Category: Economy
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Trade Ministry tasked to develop program of action for AFCFTA
Trade Minister Alan Kyerematen has said that a national program of action for the implementation of the African Continental Free Trade Area will be ready in the next three months. He revealed this after a three-day stakeholder dialogue conference which was held to develop the right strategies to ensure the success of the AFCFTA. Speaking…
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Technical barriers to Trade must be stepping-stones – Prof Dodoo
For the Africa Continental Free Trade Area (AfCFTA) to succeed, countries must ensure that Technical Barriers to Trade (TBT) become stepping-stones rather than obstacles, Professor Alex Dodoo has said. TBT Agreement aims to ensure that technical regulations, standards, and conformity assessment procedures are non-discriminatory and do not create unnecessary obstacles to trade. Speaking on the…
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Collapsed MFIs: More depositors to be paid this week — Receiver
More customers of the 347 microfinance companies that had their licenses revoked on May 31, 2019, will be paid this week, the receiver appointed by the Bank of Ghana has revealed. The receiver, Eric Nana Nipah — a Partner at PwC, speaking on the Citi Breakfast Show on Monday morning admitted that claims payments to…
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GH¢90m to be paid to customers of collapsed microfinance companies — Receiver
The receiver of the 347 microfinance companies collapsed by the Bank of Ghana in May has said it will soon pay claims of about GHS90 million to customers of the affected institutions. Eric Nana Nipah, who was appointed Receiver by the central bank, stated that the payments were made after the claims were verified. Mr.…
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Collapsed 23 specialized deposit-taking institutions lost GH¢2.3 billion
The savings and loans companies and financial institutions collapsed by the central bank had a combined negative net worth of GH¢2.3 billion, the release from the Bank of Ghana has shown. Negative net worth is a condition in which a company’s liabilities exceed its assets plus shareholders equity. According to the Bank of Ghana’s statement,…
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Unemployment rate in Ghana drops — Employment Minister
Ignatius Baffour-Awuah, the Minister of Employment and Labour Relations, has said the rate of unemployment in the country has reduced from 11.9 per cent in 2015 to 7.1 per cent in 2019. The decline, he said, was partly as a result of government’s flagship programmes and policies interventions conceptualised in the Coordinated Programme for Economic…
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Registration for Ghana Rising conference opens
Registration for Ghana Rising, a one-day conference to deliberate on policies to help boost the productive capacities of local businesses, has opened. The event organised by Citi FM/TV will be held on September 19, 2019, at the Kempinski Gold Coast City Hotel in Accra. Explaining the rationale behind the event, Bernardino Koku Avle, General Manager…
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Stop paying facilitation fees to middlemen for wholesale deposits — BoG warns banks
The central bank has directed banks and other specialised deposits institutions to, as a matter of urgency, desist from paying facilitation fees to middlemen or agents that assist in securing wholesale deposits. The Bank of Ghana in a statement issued on Wednesday said it made the observation during the recent banking industry clean up exercise.…
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Tullow Plc makes discovery of oil in Guyana
Tullow Plc has made oil discovery in its Jethro-1 exploration well, drilled on the Orinduik licence offshore in Guyana. The well is expected to hold 100 million barrels of oil in excess of expectations. Tullow Guyana B.V. is the operator of the Orinduik block with a 60 per cent stake. Total E&P Guyana B.V. holds…
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Gov’t rakes US$434.5m in petroleum revenues in first half of 2019
The Bank of Ghana has revealed that the government made an amount of US$434.5 million from oil sale from its three oil fields as well as in other fees and taxes. The central bank in its publication of the first-half performance of the Ghana Petroleum Funds revealed that oil sale from Tweneboa, Enyenra, Ntomme, Jubilee…