Author: citibusinessnews
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Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany
President Nana Addo Dankwa Akufo-Addo on Friday urged Germany to “encourage” China, an ad hoc member of the Paris Club, to support Ghana’s debt restructuring efforts. He said it was critical that the Paris Club swiftly establishes, with the participation of other official creditors, a creditors committee, to support the efforts that would enable Ghana…
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Government to securitize $3.3bn in Central Bank loans
Ghana plans to convert an estimated 40 billion cedis ($3.3 billion) of loans owed to the Bank of Ghana into bonds, making the Central Bank the single largest holder of domestic government securities and exposing it to the ongoing debt restructuring process. According to people familiar with the matter, the bonds will be issued by…
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Ghana withdraws $672m back-tax demand from MTN Group
MTN Group Ltd, Africa’s largest wireless carrier, said a GH¢8.2 billion ($672 million) tax bill it received from the Ghana government has been scrapped. Ghana’s decision came after “extensive and productive discussions” during a 21-day negotiation period between the West African nation’s authorities and the mobile-phone operator, MTN said in a filing on Friday. The…
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Come clean on gold-for-oil ‘fiasco’ – COPEC to govt
The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the nitty-gritty of the gold-for-oil policy to Ghanaians. He said the policy seems dead on arrival because the oil delivered seems not to have any impact on pump prices as they keep increasing. His call comes…
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Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms
The deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash instead of gold. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for the government to…
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Deadline for debt exchange program moved to February 7 with new terms
The deadline for government’s Domestic Debt Exchange Programme (DDEP) has been extended further to February 7, 2023, following the expiration today. This is also based on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA). Government says a revised and final Exchange Memorandum…
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Policy Rate increased by 100 basis points; now at 28%
The Bank of Ghana has increased the Monetary Policy Rate by 100 basis points to 28 percent. This was announced after the Monetary Policy Committee of the Central Bank held its first meeting of the year to review developments in the economy. The prime rate, which is of keen interest to businesses, signals the rate…
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AMA to roll out digital revenue collection system in March 2023
The Accra Metropolitan Assembly (AMA) has announced plans to introduce a new digitized revenue collection system in March this year to improve on and to rake in more revenue for the Assembly. The new platform which is expected to make payments more convenient is also aimed at checking revenue leakages and reducing alleged corruption while…
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$130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia
Vice president Dr. Mahamudu Bawumia has disclosed that Africa will need between US$130 billion and US$170 billion annually to propel a sustainable growth of 5 percent in order to bridge the infrastructural shortfalls of the continent. Addressing a high-level conference in Accra of African Ministers of State, diplomats, policymakers, and business executives, who are discussing…
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Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at November 2022, at GHS 575.7billion. The November 2022 debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 93.5%. According to the Bank of Ghana’s January 2023 Summary of Economic and Financial Data, the debt stock increased…