Category: Local Economy
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IEA casts doubt on robustness of Ghana’s IMF programme
The Institute of Economic Affairs has described the Extended Credit Facility IMF bailout offered Ghana as a “straitjacket” programme which has rendered the managers of the nation’s economy with limited innovative economic ideas to turn the ailing economy around. Ghana received the first tranche of the IMF cash on Friday, May 19 after successfully embarking…
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All set for 2023 Citi Business Festival in June
As the month of June inches closer, Citi FM and Citi TV will bring you the most anticipated business programme, the Citi Business Festival next month, June 2023. The Citi Business Festival is a month-long initiative marked with on-air and outdoor events held annually in the month of June to equip the Ghanaian business community…
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Govt maintains COVID-19 levy despite calls for removal
The government still wants to raise more revenue through the COVID-19 Health Recovery Levy, despite the end of the pandemic in the country. This may come as a disappointment to both consumers and the business community who have been pushing for the removal of the tax, which they say is contributing to the rising cost…
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IMF deal positive signal for investor confidence, creditors – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the country’s recent agreement with the International Monetary Fund (IMF) will help to restore confidence and reopen avenues that have been closed to the country in recent years. In a speech to the nation on Sunday night, Akufo-Addo said that the IMF deal will not spell the…
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Don’t shortchange customers; use standardized measurements – Traders told
Traders have been advised not to shortchange consumers by embracing standardized measurement in the markets. The Ghana Standards Authority which is encouraging the traders says this is to ensure trade facilitation and guarantee the protection of both consumers and traders. John Opoku Danquah is the Acting Head of Scientific Metrology at the Ghana Standards Authority;…
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BoG Act needs clarity, improvement for easy implementation – Governor
Dr Ernest Addison, the Governor of the Bank of Ghana, says there is a need to improve the Bank’s (Amendment) Act, 2016 (Act 918) to make it clearer for implementation. He said looking at the current Act, there were still inconsistencies and difficulties with implementation albeit efforts to improve it in 2016. The Governor was…
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We’re ready to provide liquidity support to banks – BoG reiterates
The Bank of Ghana has reiterated that it stands ready to provide emergency liquidity support for banks in the country in line with their rules for liquidity assistance. According to the Central Bank, though no bank in the country has applied for liquidity support from the central bank currently, it has put in place measures…
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GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs
The Board Chairman of the Ghana National Petroleum Corporation (GNPC) Freddie Blay has threatened to take legal action against some 29 CSOs calling for his resignation over a decision to sell a 50% stake in Jubilee Holdings Limited (JOHL) to PetroSA. In a statement, Mr. Blay also described the call for his resignation, as well…
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Chinese involvement in Ghana’s economy not problematic – Nana Addo
President Nana Addo Dankwa Akufo-Addo says he finds no problem with the Chinese involvement in the Ghanaian economy. President Akufo-Addo remarked that China has proven to be a reliable partner in times of difficulty. His comment comes after an IMF report on Ghana for the year 2023 says China may take control of the country’s…
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Joe Jackson cautions govt against immediate return to international market
Financial analysts are warning government to be extremely cautious in its quest to immediately go back to the capital market following the approval of the country’s deal with the International Monetary Fund (IMF). The warning comes after fresh hints by President Akufo-Addo that government has plans to borrow again from the market soon to fund…