Author: Nii Larte Lartey
-
IMF justifies BoG’s GHS 60billion DDEP-induced loss
The International Monetary Fund (IMF) has backed the Bank of Ghana’s GHS 60 billion loss incurred in 2022. The Fund says the impairment which was brought on by the government’s Domestic Debt Exchange (DDE) was necessary to “restore macroeconomic stability and public sustainability.” The Bank of Ghana incurred the loss largely as a result of…
-
Republic Bank MD speaks at 21st Trans-Atlantic trade and investment in Trinidad & Tobago
The Managing Director of Republic Bank (Ghana) PLC, Mr. Benjamin Dzoboku has delivered a presentation on behalf of the Group President and Managing Director, Mr. Nigel Baptiste, at the just-ended 21st Trans-Atlantic Trade and Investment Symposium organized by the Emancipation Support Committee of Trinidad and Tobago as part of the Emancipation Day Celebrations at the…
-
We acted as loss absorber; don’t point to insolvency or bankruptcy – BoG insists
The Bank of Ghana has assured that it is committed to the highest standards of prudent management, governance, and transparent accounting and auditing methods. It stated that because it is a non-commercial bank, its financial results have no impact on its operations. This comes on the back of calls for the resignation of the Governors…
-
SSNIT readies for new DDEP; says terms are favourable
The Social Security and National Insurance Trust (SSNIT) says it will fully participate in government’s alternative Domestic Debt Exchange Programme (DDEP) including pension funds. The government intends to restructure ¢31 billion pension funds in the second phase of its Domestic Debt Exchange Programme which will affect E.S.L.A. Plc and Daakye Trust Plc. SSNIT says it…
-
BoG answers questions arising from GHS 60 billion loss
The Bank of Ghana (BoG) has provided answers to the GHS 60 billion loss it posted at the end of the 2022 financial period. This significant loss, was largely caused by the Domestic Debt Exchange Programme (DDEP). The huge impairment is also attributed to a 50% haircut on non-marketable holdings of Government of Ghana securities,…
-
Govt launches GHS 31 billion pension funds domestic exchange
Government has commenced an alternative offer for pension funds exchange inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust Plc. The government is seeking to exchange approximately, GHS 31 billion in principal amount of the eligible bonds for a package of new bonds. “This invitation is intended to…
-
IPPs anticipating provision for payment in mid-year budget review
The Chamber of Independent Power Producers and Bulk Consumers is demanding that the government captures the payment of the about US$ 2.3 billion debt owed them in the mid-year budget review. The continuous accumulation of the debt, according to the chamber, is impeding its ability to sustain power generation. Ghana may face an impending power…
-
Ofori-Atta delivers 2023 mid-year budget review today
Barring any last-minute hitches, Finance Minister, Ken Ofori-Atta is expected to deliver the government’s 2023 mid-year budget review later in parliament today. The highly anticipated Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy will be government’s first official statement after receiving a US$ 3 billion bailout approval from the International Monetary Fund…
-
Ghana’s oil revenue drops to US$540m in first half of 2023
Ghana has recorded a total of US$540 million in petroleum receipts during the first half of 2023, as reported by the Petroleum Holding Fund report released by the Bank of Ghana, which provides insights into the Fund’s performance. However, this amount represents a decrease compared to the US$731 million recorded during the same period in…
-
No license granted for lithium exploitation, production – Lands Ministry
The Ministry of Lands and Natural Resources has denied reports that it had granted mining licences for lithium exploitation and production in the country. The Ministry in a statement disclosed that though there are ongoing explorations for the mineral, the Ministry or any government agency is yet to issue either a lease or permit for…