Category: Economy
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Gov’t plans GHS12bn bond issuance for second quarter
The Ministry of Finance through the Bank of Ghana has said it will be issuing GHS12.1 billion bonds and securities between April and June. According to the second quarter issuance calendar published by the central bank, out of the amount to be issued, GHS11.53 billion will be used to roll over other government bonds which…
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Pensions regulator to ensure about 11m informal sector workers have pension schemes — CEO
The National Pensions Regulatory Authority (NPRA) has said that it is working on new policies to ensure that the more than 10 million workers in the informal sector are able to access a pension scheme. The current three-tier pension system does not favour the informal sector in that most workers do not have a regular…
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UNICOF calls for calm as it engages First Atlantic Bank management
The Union of Industry, Commerce & Finance Workers (UNICOF), has begun talks with management of First Atlantic Bank over the layoff of 100 workers. According to the Union, the layoffs will worsen the plight of the affected workers. Speaking about the situation, the Deputy General Secretary of UNICOF, Michael Biney urged the affected workers to…
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Laid off workers of First Atlantic Bank reject redudancy package
The 100 workers laid off following the merger between First Atlantic Bank and Energy Bank have rejected completely the redundancy package offered to them by the new entity created out of the merger. According to persons close to the bank, the affected workers were offered a severance pay of 1.5 months basic salary for each…
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Aker Energy did not make new oil discovery — Petroleum Economist
Petroleum Economist, Dr. Theophilus Acheampong, has said Aker Energy cannot be said to have made new oil discoveries rejecting claims made by policy think IMANI Africa at a recent press conference. IMANI Africa at a press conference last week had said that Aker Energy had made new oil discovery outside its original period for oil…
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Contractors can no longer vary projects cost by more than 10%
Government has said it is no longer permitted for contractors in the public sector to vary the cost of projects awarded to them by more than 10 percent. The ceiling was captured in the new e-procurement initiative recently launched. The cap on the allowable cost for project variation comes after incidents of costs of projects…
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Four banks line up to support businesses to access loans
The Ghana Export Promotion Authority (GEPA) has facilitated a meeting between micro, small and medium enterprises and some four commercial banks to address challenges that businesses typically face in accessing credit. The authority’s intervention comes after exporters complained they were unable or face difficulties to access credit facilities from the formal banking sector. GEPA’s approach…
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Former workers of Esich Life Assurance demand contribution made into Provident Fund
Some former workers of Esich Life Assurance are pleading with the National Insurance Commission (NIC) to help them retrieve their contributions made into a Provident Fund while the company was operational. Esich Life Assurance was said to have links with defunct Capital Bank. The NIC has currently appointed an administrator for the company. Speaking to…
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Gov’t clears GHS3.1bn pension fund arrears — Okoe Boye
Member of Parliament for Ledzokuku Constituency, Dr. Okoe Boye, has revealed that the government has released more than GHS3 billion arrears in Tier-2 pension funds to fund managers. The MP speaking in Parliament said the funds held on behalf of its workers have finally been released to fund managers after several years of being in…
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Business community calls for changes to stimulate economic growth
As the 5th month of the year begins, some business leaders have challenged government to take decisive steps to ensure sustainable growth across different sectors of the economy. According them, attention should be given to issues of credit, use of technology and environmental protection. Residents and businesses in some parts of Accra, Sunyani, Wa, Kumasi,…