Author: citibusinessnews
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Government assures of manufacturing policy to boost pharmaceutical industry
Government has reiterated its commitment to the fruition of a pharmaceutical manufacturing policy to enhance the activities of churning out pharmaceutical products in the country. This policy when fully implemented will attract investment for the pharmaceutical industry and boost the economic fortunes of the nation. Speaking during the 2022 India – Ghana Pharma Business Summit…
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AAG pushes for passage of Advertising law
The Advertising Association of Ghana has expressed its disappointment in successive government for failing to pass the Advertising law in the last sixteen years. This according to the Association has made the regulation and standardization of advertising activities in the country very difficult. In her address, the outgoing president of the Association, Mansa Amoa-Awuah however…
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Ghana’s inflation hits 50.3% for November
Continuous increases in prices of housing, electricity and fuel have pushed Ghana’s inflation rate to hit 50.3% for the month of November 2022. November’s inflation rate is a significant increase from the 40.4% recorded for October 2022. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on…
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Capital Bank case: Fitzgerald Odonkor, Tetteh Nettey acquitted and discharged
An Accra High Court has acquitted and discharged the Second and Third accused persons in the Capital Bank case, Tetteh Nettey and Rev Fitzgerald Odonkor. The two were both charged alongside the founder of the defunct bank Ato Essien. In April this year, Rev. Odonkor revealed that he was against the bank’s payment of GH¢27.5…
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Court accepts Ato Essien’s GH¢90m repayment terms
An Accra High Court has changed its position and accepted the GH¢90 million repayment terms on Ato Essien’s restitution deal. The Court presided over by Justice Eric Kyei Baffour last week rejected the settlement deal between state prosecutors and the embattled founder of now-defunct Capital Bank, Ato Essien. Justice Eric Kyei Baffour, a Justice of…
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Ofori-Atta: $3bn IMF deal will help tackle inflation, strengthen cedi
The Finance Minister, Ken Ofori-Atta, has hailed the Staff-level Agreement with the International Monetary Fund for a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. The agreement was reached after several months of talks between Ghanaian government officials and authorities of the IMF. Addressing Journalists at a press conference on…
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$3bn IMF bailout: Ghana to receive 1st tranche by 2023 first quarter
The Finance Minister, Ken Ofori-Atta, has expressed confidence that Ghana will receive the first tranche of about $3 billion from the International Monetary Fund (IMF) by the first quarter of 2023. According to the Minister, key fiscal measures, structural reforms, and the medium-term macro-fiscal framework in the 2023 Budget are aligned with the IMF-supported Programme.…
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IMF reaches $3bn agreement with Ghana
The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. According to the IMF, the authorities’ strong reform program aimed at restoring macroeconomic stability and debt sustainability while protecting the…
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I’m ready to offer my expertise for free to solve Ghana’s economic woes – Dr. Duffuor
A former Minister of Finance, Dr. Kwabena Duffuor says he’s ready to offer his expertise on macroeconomics free of charge to help Ghana’s ailing economy to bounce back. He said he will jump on the request anytime the government calls him to offer voluntary services that will bring relief to Ghanaians. “I am ready to…
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We settled DKM customers; bondholders should be rest assured of their investment – NIB Deputy MD
Deputy Managing Director of the National Investment Bank (NIB) and member of the governing New Patriotic Party (NPP), Alfred Thomson has called for calm following the implementation of the debt exchange programme announced by the government. He said, just the same way they settled customers of the now-defunct DKM microfinance company, no bondholder will lose…