Category: Economy
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Gov’t, MiDA break grounds for new bulk power supply point
Government has challenged the contractors on the Pokuase Bulk Supply Point Project not to default on the 2021 deadline for the completion of the project. The project is part of the 498.2 million dollar Ghana Power Compact funded by the United States Government through its agency, the Millennium Challenge Corporation (MCC). The Ghana Power Compact…
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Public sector pensioners decry meager SSNIT benefits
As Ghana joins the rest of the world to mark International Labour Day on May 1, 2019, some pensioners retiring from the public sector want the managers of the Social Security and National Insurance Trust (SSNIT) to modify their operations to improve the living conditions of beneficiaries. The pensioners tell Citi Business News the meager…
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Electronic procurement system to save Ghana 100 million dollars annually
Government is expected to save up to US$100 million annually following the introduction of an electronic platform for procurement services within the public sector. Some experts have indicated that procurement breaches constitute about 90% of corruption cases in the country. In order to control this, the government has launched a digital platform for the tendering…
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Economist lauds BOG’s directives on forex importation and exportation
A financial economist Dr. Lord Mensah has welcomed the Bank of Ghana’s(BoG) directives on the importation and exportation of foreign currency in and out of Ghana. The Central Bank in a notice to the general public has warned of serious repercussions for any person arriving in or departing from Ghana with undeclared amounts in excess…
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Funds of 5 collapsed investment companies safe–SEC
The Securities and Exchange Commission (SEC) has assured customers of five collapsed fund management firms that their investments are safe. Last week, the S.E.C revoked the licenses of the companies for breaching rules guiding their operations. The companies include; Georgetown Capital Partners Limited, Equity Capital Limited, Index Analytics Limited, DM Capital limited and Oxygen Advisory…
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BOG warns public of export and import of foreign currencies
The Bank of Ghana(BoG) has warned of severe consequences for persons who flout its rules concerning the importation and exportation of foreign currencies. In an announcement to the public, the central bank stated that it has powers under the Foreign Exchange Act, 2006 (ACT 723) to make rules governing the importation of foreign exchange and…
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US Exim supports Ghana’s 1 district, 1 factory with $300m facility
The Export-Import bank of the United States and the Ghana Export-Import Bank have signed an agreement to finance the export of US produced goods and services for Ghana’s “one district, one factory ” program. The 300 million dollar loan facility from the US Exim bank will be given to qualified Ghanaian Small and Medium sized…
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GIPC challenges BoG, insists its FDI figures published are correct
The Ghana Investment Promotion Center (GIPC) has described the recent calls for an interrogation of its Foreign Direct Investment (FDI) figures as very unfortunate. This comes after some stakeholders including Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey as well as the Head of Research at the…
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Stakeholders want GIPC’s foreign direct inflows probed
Some stakeholders have called for an interrogation of the inflows from foreign direct investment reported by the Ghana Investment Promotion Center (GIPC). According to those raising issues with GIPC’s figures, the reported targets and actuals are somewhat misleading. GIPC for example set for itself a target of $10 billion dollars in foreign direct inflows for…
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Govt cautioned to maintain fiscal discipline to sustain Cedi stability
Majority of participants at the Graphic Business Stanbic Bank Breakfast Meeting have cautioned government to maintain fiscal discipline to help sustain the stability of the Cedi against other trading currencies, especially the US Dollar. According to them, there is the need to follow fiscal policies that will create room for a balanced trade market to…