Category: Featured
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Standard Chartered posts strong income growth in 2022; affirms commitment to Ghana
Standard Chartered Bank Ghana PLC has held its 53rd Annual General meeting to present the Annual Report and Financial Statements for the year ended 31 December 2022 to its shareholders. The Bank reiterates its ongoing commitment to Ghana, whiles supporting its clients in the market to achieve their ambitions. The Bank’s annual report highlighted a…
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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GIPC launches 20th Ghana Club 100 awards; first investment and trade week
The Ghana Investment Promotion Centre (GIPC) has launched the 20th edition of the prestigious Ghana Club 100 Awards and the inaugural Ghana Investment and Trade Week in collaboration with the MIE Group, Dubai – organizers of the China Trade Week. Themed “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AFCFTA,” this year’s event aims…
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‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah kept over One million dollars…
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Presentation of mid-year budget review pushed to Monday July 31
The much-anticipated Mid-Year Budget Review by the Finance Minister, Ken Ofori-Atta, has been postponed to Monday, July 31. Originally slated for July 27, 2023, the presentation was later rescheduled to July 25, 2023, only to be cancelled again until further notice. The last-minute cancellation of the budget review has stirred curiosity among Members of Parliament…
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Forex licenses of Fidelity Bank, First National Bank restored – BoG
The Bank of Ghana (BoG) has restored the forex licenses of Fidelity Bank and First National Bank. The Central Bank had temporarily suspended the two financial institutions for breaching some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG). Fidelity Bank and First National Bank were fined a…
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OmniBSIC Bank continues impressive run, profit soars to GH¢96m in second quarter
Indigenous lender, OmniBSIC Bank has taken its stellar performance to the next level with strong results in the second quarter with superior returns to shareholders and guaranteeing higher value to customers. Profit and liquidity soared, and the balance sheet gained more robustness after all indices registered strong growth in the second quarter of this year.…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Fiscal policy analyst calls on govt to scrap COVID-19 Health Recovery Levy
Dr. Alex Ampaabeng, a fiscal policy analyst, has called on the government to scrap the COVID-19 Health Recovery Levy to ease the tax burden on citizens. The COVID-19 Health Recovery Levy is a special levy on the supply of goods and services and imports, introduced in 2021 through an Act of Parliament, to raise revenue…