Author: citibusinessnews
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Government’s decision to cut interest rates on T-Bills is laudable – Joe Jackson
Executive Director of Dalex Finance, Joe Jackson, has lauded government’s decision to reject bids made for the 91,182 and 364 day bills with yields over 35% in a recent T-Bills auction on March 3, 2023. This, he notes is a crucial step towards addressing the high interest rates on government securities. Government rejected all the…
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DBG to invest in agriculture value chains to tackle food insecurity
The Development Bank Ghana (DBG) has revealed its intention to make targeted investments across four value chains in the agriculture sector, with the aim of addressing the prevailing food insecurity in the country caused by inadequate local production to meet consumption needs. This initiative comes amidst increasing concerns about high food prices in Ghana, which…
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BoG directs banks to submit prudential reports on sex-disaggregated basis
Banks and other deposit-taking institutions in the country are now required to submit their monthly prudential returns to it on a sex-disaggregated basis. This new move introduced by the Bank of Ghana (BoG) is to be collected in an online reporting portal, is to give the Bank a full view of the gender dynamics in…
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AGM Petroleum Ghana relinquishes South Deep Water Tano block
AGM Petroleum Ghana Limited (AGM) has decided to quit the South Deep Water Tano (SDWT) block to after considering all options. The move comes as the Energy Ministry issued a final deadline to Aker Energy to submit its Plan of Development The SDWT block is located in ultra-deep waters and requires substantial investments to proceed…
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Interest on treasury bills for last 3 months hits ¢4.416bn
Interest cost on Government of Ghana Treasury bills for the last three months is estimated at GH¢4.416 billion. This was disclosed by the Executive Director of Dalex Finance, Joe Jackson. Government reportedly bought a total of GH¢33.08 billion worth of T-bills in the last three months. The treasury instruments were sold by government at an…
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Italy hosts global fruits and vegs industry from May 3-5
Stakeholders within the fruit and vegetables value chain from all over the world will converge at the Rimini Event Centre, Italy for this year’s edition of the Annual MacFrut Exhibition scheduled for May 3-5, 2023. Macfrut is the international trade fair for the fruit and vegetable industry, a B2B event for sector professionals and opinion…
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Help us get the $3bn IMF bailout – Akufo-Addo to diplomats
President Nana Addo Dankwa-Akufo-Addo has called on the Diplomatic Corps to help Ghana’s bid for a $3 billion bailout at the International Monetary Fund (IMF). Addressing members of the Diplomatic Corps at the Peduase Lodge on Tuesday, the President said with the cooperation received from the Paris Club, he is confident that the IMF deal…
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GIPC wins best FDI destination for 2022 award
Yofi Grant, the esteemed CEO of the Ghana Investment Promotion Centre (GIPC), has been honored with the prestigious title of African Business Personality of the Year 2022 by International Investor Magazine. This coveted award recognizes Yofi Grant’s outstanding leadership and contributions to promoting investment and economic growth in Ghana and across Africa. Furthermore, GIPC, representing…
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IES raises doubts on claimant to 600,000 barrels Russian oil
The Institute for Energy Security (IES) has raised doubts over the claimant to the 600,000 barrels of Oil that arrived in Ghana on Friday from Russia. A release by the IES indicated that the consignment aboard the vessel MT Theseus is being stashed in Ghana as the pool of buyers shrinks after Russia was blacklisted…
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Prioritise liquidity to survive challenges – Absa Bank tells SMEs
Absa Bank has implored small and medium-scale enterprises (SMEs) to adjust their operations and prioritise liquidity to survive the current economic challenges. The country has made good progress in restructuring its domestic debts under an exchange programme that was concluded earlier this month. Negotiations for an IMF bailout programme are also underway. However, until that…