Category: Business
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Ghana Association of Banks welcomes provisions for recapitalization
The Ghana Association of Banks is urging banks whose capitals are below the minimum capital requirement to quickly build it up to meet the right requirements proposed by the Central Bank. The Association maintains that this will also boost their businesses. This comes as the Bank of Ghana has given banks up to the end…
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BoG commissions Financial Industry Command Security Operations Centre
In its quest to ensure the delivery of a safer digital financial industry, the Bank of Ghana (BoG) has inaugurated an advanced command centre known as the ‘Financial Industry Command Security Operations Centre (FICSOC)’. The move forms part of efforts to curb the numerous cybersecurity risks in the country and to create a secure cybersecurity…
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GSA to clamp down on sub-standard cables, electrical products dealers
The Ghana Standards Authority (GSA) is moving to crack the whip on businesses defaulting in the sale of standardized cables and electrical products. In the coming days, the Authority will be deploying over 200 chartered trained officers into various markets to enforce standards compliance. Director General of Ghana Standards Authority, Prof. Alexander Dodoo at a…
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GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies
Board Chair of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, has refuted claims of a contract being brokered to sell a 50% stake in Jubilee Holdings Limited to South African oil business, PetroSA, despite the significant revenue this interest has for the state. Mr. Blay has been accused by 29 civil society organizations of…
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Pensioner bondholders to picket again from May 29 over unpaid coupons
The Pensioner Bondholders Forum has hinted of another round of picketing at the Finance Ministry to demand the payment of matured coupons. According to the group, the Finance Ministry is yet to pay matured coupons for May15 and subsequent maturities. Members of the Forum suspended its picketing on May 12 after it had a meeting…
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Govt ensuring fiscal adjustments non-negotiable – IMF
Government will be under pressure to cut down its expenditure following the approval of the country’s US$3 billion deal with the International Monetary Fund (IMF). It is the expectation of the IMF that the government of Ghana under its obligations rolls out a raft of measures aimed at ensuring that the distressed economy is put…
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7th Ghana CEO Summit and Expo held in Accra
The Chief Executive Network Ghana on Monday, May 22, 2023 held the 7th Ghana CEO Summit and Expo in Accra. The one-day Summit was under the theme “Economic Sovereignty, Sustainable Corporate Governance and Digital Industrial Transformation: New Paths for Growth and Prosperity. A Private-Public Sector CEO Dialogue & Learning.” Opening the summit, the Former President, John Mahama said…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…
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Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…