Category: Government
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Ghana must still stay in connection with IMF after exit—Prof. Quartey
Economist, Prof. Peter Quartey has urged government not to alienate the International Monetary Fund (IMF) after Ghana successfully completes its extended credit facility program with the fund. Following the completion of the 7th and 8th review under the program, many stakeholders have spoken of the need to implement the needed strategies to ensure Ghana doesn’t return to…
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Shippers Authority projects 10% cargo quantity growth after missing target in 2018
The Ghana Shippers Authority has projected a 10 percent over all cargo quantity growth for this year. The GSA last year projected same but was able to meet 8 percent of that projection. The projection was made by the Chief Executive Officer of the Authority, Ms. Benonita Bismarck while presenting the Shipping Quarter and outlook…
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Ghana seeking more investors to mine bauxite—President Akufo-Addo
President Akufo-Addo has assured that a request for proposal will be sent out by the end of February, as part of efforts to attract private investors to help in the development of an integrated aluminum industry in Ghana. He made the comments while delivering his third State of Nation Address to Ghanaians in Parliament. According…
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Financial Stability Council will prevent a recurrence of Menzgold saga–Nana Addo
President Akufo-Addo has assured that establishment of the Financial Stability Advisory Council will prevent people from losing their funds like in the case of gold dealership firm, Menzgold . Delivering the State of the Nation Address, the president stated that the council will monitor and advise government on acts in the financial sector that may…
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PDS takes over ECG on Feb. 27 after initial postponement
The Millennium Development Authority (MiDA) has confirmed to Citi Business News that the handing over ceremony of the Electricity Company of Ghana to the new management company, Power Distribution Services (PDS) will take place next week Wednesday, February 27th. MIDA explained that on the set date, management of ECG will hand over the Assets and…
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We’ll not return to IMF after exit—Nana Addo reaffirms
President Akufo-Addo has reiterated his government’s commitment to maintaining the needed discipline to ensure that Ghana does not return to the International Monetary Fund (IMF) for the 17th time. He made the comments while delivering his third State of Nation Address to Ghanaians in Parliament today. A team from the IMF this week completed the 7th and 8th reviews…
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Fertilizer – New terminal in Tema
The yawning gap between the production and demand for fertilizer locally will soon be bridged, thanks to the opening of a new fertilizer terminal by Norwegian chemical company, Yara, in Tema. The new fertilizer terminal, to be enrolled under government’s One District, One Factory (1D,1F) is set to reduce the turnaround time for delivery at…
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PPI for January drops to 3.4 percent due to downward trend of inflation
The Producer Price Inflation for January 2019 has dropped to 3.4 percent. The drop represents a 1.0 percentage point decrease relative to the 4.4 percent recorded in December. The Producer Price Inflation (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services. Speaking…
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Parliament hopeful of a successful IMF program exit after meeting
Parliament is expecting a successful exit from the International Monetary Fund’s (IMF’s) extended credit facility program which was entered into in 2015, should lead to better ratings for Ghana on the international market as well as cheaper cost of credit. This was made known by the Chairman of the Finance Committee of Parliament, Dr. Mark…
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Bank of Baroda auctions chairs, water dispenser after liquidation
The Ghana unit of India state-owned lender, Bank of Baroda is auctioning its properties that include chairs and water dispenser as it prepares to finally pack out of Ghana. The auction is believed to be the final leg of the bank’s liquidation process, which started in December 2018. The decision to wind up the Ghana…