Author: citibusinessnews
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Transport operators defy directive to reduce fares by 10%
Transport operators nationwide are yet to comply with the directive issued by the road transport association, calling for a 10 percent reduction in fares. Despite the association’s statement on Monday, May 15, 2023, which instructed its members to implement the fare reduction starting from Wednesday, May 17, drivers and conductors are disregarding the directive. Citi…
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IMF board approves Ghana’s $3bn bailout to revive ailing economy
The International Monetary Fund’s executive board has approved a $3 billion, three-year extended credit facility for Ghana, three senior Ghanaian officials said on Wednesday, as the West African country tries to overcome its worst economic crisis in a generation. Two other sources familiar with the process said the IMF agreement marked an important step forward…
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Court gives Ato Essien grace period to settle restitution money
Former Chief Executive Officer of defunct Capital Bank, Ato Essien has been given a grace period up to July 4 to redeem his financial obligations under a plea deal he entered with the state. The Attorney General was expected to move an application on whether Ato Essien should be jailed for not paying GH¢20 million…
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PURC increases electricity tariff by 18.36%
The Public Utilities Regulatory Commission (PURC) has increased tariffs for electricity and natural gas by 18.36% across the board for all consumer groups. The decision was taken after a review for the second quarter of 2023. PURC in a statement explained that the decision was taken to balance the prevention of extended power outages and…
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ECG rolls out measures to make cashless system accessible
The Electricity Company of Ghana (ECG) says it has established proactive measures to address potential difficulties faced by customers when using its digital platforms for prepaid credit purchases rolled out last week. In an interview Citi Business News, Fred Baimbill-Johnson, the Public Relations Officer of ECG’s Accra West Region, expressed confidence in the company’s recently…
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Adopt a graduated approach to debt recovery – Govt to PURC
The Government has urged the Public Utilities Regulatory Commission (PURC) to defer at least 35% of the next electricity tariff adjustment owing to the current economic challenges faced by Ghanaians. Ahead of the PURC’s expected quarterly adjustment of electricity tariffs, Government Officials are reported to be impressing the regulator to be measured in its efforts…
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There’s no mismanagement at GIHOC – Management
The Management of GIHOC distilleries has dismissed calls for the removal of the Managing Director, Maxwell Kofi Jumah. The workers on Tuesday, May 16 staged a protest demanding the payment of salary arrears and accused the MD of mismanagement. The workers also allege that their Social Security and National Insurance Trust (SSNIT) contributions and Provident…
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10% reduction in transport fares takes off today
Public transport fares are to go down by 10 percent effective today, Wednesday, May 17, 2023. Road transport operators attributed the reduction to consistent marginal reductions in the price of fuel. The reduction covers shared taxis, intra-city (trotro), intercity (long distance) and haulage. Announcing the reduction in a statement, the road transport operators in a…
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BoG’s MPC commences assessment of economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today commence its regular meetings to review developments in the economy. This meeting which is the 112th, will end with a press conference on Monday, 22nd May, 2023. The meeting will also end with a decision on the appropriate positioning of the Central Bank’s…
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Pensioner Bondholders give govt Friday to settle unpaid coupons
The Pensioner Bondholders Forum has given the government until Friday, May 19, to pay all outstanding coupons as agreed. Following several days of protest, the government pledged to begin payment on Monday, however Citi Business News checks show that members of the group are yet to be paid. They anticipate that all of the 17…