Category: Business
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New MPR might aid in attracting investment for Ghana – Economist
Economist with Databank, Courage Boti, believes the revision in the monetary policy rate has the potential of attracting foreign investment into Ghana. This comes on the back of the recent increase in the policy rate by 250 basis points to 17 percent. According to him, this new development might mean more attractive interest rates for…
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Hike in policy rate will affect lending rates – Banking Consultant
The recent hike in the monetary policy rate by 250 basis points to 17% by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), will inevitably lead to an upward adjustment in average lending rates to businesses and individuals. The Monetary Policy Rate, which is of keen interest to businesses, signals the rate…
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Increase in policy rate will make fixed income market more attractive – Economist
Following the recent hike in the policy rate, investors on the equity market are expected to re-adjust their portfolio holdings on the domestic stock market, to reap an increase from fixed income securities. This is according to Economist with Databank, Courage Martey. The Monetary Policy Committee of the Bank of Ghana, since November 2021, maintained…
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Tullow completes pre-emption of Deep Water Tano component of Kosmos Energy
Tullow Oil plc says it has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The cash consideration paid on completion was US$118 million, reflecting closing adjustments, and was funded from cash on the balance sheet. This transaction takes Tullow’s equity interests…
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Standard Chartered Bank outdoors 20 entrepreneurs for Women in Tech Programme
Standard Chartered has announced the 20 successful businesses that will participate in Cohort 2 of the Women in Technology Incubator programme at an induction ceremony at the bank’s head office in Accra. The programme is a business incubator specifically designed to provide business support for women-led or women-owned businesses that leverage technology as part of…
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Bank of Ghana increases policy rate to 17%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 250 basis points to 17 percent. This is the first time the Central Bank has increased the key rate since November of last year. The rate, which is of keen interest to businesses, signals the rate at which…
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Pumping dollar into Ghana’s economy won’t solve cedi depreciation challenge – Joe Jackson
The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, has charged government to critically analyse factors that have led to the continuous depreciation of the cedi, and propose the appropriate solution to the causes. According to experts, the cedi is now one of the worst-performing currencies in Africa. According to the Bank…
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Public debt stock rises above GH¢ 350 bn by Dec., 2021; more than 80% of GDP
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at December, 2021, at US$ 58.6 billion or GH¢351.8 billion. The amount is equivalent to 80.1% of Ghana’s Gross Domestic Product, the highest level recorded in recent history. In Cedi terms, the total debt stock increased by about GH¢7.3 billion…
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Smart Africa, NADPA sign MoU to enhance harmonisation of Data Protection laws
The Smart Africa Alliance (SA) has signed a Memorandum of Understanding (MoU) with NADPA/RAPDP (Network of African Data Protection Authorities) to provide institutional support and enhance the enforcement capacities of the African National Authorities. Initial discussions between Smart Africa and NADPA/RAPDP began in November 26th,2021 in Benguerir, Morocco on the need to join forces as…
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Lack of investment at oil fields limiting oil production – CEO of Tullow
The Chief Executive Officer of Tullow Oil PLC, Rahul Dhir, has lamented the lack of investments in the oil industry. According to him, this is limiting the production of oil at the Jubilee and TEN oil fields. In an interaction with the media, he stated that: “Because of a lot of focus on climate change…