Category: Business
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BoG maintains policy rate at 16 percent
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 16 percent. This is the first time the central bank has maintained the rate this year after it was reduced in January by 100 basis point to 16 percent. The policy rate is the rate at which the Bank of…
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Ghana’s digitization agenda: World Bank pledges support in four thematic areas
The World Bank has pledged to support Ghana in four thematic areas namely capacity building, regulatory framework, digital platforms and infrastructure enhancements as part of a Digital infrastructure Moonshot for Africa. The pledge came after Ghana’s Communications Minister Ursula Owusu-Ekuful, asked for assistance from the Bretton woods Institution towards the expansion of the e-Transform Project…
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Ghana among 11 countries at high risk of debt distress – Report
Ghana is among eleven countries labeled as at high risk of debt distress in Africa. Ghana’s Public debt stock as at the end of 2018 stood at GH₵173.2 billion, according to the Summary of Economic and Financial data of the Bank of Ghana. High risk of debt distress The Economic Commission for Africa (ECA) in…
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Fight against money laundering must focus on mobile money–GIABA
GIABA, an Intergovernmental Action Group Against Money Laundering is urging Ghana to adopt new and modern ways of fighting illicit money transfer to control crimes related to it. The group is calling for a relook of new methods of money transfers including mobile money across countries in the West African sub-region to detect money laundering…
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Over 119 thousand Ghanaians duped in Ponzi schemes in 2018
Data from the Bank of Ghana has revealed that nearly 119, 300 people lost their investments to four Ponzi schemes in 2018. That excludes victims of Menzgold. The victims lost a total of GHS59,568,000. The companies that were used to dupe the unsuspecting customers include, Savannah Brokerage Investment Limited, Bitworld Investments Limited, FX Crypto Trading…
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Govt signs €34m agreement with EU, UNIDO
Government has signed an agreement worth 34 million Euros with the United Nations Industrial Development Organization (UNIDO) and the European Union to boost the country’s industrial development, trade and exports. The agreement will enable Ghana benefit from the UNIDO’s new Country Program for Ghana and the EU’s West Africa Competitiveness Programme. The Trade Minister, Alan…
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Ghana’s debt stock increases by 21 percent in 2018
Figures released by the Bank of Ghana(BoG) in its latest Summary of Economic and Financial Data show that Ghana’s debt stock increased by 21.5 percent in 2018. By this, the country added 30.6 billion cedis to its debt stock in 2018. The debt stock at the end of 2017 stood at 142.6 billion cedis, increasing…
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SEC warns public against investing in crypto currency platforms
The Securities and Exchange Commission(SEC) is cautioning the General public against investing in crypto currency deals. The SEC insists the activities of crypto currencies are not licensed by their outfit. The SEC states that activities offered by such digital on-line trading platforms that promise high returns on investment entities are unregistered and unlicensed neither are…
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CAL Bank receives Most Improved, Compliant Taxpayer Award
The Ghana Revenue Authority (GRA) has named CalBank the Most Improved and Compliant Taxpayer for the year 2018 under the Large Taxpayer Office Silver Category at its Annual GRA Staff and Stakeholders awards night. The award is in recognition of the Bank’s remarkable contribution to domestic revenue mobilization, compliance with tax laws and employment generation.…