Category: Government
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We won’t use taxpayers’ money to pay Menzgold customers – Gov’t
The government has shut the door on any hope customers of the embattled Menzgold Company Limited have of being cushioned or settled with taxpayers’ money. This follows continued cries for government intervention from such customers despite the Finance Minister earlier stating that the government will not pay customers their monies locked up in the company. “While government sympathizes customers on the…
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Inflation for December increases marginally to 9.4 percent
The inflation rate for December 2018, increased marginally to 9.4 percent, from the 9.3 percent recorded in November 2018. By this, government missed its 2018 end of year inflation target of 8.9 percent as set in the 2018 budget. Inflation measures the rate of change in prices of goods and services over a period of…
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Menzgold customers do not need compensation – Dr. Lord Mensah
Economist, Dr. Lord Mensah has kicked against any form of compensation for embattled customers of gold dealership company, Menzgold. He explains that such a support is likely to encourage other forms of financial activities that breach the country’s financial laws. Dr. Lord Mensah’s comments come in the wake of recent calls by customers of Menzgold to…
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Axxela signs gas transportation deal with WAPCo
Axxela Limited, sub-Saharan Africa’s preferred fast-growing gas & power portfolio company, has signed a Gas Transportation Agreement (GTA) with the West African Gas Pipeline Company Ltd. (WAPCo) to transport over 15 million standard cubic feet per day (“mmscf/d”) of natural gas via the West African Gas Pipeline (WAGP) to Lome, Togo. During the signing ceremony…
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No data on ABFA expenditure in PIAC report
The Public Interest and Accountability Committee, PIAC, is demanding sanctions for institutions that delay in submitting data for its reports. The Committee which has oversight responsibility in the management of petroleum revenue maintains that the development impacts adversely on its operations. The Chairman of the Public Interest and Accountability Committee, Dr. Steve Manteaw in an…
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SSNIT increases pension benefits by 11 percent
The Social Security and National Insurance Trust (SSNIT) has increased the benefits of pensioners by 11 percent. The decision, according to SSNIT was taken after considering the rate of increase of prices of goods and services, adjustment in public sector salaries, as well as available funds with the company. Speaking at a press conference, the…
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BoG has done a ‘grave injustice’ to Heritage Bank by revoking its license – Former directors
The former Board of Directors of now defunct Heritage Bank Limited (HBL), has lamented claims by the Bank of Ghana (BoG) that it set up the bank with suspicious capital and that the central bank has done them a ‘grave injustice’ by revoking its license. Last week, the Bank of Ghana (BoG) revoked the license…
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Consolidated bank given bond cash – BoG Governor
The Bank of Ghana has clarified that it has made available cash from the bond issued in the name of the Consolidated bank. According to the Governor of the central bank, Dr. Ernest Addison, the move has helped in positioning the bank to undertake its business as usual. His comments come on the back of…
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Dr. Paul Acquah is Chairman of Ghana’s Fiscal Council
President Nana Addo Dankwa Akufo-Addo has appointed former Governor of the Bank of Ghana, Dr. Paul Acquah as Chairman of the newly established Fiscal Council. President Akufo-Addo established by Executive Instrument the Fiscal Council and Financial Stability Council in December 2018. The Financial Stability Council is to enhance the stability and soundness of the financial…
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Amalgamated Trust arrangement not bailout for banks – Gov’t
The five banks being cushioned under the Ghana Amalgamated Trust (GAT) arrangement must not consider the support they are receiving as a bailout programme. The Finance Ministry, which gave the caution in a statement released on Saturday emphasized that: “the GAT arrangement is to support solvent and strong indigenous banks to meet the new minimum…