Category: Featured
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NCA begins Digital Audio Broadcasting trial in Ghana with Citi FM, others
The National Communications Authority (NCA) has launched the trial phase of Digital Audio Broadcasting (DAB) in Ghana. This move establishes Ghana as the pioneer in West Africa and the fourth in Africa to embrace this innovation, which enables radio stations to extend their reach to cities beyond their immediate locations, giving them a wider audience.…
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Govt settles first coupon for bonds affected by DDEP
The government of Ghana, through the Ministry of Finance, has begun the process of settling the first coupon payment of bonds affected by the domestic debt exchange program (DDEP). According to the Ministry, the matured coupons amount to GHC 2.4 billion, and instructions have already been sent for settlement. The DDEP was launched in 2022…
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BoG new head office 41% completed; to be finished in Sept. 2024
The new headquarters of the Bank of Ghana (BoG) is expected to be completed in September 2024. The physical progress on the 13-storey facility currently stands at 41%. This was disclosed in a document issued by the Bank of Ghana in Accra on August 21. The Minority in Parliament and other Civil Society Organisations have…
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![What to know about new BoG Head Office [Full details]](https://citibusinessnews.com/wp-content/uploads/2023/08/BoG-new-building.jpg)
What to know about new BoG Head Office [Full details]
The Bank of Ghana has defended reasons to move from its current location in the Central Business District of Accra to Ridge citing threats of earthquakes. It said a structural integrity test conducted on its building reveal that, the edifice was not fit for purpose. There has been growing pressure on the Central Bank to…
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No procurement law breached in $250m new HQ project – BOG insists
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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Work towards receiving second tranche of IMF fund – Prof Gatsi urges govt
As government remains optimistic to receive the disbursement of the second tranche of the $600 million when the International Monetary Fund Staff (IMF) visits Ghana in September 2023, financial analysts have emphasized the need for government to work to meet its structural benchmarks. Government is still in the process of completing the domestic debt restructuring.…
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GH¢60.8bn loss won’t impact our operations – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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Govt misses T-bills target by 12.91 percent as interest rates surge
The Government of Ghana’s Treasury Bill (T-bill) offer across 91-day to 364-day bills target of GHS 3.96 billion fell short of about 12.91 percent at last week’s auction. The offer attracted total bids estimated at GHS3.45 billion, with the treasury securing approximately 87 percent of the bids valued at GHS3.96 billion. According to the results…
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China cuts key interest rate as recovery falters
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending. The cut comes as other major economies raised rates to tackle rising prices. The PBOC last cut its one-year rate – on…
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Soaring food, energy prices push 15m Africans into poverty
Some 15 million people in Africa were pushed into poverty in 2022 due to high food and energy prices, the African Development Bank (AfBD) has reported. However, the Bank indicated that the poverty effect of energy price increases was higher than food prices. This was because the energy impact was fully passed through household income,…