial Data showed that the figure is an increase in the GH¢ 331.2 billion recorded during the same period in 2022.…
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U/E: Subsidize feed to make fish farming attractive to youth – Govt urged
Youth in aquaculture in the Upper East region are calling on government to subsidize fish feed and build more hatcheries to meet the protein demand of the area and create sustainable jobs for the teaming unemployed youth. According to them, fish farming has a great potential to reduce graduate unemployment lamenting that the high cost…
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Ghana’s oil production declines for the third consecutive year – PIAC
Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report. 71,439,585 barrels were produced in 2019 but declined to 66,926,806 barrels in 2020 representing a 6.32 percent drop. It further declined to 55,050,391 barrels in 2021 (17.75%) and then…
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BoG maintains monetary policy rate at 29.5%
Cost of borrowing is expected to remain high at least for the mean time as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 29.5 percent. This is the first time this year that the Central Bank is maintaining the key rate. The monetary policy rate, which is…