Author: Nerteley Nettey
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First National Bank offers 6 months loan repayment deferment to customers
First National Bank is giving all its existing customers an opportunity to apply for repayment holidays, where a temporary moratorium will be placed on loan repayments for up to six months. According to the bank, the offer, which is part of its #RealHelp package is to bring relief to customers impacted by novel Coronavirus pandemic.…
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Deloitte appoints Daniel Kwadwo Owusu as new Country Managing Partner
Deloitte Ghana has appointed Daniel Kwadwo Owusu as its new Country Managing Partner. A press statement issued by the firm, stated that, Daniel Kwadwo Owusu’s leadership of one of Ghana’s leading provider of audit and assurance, tax and regulatory, consulting, risk advisory and financial advisory services, will commence, ‘effective 1st June, 2020.’ He takes over…
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It’ll cost us dearly if we misuse $1bn IMF loan; Adu Sarkodie urges efficiency
An Economist, Dr. Adu Owusu Sarkodie, has stated that inasmuch as concerns about Ghana’s rising debt stock are legitimate following the International Monetary Fund’s (IMF) approval of One Billion dollars for the country’s COVID-19 fight, the focus should rather be on the efficient use of the money. The amount, which is to be drawn under…
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First National Bank cuts interest rate by 2% to alleviate impact of COVID-19
First National Bank Ghana Limited has announced a 2% interest rate cut on loans to all existing customers from 01 April 2020 for the length of time until a loan is due of all Ghana-cedi denominated loan facilities. According to the bank, the offer, which is part of the bank’s #RealHelp package is to cushion…
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COVID-19: Gov’t gives MTN, Vodafone free spectrum for 3 months to meet data needs
The Government of Ghana has provided extra spectrum to Vodafone and MTN Ghana amid the increased pressure on bandwidth following the spike in data usage in the wake of the novel Coronavirus. This follows the sudden increase in data usage due to the Coronavirus-induced lockdown of parts of the country which has compelled a lot…
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GUTA leadership demands to play a role in disbursement of GHS600m SMEs loan
The Ghana Union of Traders’ Association (GUTA), has petitioned government asking that its leadership is selected to be part of the Committee that will manage the disbursement of the GHS600 million loan support scheme for small and medium scale enterprises, (SMEs). According to them, this will ensure that funds are distributed in a fair and…
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I never bribed gov’t officials, MPs in power deal – Asante Berko insists
A former banker at Goldman Sachs Group Inc, Asante Berko, has denied arranging at least $2.5 million in bribes meant to be paid to Ghana government officials and Members of Parliament in a bid to help a Turkish company secure a power purchase agreement deal in Ghana. Asante Berko, who is currently the Managing Director…
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COVID-19 challenges: Electricity subsidy to cost gov’t $450m – IES
Government’s decision to absorb the cost of electricity for consumers for three months will cost an estimated 450 million dollars. That’s according to an assessment conducted by the Institute of Energy Security, IES. President Nana Akufo-Addo in his sixth national address on the coronavirus indicated that government will fully cover the bills of low-income consumers…
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Electricity subsidy must be targeted to sustain power sector – ACEP
The Africa Centre for Energy Policy, (ACEP), has warned that government’s introduction of a complete waiver of the electricity bill of lifeline consumers of electricity and 50 percent reduction for all other consumers using March 2020 bill as the benchmark, will “endanger the sustainability of the power sector now and after the COVID-19 pandemic.” According…
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‘Bank of Ghana can print money to aid COVID-19 fight’ – Economist suggests
As Ghana considers various options to raise funds to finance its fight against the COVID-19 pandemic, some analysts say all possibilities can be considered including financing by the Bank of Ghana if the country’s economy can support it. The International Monetary Fund, IMF, as part of measures to prevent a high budget deficit placed a…