Category: Economy
-
Cyber fraudsters attempt stealing GH¢329.7mn from banks — new BoG report
The Bank of Ghana’s 2018 report on fraud in the banking sector has revealed that cyber fraudsters attempted to steal at least GH¢325.9 million from financial institutions operating the country. The report prepared by the Financial Stability Department of the central bank and sighted by Citi Business News stated that the amount involved represents a…
-
Increased support needed to tap into US$150 billion gaming market
Senior Manager for Products and Services at MTN Bless Agordjo has challenged stakeholders within the gaming ecosystem in Ghana to help develop the space to enable Ghana tap into the multibillion-dollar gaming market. Ghana’s revenue from the gaming industry in 2018 was estimated to be around $ 23 Million dollars, the 8th highest behind countries…
-
No new taxes will be introduced in 2020 budget — Finance Ministry
Government has announced it will not introduce new taxes in next year’s budget which is scheduled to be presented to parliament in November this year. The ministry has begun taking stakeholders inputs into the 2020 budget to enable it to address some of the concerns citizens including Civil Society Groups have about the country’s expenditure…
-
BoG not collapsing rural and community banks — ARB Apex Bank denies viral ‘malicious’ message
The ARB Apex Bank has asked the public to disregard a message making the rounds that the central bank will soon revoke licenses of rural and community banks. According to the press release, a malicious audio message circulating on social media platforms including WhatsApp is purporting that Bank of Ghana has plans to withdraw the…
-
Seth Terkper writes: Budget Performance and Fiscal Complacency
The 3-part Article, under the general heading of “Fiscal Complacency”, discusses specific issues arising from the Mid-Year Review, including some that have been on the radar since the presentation of 2017. The headline item is the fiscal deficit rising above 7 percent when all banking sector bailout and capitalization costs are taken into account. Issues…
-
Illegal tourism facilities to be dealt with from this week – Ghana Tourism Authority
The Ghana Tourism Authority has promised to intensify its campaign against unregistered hospitality facilities across the country. According to the Deputy CEO in Charge of Operations at the Ghana Tourism Authority Ekow Samson, the goodwill that Ghana’s tourism industry is enjoying can be negatively affected if unregulated facilities are allowed to exist. Speaking to Citi Business News on the…
-
Controller Accountant identifies over 12,000 bank accounts belonging to MDAs
The Cash Management Directorate of the Controller Accountant General’s Department has identified over 12,000 bank accounts belonging to the Ministries, Departments, Agencies (MDAs) and the Metropolitan, Municipal and District Assemblies (MMDAs). Out of the figure, 6,000 of these accounts had been closed while the department is taking steps to reduce the numbers to an acceptable…
-
Stock analyst hopeful GSE will bounce back after woeful performance
The General Manager of UMB Stockbrokers Ben Ackah says he is cautiously optimistic about the fate of the Ghana Stock Market for the rest of the year. He made his position known after the market hit its lowest level in about 2 years, mainly due to the happenings in the financial sector. The GSE Composite…
-
Gov’t begins discussions with IPPs on take or pay agreements
The Ministry of Finance has stated that it has commenced discussions with independent power producers on restructuring pricing mechanism surrounding the power they supply to government. A press release issued by the Ministry said the discussion is expected to last three months. According to the Ministry, the meeting is part of the Government’s approach to…
-
Banks’ profits shoot up in first half of 2019 — BoG report
The profitability of banks in the country has increased following the banking sector reforms, the Bank of Ghana’s latest Banking Sector Report has revealed. According to the report which captures the performance of banks for the first half of 2019, the profitability indicators of the banking sector improved during the first half of 2019 compared with…