Category: Featured
-
Ghana Ports and Harbour justifies tariff adjustment
The Ghana Ports and Harbour Authority (GPHA) has justified its decision to increase port duties, arguing that its port tariffs remain competitive compared to Ghana’s neighbours. GPHA attributed the revision of port tariffs to global economic challenges, inflation, and currency depreciation. In a statement, Ghana Union of Traders’ Association President Dr. Joseph Obeng called on…
-
GRA defends contract with Safaritech Ghana
The Ghana Revenue Authority (GRA) has defended its contract with Safaritech Ghana Limited to carry out forensic audits on telecom companies. The Chairman of the Public Accounts Committee (PAC), James Klutse Avedzi, on July, issued a two-week ultimatum to the management of GRA to provide information regarding their contract with auditing firm Safaritech. This ultimatum…
-
BoG answers questions arising from GHS 60 billion loss
The Bank of Ghana (BoG) has provided answers to the GHS 60 billion loss it posted at the end of the 2022 financial period. This significant loss, was largely caused by the Domestic Debt Exchange Programme (DDEP). The huge impairment is also attributed to a 50% haircut on non-marketable holdings of Government of Ghana securities,…
-
GUTA demands suspension of new port tariffs
The Ghana Union of Traders’ Association (GUTA) has called on the Ghana Ports and Harbours Authority (GPHA) to suspend the implementation of its new tariffs. Instead, the association has asked the GPHA to “engage stakeholders as the adverse impact of these increases would further compound the high cost of doing business.” This was contained in…
-
Govt targets conclusion of key aspects of DDEP by September 2023
Government is making efforts to finalize the domestic debt restructuring by September 2023, according to sources familiar with the matter Their plan Citi Business News has gathered includes concluding the dollar-denominated domestic debt exchange program, cocoa bills exchange program, and pension funds by the end of next month. Furthermore, the government is actively pursuing a…
-
Mid-Year Budget Review: Finance Ministry engages journalists
The Ministry of Finance has engaged the Parliamentary Press Corps, Institute of Financial and Economic Journalists, and select Editors and Business Journalists, for a Technical Briefing session on the Mid-Year Budget Review. The session, chaired by Chief Director, Madam Eva Mends, was held to engage the media on the technical details of the Mid-Year budget…
-
Organised labour willing to engage govt on including pension funds in DDEP
Organised Labour says it is willing to engage with the government regarding the inclusion of their pension funds into its Domestic Debt Exchange Programme. The government has initiated an alternative offer for pension funds exchange, inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc, and Daakye Trust Plc. The offer aims…
-
COCOBOD revises deadline for debt exchange programme to August 3
The Ghana Cocoa Board (COCOBOD) has revised the deadline for its debt exchange programme to Thursday August 3 from the initial announcement of August 4, 2023. This, the Board explains is in compliance with the directive regarding the observation of August 4 as a statutory public holiday. On July 14, the Ghana Cocoa Board (COCOBOD)…
-
BoG should not entirely be blamed for GH¢60.81bn loss – Adu Sarkodie
An economist at the University of Ghana, Dr. Adu Sarkodie has defended management of the Bank of Ghana over the GH¢60.81 billion loss the apex bank incurred in the 2022 fiscal year. Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, Dr. Sarkodie indicated that for the period under review, the Bank…
-
Revision of Appropriation Bill not major economic achievement – Mona Quartey
Former Deputy Finance Minister Mona Quartey has said that the government’s downward revision of the Appropriation Bill from GH¢227.7 billion to GH¢206 billion should not be celebrated as a major economic achievement. She argued that the government is already cash-strapped and is left with no other option than to be measured in its spending. The…