Category: Featured
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We acted as loss absorber; don’t point to insolvency or bankruptcy – BoG insists
The Bank of Ghana has assured that it is committed to the highest standards of prudent management, governance, and transparent accounting and auditing methods. It stated that because it is a non-commercial bank, its financial results have no impact on its operations. This comes on the back of calls for the resignation of the Governors…
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Construction of $250m new Headquarters justified – BoG
The Bank of Ghana (BoG) has justified the construction of a new headquarters, insisting that its current head office, built in the 1960s, is no longer fit for purpose. The National Democratic Congress (NDC) at a press conference on Tuesday, August 8, accused the Bank of Ghana of building a new head office at an…
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PURC reiterates need for electricity consumers to pay for power used
The Executive Secretary of the Public Utilities Regulatory Commission (PURC), Dr. Ishmael Ackah, has reiterated the need for electricity consumers to pay for power consumed without relying on the government. Speaking at a PURC-organized tariff education event for students of Takoradi Technical University, Dr. Ackah said that the introduction of new sources of power generation…
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ADB records GHS 371m loss in 2022 but steadily picking up as H1 profit hits GHS 52m
Despite the impact of the Domestic Debt Exchange Programme on the banking sector which has caused the Agricultural Development Bank (ADB) Plc to lose over GHS 370 million in the 2022 financial year, ADB is making strides in its profitability for the first half of 2023. For the first half of 2023, the bank has…
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Inflation rises for the third consecutive month; hits 43.1% from 42.5%
Ghana’s inflation continues to surge as it rises for the third consecutive month, reaching a new high of 43.1% for the month of July from the previous mark of 42.5%. The new figures were announced on Wednesday, August 9, by the government Statistician Prof. Samuel Kobina Annim. Food prices rose significantly to 55.0%, whereas non-food…
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SSNIT readies for new DDEP; says terms are favourable
The Social Security and National Insurance Trust (SSNIT) says it will fully participate in government’s alternative Domestic Debt Exchange Programme (DDEP) including pension funds. The government intends to restructure ¢31 billion pension funds in the second phase of its Domestic Debt Exchange Programme which will affect E.S.L.A. Plc and Daakye Trust Plc. SSNIT says it…
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ISSER calls for limits on Bank of Ghana’s government financing
The Institute of Statistical, Social and Economic Research (ISSER) has called for a decrease in the Bank of Ghana’s (BoG) funding of the government budget, emphasising that such deficit financing by the central bank has significant implications for money supply, inflation, and the exchange rate. In its assessment of the government’s Mid-Year Budget, ISSER highlighted…
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Cylinder Re-circulation: COPEC warns of chaos if NPA rushes implementation
The Chamber of Petroleum Consumers (COPEC) has advised the National Petroleum Authority (NPA) to enhance public education on the implementation of the Cylinder Re-circulation Model before its complete rollout in September 2023. Perry Okudzeto, Deputy Director of the NPA, explained during a press briefing on Thursday [August 3, 2023] that the model had undergone successful…
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LPG Marketers kick against ‘early’ implementation of Cylinder Re-circulation Model
The Liquefied Petroleum Gas (LPG) Marketers Association has kicked against plans by the National Petroleum Authority (NPA) to implement the Cylinder Re-circulation Model in September. The Association argues that the September date is too early for the policy’s implementation and could lead to misunderstandings. The association thus emphasized the need for intensified public education before…
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NDC demands resignation of BOG Governor, deputies within 21 days
The opposition National Democratic Congress (NDC) is calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies. The party has threatened to march to the premises of BoG to drag Dr Addison and his deputies from office if they fail to resign within 21 days. The Bank…