Category: Local Economy
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BoG new head office 41% completed; to be finished in Sept. 2024
The new headquarters of the Bank of Ghana (BoG) is expected to be completed in September 2024. The physical progress on the 13-storey facility currently stands at 41%. This was disclosed in a document issued by the Bank of Ghana in Accra on August 21. The Minority in Parliament and other Civil Society Organisations have…
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![What to know about new BoG Head Office [Full details]](https://citibusinessnews.com/wp-content/uploads/2023/08/BoG-new-building.jpg)
What to know about new BoG Head Office [Full details]
The Bank of Ghana has defended reasons to move from its current location in the Central Business District of Accra to Ridge citing threats of earthquakes. It said a structural integrity test conducted on its building reveal that, the edifice was not fit for purpose. There has been growing pressure on the Central Bank to…
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No procurement law breached in $250m new HQ project – BOG insists
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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Work towards receiving second tranche of IMF fund – Prof Gatsi urges govt
As government remains optimistic to receive the disbursement of the second tranche of the $600 million when the International Monetary Fund Staff (IMF) visits Ghana in September 2023, financial analysts have emphasized the need for government to work to meet its structural benchmarks. Government is still in the process of completing the domestic debt restructuring.…
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GH¢60.8bn loss won’t impact our operations – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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Govt misses T-bills target by 12.91 percent as interest rates surge
The Government of Ghana’s Treasury Bill (T-bill) offer across 91-day to 364-day bills target of GHS 3.96 billion fell short of about 12.91 percent at last week’s auction. The offer attracted total bids estimated at GHS3.45 billion, with the treasury securing approximately 87 percent of the bids valued at GHS3.96 billion. According to the results…
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Soaring food, energy prices push 15m Africans into poverty
Some 15 million people in Africa were pushed into poverty in 2022 due to high food and energy prices, the African Development Bank (AfBD) has reported. However, the Bank indicated that the poverty effect of energy price increases was higher than food prices. This was because the energy impact was fully passed through household income,…
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Future of Ghana’s private sector promising – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo is optimistic about the potential of Ghana’s private sector, saying the future looks promising. The sheer energy and can-do spirit demonstrated by the private sector, culminating in job and wealth creation, had contributed significantly to economic growth and development, he noted. “The Akufo-Addo Administration is indeed building an entrepreneurial nation…
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GRA closes four shops, urges customers to be voluntary tax compliers
The Ghana Revenue Authority (GRA) compliance and enforcement unit has closed down four businesses for failure to issue Value Added Tax (VAT) invoices of the Authority. The GRA expects that all suppliers of taxable items, goods or services to issue VAT invoice as required by law while the customer is required by law to obtain…
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We only provided credit to govt in 2020 and 2022 – BoG
The Bank of Ghana (BoG) has debunked claims that it has financed the government to the tune of GH¢80 billion. BoG said it did not provide credit to the government from 2017 to 2019 or 2021. The Bank said it was only in 2020 that it issued the GH¢10 billion COVID-19 bond to the government,…