Category: Business

President Akufo-Addo has assured that establishment of the Financial Stability Advisory Council will prevent people from losing their funds like in the case of gold dealership firm, Menzgold . Delivering the State of the Nation Address, the president stated that the council will monitor and advise government on acts in the financial sector that may…

PPI for January drops to 3.4 percent due to downward trend of inflation

Feb 21, 2019

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The Producer Price Inflation for January 2019 has dropped to 3.4 percent. The drop represents a 1.0 percentage point decrease relative to the 4.4 percent recorded in December. The Producer Price Inflation (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services. Speaking…

Bank of Baroda auctions chairs, water dispenser after liquidation

Feb 21, 2019

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The Ghana unit of India state-owned lender, Bank of Baroda is auctioning its properties that include chairs and water dispenser as it prepares to finally pack out of Ghana. The auction is believed to be the final leg of the bank’s liquidation process, which started in December 2018. The decision to wind up the Ghana…

Fundamentals still solid despite cedi depreciation – BoG

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in Banking And Finance, Government, Local Economy, Top Stories

The current free fall of the cedi against major trading currencies especially the dollar has nothing to do with Ghana’s economic fundamentals, according to Director of Treasury at the Bank of Ghana, Steven Opata. Speaking on the Citi Breakfast show on Wednesday, Steven Opata said currently, the economic fundamentals are good and the central bank expects the…

Minority demands withdrawal of GNPC’s ‘controversial’ 2019 work programme

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in Government, Oil And Gas, Top Stories

The Minority is demanding the withdrawal of the Ghana National Petroleum Corporation’s (GNPC) work programme for the year 2019 currently before the House. According to the Minority Spokesperson on Finance, Cassiel Ato Forson, the allocations for items such as corporate social responsibility and the use of GNPC as a vehicle to borrow some 250 million…

ACEP raises alert over GNPC’s $43m CSR budget

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in Government, Local Economy, Oil And Gas, Top Stories

The Africa Centre for Energy Policy (ACEP) is unhappy with plans by the Ghana National Petroleum Corporation (GNPC) to spend about $43 million on Corporate Social Responsibility (CSR) and less on its operational functions. According to ACEP, GNPC is spending $20 million on its operations in the Voltain Basin which is less than 50% of…

Gov’t provides 100% guarantee for 1.14 billion Cedis NIB bond

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in Banking And Finance, Government, Local Economy, Top Stories

Government is to provide a 100 percent guarantee for a 1.14 billion cedis bond that will be issued under the Ghana Amalgamated Trust (GAT) to help the National Investment Bank(NIB). The bond, which will be issued before the end of February this year will be the second tranche after an initial one for four other…

Small Scale Miners Association decry delays in issuing permits

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in Government, Local Economy, Mining, Top Stories

The Small Scale Miners Association (SSMA) have bemoaned delays in the issuance of permits by some government agencies to enable their members resume operations. The miners say although the ban on their operations have been lifted, some state agencies have not yet completed activities that will enable them commence operations. Citing the Lands and Natural…

Fiscal Council must be independent to be effective –World Bank

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