Category: Economy
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Parliament approves annual public debt report amidst heated debate
Parliament has approved the Annual Public Debt Report for the 2018 Financial Year after a heated debate between the Majority and Minority members on the floor of the House on the figures presented. The Minority caucus criticized the government for bloating the nation’s debt stock from GH¢122 billion to GH¢173 billion, whilst the Majority…
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NIC raises minimum capital requirement for insurance companies by over 200 percent
The National Insurance Commission (NIC), the insurance industry’s regulator, has increased the minimum capital requirement of insurance companies by over 200 percent. A statement issued by the commission said the increment comes after a series of consultations with stakeholders since 2017. It said it also considered the developments within the financial landscape over the period.…
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Kwame Pianim calls for 30 percent increase in electricity tariffs
Economist and Investment Consultant, Kwame Pianim has called for a thirty percent increase in electricity tariffs to help in correcting the books of all players within the energy sector with regards to the legacy debts. The comment comes at a time where the Public Utility Regulatory Commission is expected to announce major tariff decisions for…
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Cocobod seeking US$1.3bn syndicated loan for cocoa purchases
Cocobod has begun talks with some banks outside the country to help facilitate about US$1.3 billion needed to purchase cocoa beans in the upcoming 2019/2020 crop season. Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo earlier told the media, “Initially we are expecting $1.3 billion. We tread cautiously even though our production has gone above…
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Risk of overspending budget in next year’s elections real — World Bank Country Director
The outgoing Country Director of World Bank, Henry Kerali, says the risk of government overspending in next year’s election is real despite a number of initiatives put together after the country exited the IMF programme this year. Mr. Kerali speaking at the launch of the World Bank’s fourth Ghana Economic Update said Ghana’s true progress…
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Price of domestic gas will drop soon — Deputy Energy Minister
Deputy Energy Minister, Mohammed Amin Adam says the price of domestic gas will soon drop on the markets. According to him, the government is recalibrating domestic gas prices to be able to achieve the target. The decision to recalibrate follows various complaints from businesses about the high cost of the commodity which makes it difficult…
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Akufo-Addo promises Guyana free technical assistance in oil exploration
President Akufo Addo has promised Guyana, free technical assistance following the discoveries of considerable deposits of oil and gas in South American country. Speaking at a state dinner held in his honour, as part of his official visit to Guyana, President Akufo-Addo indicated that Ghana will offer support to the oil and gas industry in…
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Inflation rate for May declines to 9.4 percent
The inflation rate for May 2019 dropped marginally to 9.4 percent from the 9.5 percent recorded in April 2019. This represents a 0.1 percentage point decrease. According to the Ghana Statistical Service (GSS), the price drivers for last month’s rate were food and non-food items. In an interview with Citi Business News, the Deputy Government…
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We’ll demonstrate, close down schools after June 26 if you don’t pay us — Contractors
The Association of Building and Civil Engineering Contractors of Ghana say they will not just shut down all schools and class rooms they’ve built across the country, they will also embark on crippling demonstrations across all regions, if government fails to pay all monies owed them from 2016, by the end of June 26, 2019.…
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Customers of collapsed microcredit companies to receive funds in 3 months — Liquidator
The office of the Registrar-General has commenced processes to officially take over the 39 microcredit companies that had their operational licenses revoked by the central bank last month. A press release issued by the Registrar-General, Jemima Mamaa Oware, who was appointed Official Liquidator according to the Bodies Corporate (Official Liquidations) Act 1963 (Act 180), said…