Category: Government
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IMF reviews Ghana’s 2018 GDP down to 6.3%
The International Monetary Fund (IMF) has revised downwards its earlier 6.8 per cent Gross Domestic Product (GDP) projection for the Ghanaian economy in 2018 to 6.3 per cent. According to the Bretton Woods institution’s latest World Economic Outlook Report on World Economy and Financial Surveys, the economic growth will however be higher at 7.6 per…
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President to launch oil block bidding on Oct 15
President Akufo-Addo is expected to launch the country’s maiden Oil and Gas Licensing Round next Monday [October 15, 2018]. The purpose of the licensing round is to encourage transparency in petroleum agreements while employing competent and capable companies. The decision is also to enhance cost effectiveness and undertake oil exploration in a sustainable and mutually…
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Mobile Money interoperability crosses the 1million mark
Cross mobile money wallet transactions otherwise known as mobile money interoperability, has recorded over 1.1 million volume of transactions, from its inception some five months ago. The over 1.1 million transactions was recorded at the end of September, the latest data from the Ghana Interbank Payment and Settlement System (GhIPSS), indicates. The total value of…
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SEC responds to Menzgold suit to appear in court
The Securities and Exchange Commission (SEC) has filed an appearance to respond to a suit brought against it by Menzgold. The gold dealership company has sued the SEC and the Bank of Ghana asking that the court directs the two institutions to stop interfering in its business. Menzgold in its writ also wants the court to…
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Capital, UT Bank collapse: PwC recovers 15% of total loan stock
The Joint Receivers of collapsed UT and Capital banks, PricewaterhouseCoopers (PwC), has disclosed that it has recovered fifteen percent (15%) of the total loan stock of the two banks. A statement on the progress of work done over the last one year said that the receivers are pursuing legal action against defaulters of loans of the…
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Oil prices drop after IMF’s review of global economic growth
Oil prices fell on Tuesday [October 10, 2018] following the IMF’s downward review of the global economic growth forecasts. Reuters however reports that markets were supported as Hurricane Michael closed nearly 40 percent of U.S. Gulf of Mexico oil output and U.S. sanctions restricted Iranian exports. The Fund reduced the global economic growth from 3.9…
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CTN brawl: GRA alarmed at opponents’ intended strike
The Ghana Revenue Authority has described as unfortunate the decision by freight forwarders to embark on a strike action if the authority goes ahead with the implementation of the CTN system. The freight forwarders have constantly expressed their displeasure over the system and have called on the GRA to reconsider its decision in rolling it…
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NIC to announce new capital requirement for insurance industry before end of year
The National Insurance Commission (NIC) will before the end of the year 2018 announce a new minimum capital requirement for the insurance industry. This is according to the Head of Supervision of the NIC, Seth Eshun. Currently, the minimum capital requirement for insurance companies is 15 million Ghana cedis. According to the NIC, the delay…
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Real estate industry advocate massive local content patronage
Players in the country’s construction industry are bemoaning the lack of stakeholder consultation between them and government. Their complaint follows government’s engagement with a Singaporean architect who has been mandated to see to the transformation of Accra into a modern city. According to the local players in the construction industry, government has on many occasions…
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First National Bank leads discussion on Ghana’s first Green Bonds
First National Bank in collaboration with the Ministry of Finance, Ministry of Environment and other related state agencies will be holding a green bond workshop in Accra, this week. The move is in an effort to develop innovative solutions to finance projects with a positive social, climate and environmental impact in the Republic of Ghana.…