Category: Local Economy
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Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep
Pierre Frank Laporte, the World Bank (WB) Country Director to Ghana, says Ghana’s energy sector debt is a major contributor to the country’s debt woes. In an interview monitored by GNA, the country director indicated that his outfit had identified certain factors that were driving the country’s debt situations. According to Mr Laporte, one of…
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We’ll be swift with Ghana’s economic recovery – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, has reiterated the government’s commitment to swiftly restore Ghana’s economic fortunes in the shortest possible time. Speaking at MTN Group’s 2023 Capital Market Day (CMD) in Johannesburg, South Africa, a two-day event aimed at engaging with stakeholders in the financial community, Mr. Ofori-Atta expressed the government’s determination to revitalize…
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Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt
As the pensioner bondholders continue picketing at the Finance Ministry today over unpaid coupons, the group has renewed calls for government to borrow from the treasury bills market to pay them. According to the pensioners, the difficulties caused by the prolonged non-payment of their coupons and principals continues to bring untold hardship on them. Convenor…
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Sole implementation of cylinder recirculation model threatens our investment – LPG Operators
The Ghana Liquefied Petroleum Operators Association (GLPOA) has cautioned the government to stop the exclusive implementation of the Cylinder Recirculation Model (CRM) programme, as it will be a direct threat to investments made by Ghanaians in the LPG business. Speaking to Citi Business News during the opening of their 5th National Congress in Takoradi, the…
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Independent Power Producers demand 30% payment of arrears
The Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB) is demanding the payment of 30 percent of outstanding arrears owed its members by government. This call was agreed upon at an emergency meeting of IPPs on Tuesday 23rd May 2023. A statement issued by the Chamber and signed by its Chairman, Togbe Afede…
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We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta
Government has stated that it is certain of meeting the International Monetary Fund’s (IMF) requirements for fiscal consolidation in its quest to ensure economic recovery. The IMF, in its report on Ghana’s request for a $3 billion dollar extended credit facility, attributed Ghana’s economic challenges to weak domestic revenue mobilization efforts. The Fund also said…
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MTN shareholders given choice to convert dividend or take cash
Telecommunications Giant, MTN Ghana has secured approval to give shareholders the option to receive their final dividend payment of GHS0.124 per share for the 12-month period ended 31 December 2022, in cash or shares. The new method which was approved at the company’s fifth Annual General Meeting (AGM) on Tuesday, 30th May, 2023, through a…
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Pensioner Bondholders Forum disappointed over govt’s unresponsivenes
The Pensioner Bondholders Forum has expressed disappointment at the government’s continuous failure to pay all outstanding coupons and principals owed its members as promised. The Forum laments that government is in arrears of four coupons and four principals. It explains that the first coupon has been in arrears for 98 days, the second for 85…
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Transfer shares held by Jubilee Holdings to GNPC without delay – Minority to govt
The Minority caucus in Parliament, is calling on the Akufo-Addo government to as a matter of urgency transfer shares held by Jubilee Holdings Limited (JOHL) to the Ghana National Petroleum Commission (GNPC). The transfer of shares, the Minority believes will make Ghanaians confident that an appropriate oversight is being exercised on the assets. It said…
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Government’s delay in paying our arrears eroding investor confidence – IPPs
Independent Power Producers (IPPs) have stated that government’s failure to pay them their arrears will not boost investor confidence. This comes as the IPPS have declined government’s proposal to restructure about $1.58 billion in arrears owed them by the state. Ghana aims to cut $10.5 billion in interest payments on its external debt in three…