Author: citibusinessnews
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Civil Aviation Authority bans Delta Air Lines’ plane from flying to Ghana
The Ghana Civil Aviation Authority has banned an aircraft with Delta Air Lines, with registration N195DN, from flying to Ghana. According to the Authority, the decision follows the failure of the company to investigate and address technical issues regarding the aircraft in question, which left several Accra-bound passengers, including Ghanaians, stranded at the JFK airport…
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BoG warns public against engaging services of 19 unlicensed loan providers
The Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers. According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016. A statement, issued by the Central…
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BoG’s role in fiscal, monetary policies should be clearly spelt out – Franklin Cudjoe
The Founding President and Chief Executive Officer of IMANI Center for Policy and Education, Franklin Cudjoe says that the ambiguities surrounding the role of the Central Bank of Ghana on fiscal and monetary policies need to be reconsidered. Speaking on The Big Issue on Citi TV, he said the position of the Central Bank claiming…
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VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana
Two leading actors in Ghana’s fruit and vegetable sector have joined forces to increase the production and supply of quality fruits and vegetables in Ghana and to boost exports to overseas destinations. The Vegetable Producers and Exporters Association of Ghana (VEPEAG) and the Ghana Association of Vegetable Exporters (GAVEX) have worked independently over the years…
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Cost of credit to further go up as Bank of Ghana raises policy rate to 22%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 300 basis points to 22%. The increase in the key rate follows an emergency Monetary Policy Committee (MPC) meeting held by the Central Bank on August 17, 2022. It also comes at a time when the country is…
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BoG increases Monetary Policy Rate to 22% after crunch meeting
The Bank of Ghana has raised the Monetary Policy Rate by 300 basis points from 19 percent to 22 percent. The last change in the policy rate was in May 2022 and was maintained in July 2022. This development follows a Monetary Policy Committee meeting earlier on Wednesday because of Ghana’s recent economic challenges. The…
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PURC justifies upward review of utility tariffs
The Director of Regional Operations at the Public Utilities Regulatory Commission (PURC), Alhaji Abukari Jabaru has justified the upward review of tariffs despite the worsening cost of living. He explained that every tariff has a control period and the last control period of the commission had expired. “The last tariff had a two-year control period…
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Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate
A global investment and research firm, Goldman Sachs, has predicted that the Bank of Ghana (BoG) will raise its policy rate by 200 basis points (bp) on Wednesday when it concludes an emergency Monetary Policy Committee (MPC) meeting called to respond to the current economic challenges. This is according to the Daily Graphic. The firm…
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MTN Ghana introduces voucher distribution denomination change to prevent price disparity
MTN Ghana has introduced an Electronic Voucher Distribution (EVD) Denomination Change to enable pre-paid customers who purchase airtime from retailers to receive the same value purchased. The EVD Denomination change initiative will prevent retailers from overcharging customers for purchasing electronic credit transfer. MTN customers can visit any EVD vendor (credit transfer agent) to purchase airtime…
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BoG, UG partner to improve research in Ghana’s financial sector
The financial sector is set to see a major boost as the Bank of Ghana and the University of Ghana have signed a partnership agreement to promote research and influence policy making in the country, The 3 million cedi funding will also support the establishment of the Chair in Finance and Economics at the university’s…