Author: Nerteley Nettey
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Bank of Ghana likely to maintain Monetary Policy Rate at 14.5% – IEA predicts
The Institute of Economic Affairs (IEA), is projecting an unchanged policy rate of 14.5% by the Bank of Ghana. The Monetary Policy Committee of the Central Bank is presently holding its 104th Monetary Policy Committee meeting to review developments in the economy. Speaking during a roundtable meeting on “Making Monetary Policy in Ghana More Fit-For-Purpose”…
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Gov’t assures of ongoing work to ensure successful economic rebound
The government has assured investors of ongoing work being done to ensure that Ghana’s economic rebound anchored in fiscal consolidation and debt sustainability is successful. This follows concerns raised by investors pertaining to a number of issues including clarity on policy to cut the 2022 expenditure by 20% across board, the 2022 revenue target and…
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20% quarterly expenditure ceiling will enhance credibility of 2022 budget – Economist
Economist Courage Martey has stated that the government’s move to reduce the quarterly expenditure ceilings across the board for all covered entities benefiting from the 2022 Budget by 20% beginning 2022 quarter one, will enhance the credibility of the 2022 budget. The Minister of Finance, Ken Ofori-Atta, earlier this month announced that, in a prudent…
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Ghana Card to be the only ID for all financial transactions from July 1 – BoG
The Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement signed by the Central Bank and sighted by…
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Implement strategies to sustain increased consumer preference for digital payments – Bawumia
Vice President, Dr. Mahamudu Bawumia, has asked African countries to introduce innovative ways and strategies to sustain the increased consumer preference for digital payments. According to him, this will ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS) as well as an increase in intra-African trade. Speaking at the…
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We’ll continue to implement policies to build strong insurance sector – NIC
The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022. According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves. Speaking on behalf of the Commissioner of Insurance at the…
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Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia
Vice President, Dr. Mahamudu Bawumia has called for strict enforcement of the regulatory framework of the African Continental Free Trade Area, AfCFTA, for financial services to ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS). According to him, it is important that payments services regulation of member states are…
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Wilmar Africa Ltd. shuts down oil plant over operational challenges
A leading fast-moving consumer goods manufacturer in Africa, Wilmar Africa Limited, has announced the temporary shutdown of its oil-producing plant due to some operational challenges. According to the company, the situation can be attributed to a number of factors including the suspension of the implementation of the reversal of discounts on benchmark values by the…
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Registrar-General delists 2,788 firms from companies register
The Registrar General’s Department has delisted 2,788 companies from Ghana’s Companies Register for defaulting to file their annual returns with the department. The affected companies failed to comply with the directive issued by the department to file their annual returns or risk being delisted from the Companies Register. In a statement copied to Citi Business…
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No need to extend retirement age to 65 – Labour Analyst to SSNIT
Labour Analyst, Austin Gamey, has advised against the possible increment of the retirement age from 60 to 65 years. The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr. John Ofori-Tenkorang, earlier this week, announced at a press briefing in Accra, that his outfit is seeking further discussions with government and labour unions…