Author: citibusinessnews
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SIGA awaits cabinet approval on listing of SOEs on GSE
Director-General of the State Interests and Governance Authority (SIGA) Amb. Edward Boateng has disclosed that his outfit is awaiting approval from Cabinet on the listing of selected state-owned enterprises (SOEs) to raise capital from the Ghana Stock Exchange, GSE. As part of efforts to make SOEs profitable and attractive to investors, SIGA last year set…
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Re-engage IMF; renegotiate terms – Theo Acheampong to gov’t
Economist and Political Risk Analyst, Dr. Theo Acheampong is urging government to review its target of reaching a 55% Debt-to-GDP ratio by 2028. He views the target as too ambitious adding that it imposes undue pressure on government, forcing it to further burden some categories of bondholders. Dr. Acheampong believes that if the 55% Debt-to-GDP…
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Banks seek shorter maturities in local debt-swap deal
Ghanaian banks are holding out for better terms in a domestic bond-exchange program aimed at easing the government’s debt-service burden. This is according to Bloomberg. No bank will make a profit in 2022 if they accept the new bonds offered under the exchange, and some face collapse, according to two people familiar with ongoing talks…
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Technical committee formed to ensure continuous engagement on debt programme
The Minister of Finance, Ken Ofori-Atta says a technical committee will be formed to ensure continuous engagement with all stakeholders involved in the domestic debt exchange programme. He made the announcement after meeting leaders of individual bondholder groups and other stakeholders at the Finance Ministry on Wednesday, January 18, 2023. The meeting between the Minister…
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Zenith Bank ceases trustee services in unit trust schemes in Ghana
Zenith Bank Ghana Limited, a licensed Trustee that engages in Trustee activities in the securities industry and capital market in Ghana, has voluntarily requested to cease its unit trust services in the country. A statement issued by the Bank however noted that “all other businesses within the Capital Market are operational.” The statement by the…
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PURC’s reasons for 2023 tariff increment baseless – IES
The Institute for Energy Security (IES) has taken a dig at the Public Utilities Regulatory Commission (PURC) following the increment in utility prices. The IES in a statement described the announcement as baseless. PURC early this week announced an increment in electricity prices by about 30% and 8.3% for water effective February 1, 2023. The…
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Signing up to debt exchange programme voluntary – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, has reiterated that the debt exchange programme is voluntary, and no bondholder is bound to accept the terms of the programme. Giving his opening remarks ahead of a meeting with individual bondholders on Wednesday, January 18, Mr Ofori-Atta said the government is targeting an 80 percent participation in the…
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Producer price inflation decreases to 52.2% in December 2022
Latest data from the Ghana Statistical Service, GSS, indicates that the Producer Price Inflation (PPI) for December 2022, declined to 52.2% from the 78.0% recorded in November 2022. The decrease in the PPI rate for December 2022 represents a 25.9 percentage points decrease in producer inflation relative to the rate recorded in November 2022. This…
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Gold for oil policy will reduce pressure on forex – Bawumia
The Vice President, Dr Mahamudu Bawumia is confident that the gold for oil policy will reduce the pressure on forex and also present the country with cheaper fuel. The government took delivery of 40,000 metric tons of the first consignment of the gold for oil deal on Monday. Many have, however, raised concerns about the…
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Ghana best place for business – Nana Addo woos UAE investors
President Nana Addo Dankwa Akufo-Addo is courting the support of investors in the United Arab Emirates (UAE) to consider Ghana as a destination of choice for investment. Nana Akufo-Addo says Ghana’s political stability and friendly environment make it an ideal place to invest. Speaking at the UAE-Ghana Investment Summit in Dubai, Nana Akufo-Addo said Ghana…