Author: Pius Amihere Eduku
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COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap
The Finance Minister, Ken Ofori-Atta, has told Parliament that government will rely on a mix of funds from the World Bank, IMF and withdrawals from the Stabilization Fund to finance the budgetary gap expected to be created by the fiscal impact of the Coronavirus pandemic on the Ghanaian economy. According to him, this has become…
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GCAA projects 20% drop in revenue as flights reduce over COVID-19 pandemic
The Ghana Civil Aviation Authority is anticipating a twenty percent drop in revenue following a drop in the number of flights permitted into the country in the wake of the coronavirus pandemic. The Director General of the Authority, Ing., Simon Allotey, says they may have to resort to other means to make up for the…
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IES predicts 5 to 8% drop in fuel prices from today
The Institute of Energy Security (IES), has predicted about 5 to 8 percent drop in the prices of fuel at the pumps from Monday, March 16, 2020. It follows the drop in global crude oil prices as well as the relative stability of the cedi, which are two of the major determinants for the prices…
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Aviation Minister slams GCAA staff over planned protest to disrupt flights
The Ministry of Aviation has assured passengers of air transport that there will be no disruptions to flights from Monday, March 16, following a threat by the Union and Professional Associations of the Ghana Civil Aviation Authority (GCAA), to embark on an industrial action. In a statement responding to the workers threat, Aviation Minister, Joseph Kofi…
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Banks’ deposits grow by 22% to reach GH¢83.46bn
Total deposits of banks increased by 22% as at the end of 2019; according to the latest banking industry report published by the Bank of Ghana. The central bank attributes this to a rebound in confidence in the sector following its reforms which were carried out over the past two years. The banking sector report…
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Flights to be disrupted soon by Aviation workers’ protest over encroachment of company’s lands
The Union and Professional Associations within the Ghana Civil Aviation Authority (GCAA), have hinted of a possible disruption to flight operations from Monday, March 17, 2020. The staff association is set to withdraw some services which are critical to aviation safety. The move is in reaction to what the workers deedcribe as the inability of management…
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Chamber of IPPs kick against gov’t’s plan to buy some of them with $2bn energy fund
The Chamber of Independent Power Producers, Distributors and Bulk Consumers [CIPDiB], wants the government to reconsider its decision to use a proposed two billion dollar energy sector fund to re-finance the existing debt and buy some Independent Power Producers. The Chamber contends that the move will not augur well for the country’s energy sector, as…
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OMCs to reduce fuel prices from Monday, March 16
The Association of Oil Marketing Companies (AOMCs), has indicated that its members will reduce their fuel prices at the pumps from Monday [March 16, 2020], to reflect market conditions. The CEO of the Association, Kwaku Agyeman Duah, however failed to mention the percentage of reduction consumers should expect. Following a drop in global crude oil…
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February inflation rate remains unchanged at 7.8 percent
The inflation rate of all goods and services remained unchanged at 7.8 percent for February 2020. This is in spite of the fact that general prices of food and non-alcoholic beverages witnessed a marginal rise in the month of February compared to January 2020. The Ghana Statistical Service cited food items such as vegetables, fruits…
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Banks’ fees on retail loans hit 7.75% aside from interest charge – BoG survey
A survey by the Bank of Ghana has shown that for the last quarter of 2019, a retail loan could attract as much as 7.75 percent in fees in addition to the interest to be paid on the loan. A retail loan is given to an individual by a commercial bank, a credit union, or…