Category: Business
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Chamber of Mines hopeful of gold price increase next year
The Ghana Chamber of Mines is expecting production to peak in the mining industry next year following plans by some major companies to commence massive productions. The chamber is expecting Newmont Gold Mine and Anglogold Ashanti to start different developments on their concessions. Speaking to Citi Business News on the issue, the Chief Executive Officer…
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$50bn long-term bond a more prudent approach – Adu Boahene
A Deputy Minister for Finance, Charles Adu Boahene, has defended government’s decision to issue a $50 billion long-term bond, saying it is the best strategy government can adopt to meet the country’s infrastructural needs in the long-term. He argues that the bond will provide government a lot of fiscal space to meet the infrastructural plans…
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Ghana High Commissioner to UK lauds GCB
The Ghana High Commissioner to the UK, Papa Owusu Ankomah, has lauded the Managing Director, Mr. Anselm Ray Sowah and Management of GCB Bank Limited for sponsoring and participating in the October 2018 Ghana Investment and Opportunities Summit held in London. He said, the Bank’s participation and presentation as well as interaction with the business…
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Govt to be strict on enforcing procurement law in 2019
the Finance Minister, Ken Ofori-Atta has stated that government will ensure efficient public spending in 2019 by enforcing the Public Procurement Act (PPA) Mr. Ofori-Atta explained that the PPA has the capacity and legal backing to assess all sole-sourced projects in the country. Sole sourcing of projects have over the years become a heated political…
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IMF was a necessary pill due to fiscal indiscipline acts by past gov’t
The Minister of Finance, Ken Ofori-Atta has described Ghana’s program with the International Monetary Fund as a necessary pill due to the previous government’s fiscal indiscipline practices. Speaking on the floor of parliament during the 2019 budget presentation the Finance Minister expressed gratitude to the IMF for the support as Ghana prepares to exit by…
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Gov’t to spend GH¢73.4bn in 2019
Government is planning to spend a total 73.4 billion cedis in the 2019 fiscal year. This is equal to 21.3 percent of GDP, representing a growth of 27.0 percent above the projected outturn for 2018. The Finance Minister Ken Ofori-Atta made the announcement in parliament today when he presented the 2019 budget themed a “Stronger…
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Culprits of 7 collapsed banks will be punished—Finance Minister
Finance Minister, Ken Ofori Atta has reiterated that will use all the legal processes available punish all persons found complicit in the collapse of some seven banks in the country. The Bank of Ghana has so far revoked the licenses of seven banks after investigations proved they were insolvent and illiquid. Presenting the 2019 Budget,…
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Gov’t targets GHS 58.9bn domestic revenue collection in 2019
The Minister of Finance, Ken Ofori-Atta has announced a revenue target of GHS 58.9 billion for the year 2019. The figure represents 17.1 percent of the rebased GDP which stands at 256.7 billion Ghana Cedis for 2017. Compared to the 2018 revised revenue and grants target of 50.68 billion Ghana Cedis, the 2019 target of 58.9 billion…
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BoG bans 125 persons from operating current accounts
The Bank of Ghana has blacklisted 125 persons for three years from operating current accounts with banks for consistently issuing DUD cheques. The central bank has however allowed the individuals to operate savings accounts. A statement from the Bank of Ghana to banks said “You are directed to debar or cease them from operating current…
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Finance Minister presents budget today
The Finance Minister, Ken Ofori-Atta will today present the 2019 budget statement and financial policy of the government to Parliament. This will be the third budget of the Akufo-Addo administration, in accordance with Article 179 of the 1992 constitution. President Nana Akufo-Addo has said that the budget will bring hope to Ghanaians, amid times he…