Category: Local Economy
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Ghana Association of Banks welcomes provisions for recapitalization
The Ghana Association of Banks is urging banks whose capitals are below the minimum capital requirement to quickly build it up to meet the right requirements proposed by the Central Bank. The Association maintains that this will also boost their businesses. This comes as the Bank of Ghana has given banks up to the end…
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BoG commissions Financial Industry Command Security Operations Centre
In its quest to ensure the delivery of a safer digital financial industry, the Bank of Ghana (BoG) has inaugurated an advanced command centre known as the ‘Financial Industry Command Security Operations Centre (FICSOC)’. The move forms part of efforts to curb the numerous cybersecurity risks in the country and to create a secure cybersecurity…
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Investments, loans issues top complaints at banks for 2022 – BoG report
Customer issues regarding investments and loans were among the top five category of complaints recorded in banks for 2022. The others included complaints on current accounts, digital and electronic-money services and products. This is according to the Bank of Ghana (BoG) Complaint Management Report 2022. Out of the total 983 reports received, investment products and…
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Ghana will soon return to international market to borrow – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has revealed plans to return to the International market to borrow to fund infrastructural projects following the successful completion of Ghana’s $3 billion deal with the International Monetary Fund. Speaking at the Qatar-Africa Economic Forum in Doha, Mr. AKufo-Addo said even though his government is in no rush to return…
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GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies
Board Chair of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, has refuted claims of a contract being brokered to sell a 50% stake in Jubilee Holdings Limited to South African oil business, PetroSA, despite the significant revenue this interest has for the state. Mr. Blay has been accused by 29 civil society organizations of…
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Gold for Oil has doubled Ghana’s gold reserves – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison says the country’s gold reserves have doubled following the gold for oil deal. Ghana’s gold reserves according to the Governor would have been low if the gold for oil policy was not rolled out. The program was initiated by the government as a response…
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29 CSOs raise red flags over GNPC – PetroSA deal
The CSO Coalition on Extractive Governance is demanding for the immediate removal of GNPC Board Chairman, Freddie Blay and its CEO, Opoku Ahweneeh Danquah. The demand for their removal comes in light of GNPC’s intention to sell 50% stakes in Jubilee Holdings Limited (JOHL) to PetroSA, despite the substantial revenue potential this interest holds for…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…
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Irate GBC staff threaten strike over withdrawal of allowances
Staff of the Ghana Broadcasting Corporation (GBC) have threatened to embark on a series of industrial actions if the Fair Wages and Salaries Commission does not reinstate their allowances. Samuel Nat Kevor, the Divisional Union Chairman of GBC, on Tuesday, May 23, urged the Fair Wages and Salaries Commission to reverse its decision to withdraw…
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Mere IMF-dictated fiscal discipline not enough to solve Ghana’s problems – Bernard Avle
The General Manager of Citi FM and Citi TV, Bernard Avle, is convinced that the regularity with which Ghana and other countries in the global South seek assistance from the International Monetary Fund (IMF) indicates deeper issues beyond mere IMF-dictated fiscal discipline. According to him, “There are ideological, cultural, philosophical, and historical factors at play…