Category: Local Economy
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NDC demands resignation of BOG Governor, deputies within 21 days
The opposition National Democratic Congress (NDC) is calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies. The party has threatened to march to the premises of BoG to drag Dr Addison and his deputies from office if they fail to resign within 21 days. The Bank…
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COCOBOD extends deadline for debt exchange to August 18
The Ghana Cocoa Board (COCOBOD) has once again revised the deadline for its debt exchange programme to Friday August 18 from the initial announcement of August 3, 2023. The new announcement date has also been revised to Monday, August 21, 2023 while the settlement date now shifted to August 25. On July 14, the Ghana…
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Govt misses T-bills target marginally by 3.6%
The government’s treasury bills target of GHS 2.262 billion fell short of about 3.6 percent. The Bank of Ghana results show that the government secured GHS 2.179 billion as against a target of GHS 2.261 billion. This 3.6 percent decrease in target does not directly impact strong investor demand as interest rates continued to surge…
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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Tamale Airport likely to be opened in August
The Tamale International Airport may be inaugurated in August this year. The 70-million-dollar Phase 2 project was anticipated to be completed in August 2022. A year on, test runs are underway ahead of expected commissioning. Meanwhile, passengers who travelled to Tamale through the airport were pleasantly surprised to use the all-new 70-million-dollar Phase 2 terminal…
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Chamber of Corporate Trustees signals readiness to participate in new DDEP
The Chamber of Corporate Trustees has indicated its preparedness to participate in the alternative Domestic Debt Exchange Programme (DDEP) being offered by the Government of Ghana (GOG). This comes on the back of an earlier announcement by the Ministry of Finance for the restructuring of ¢31 billion pension funds in the second phase of its…
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BoG answers questions arising from GHS 60 billion loss
The Bank of Ghana (BoG) has provided answers to the GHS 60 billion loss it posted at the end of the 2022 financial period. This significant loss, was largely caused by the Domestic Debt Exchange Programme (DDEP). The huge impairment is also attributed to a 50% haircut on non-marketable holdings of Government of Ghana securities,…
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GUTA demands suspension of new port tariffs
The Ghana Union of Traders’ Association (GUTA) has called on the Ghana Ports and Harbours Authority (GPHA) to suspend the implementation of its new tariffs. Instead, the association has asked the GPHA to “engage stakeholders as the adverse impact of these increases would further compound the high cost of doing business.” This was contained in…
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Organised labour willing to engage govt on including pension funds in DDEP
Organised Labour says it is willing to engage with the government regarding the inclusion of their pension funds into its Domestic Debt Exchange Programme. The government has initiated an alternative offer for pension funds exchange, inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc, and Daakye Trust Plc. The offer aims…
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COCOBOD revises deadline for debt exchange programme to August 3
The Ghana Cocoa Board (COCOBOD) has revised the deadline for its debt exchange programme to Thursday August 3 from the initial announcement of August 4, 2023. This, the Board explains is in compliance with the directive regarding the observation of August 4 as a statutory public holiday. On July 14, the Ghana Cocoa Board (COCOBOD)…