Category: Local Economy
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We’ve not conspired with any operatives to transfer funds offshore – BoG
The Bank of Ghana has debunked allegations by the Director of Research at the Ghana Trades Union Congress (GTUC), Dr. Kwabena Nyarko Otoo that it is collaborating with some operatives at Cow-lane in Accra to illegally transfer funds offshore. The Central Bank says it vehemently denies the said allegations and also considers them extremely reckless.…
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There won’t be ‘haircuts’ on your investments – Akufo-Addo assures
The President, Nana Addo Dankwa Akufo-Addo has assured that government does not intend to slash the returns made on investments as speculated. President Akufo-Addo gave the assurance when he addressed the nation on Sunday following economic challenges currently confronting the country. “I also want to assure all Ghanaians that no individual or institutional investor, including…
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Our negotiations with IMF progressing smoothly; ignore contrary claims – Gov’t
The Ministry of Finance has rejected claims that its negotiations with the International Monetary Fund (IMF) for a bailout have not been smooth as projected. A statement from the Ministry said such claims are untrue and should be disregarded. Some reports in the public domain say the negotiations are not going well because the Fund…
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Petrol, diesel prices to go up further to ¢18 and ¢20 by mid-November – IES
As the country continues to suffer continuous fuel price hikes and increases in transport fares, consumers may have to brace themselves for more shocks in the coming weeks. This is because the Institute for Energy Security (IES) is predicting petrol and diesel prices to go up further to ¢18 cedis and ¢20 per liter for…
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There is more to be done to revive the Cedi – Economist Patrick Asuming
An Economist Dr. Patrick Asuming has stated that although the cedi has slowed down its depreciation against major trading currencies, there’s still more government needs to do to stabilize it. The rate of depreciation of the Ghana cedi to the US dollar slowed down on Tuesday, following weeks of free fall as the government takes…
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ATC Ghana wins 4 awards at GITTA 2022
ATC Tower (Ghana) LTD, at the weekend, was presented with four prestigious awards at the Ghana Information Technology and Telecom Awards (GITTA). The awards ceremony, which was held at the Movenpick Ambassador Hotel in Accra on Friday 21 October 2022, awarded the company the top spot in two categories whilst the other two were presented…
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JICA concludes Cohort 2 of the NINJA Program with Demo Day
The Japan International Cooperation Agency (JICA), in partnership with Ghana Enterprise Agency, Accra Digital Center, and MDF West Africa launched the NINJA (Next Innovation with Japan) Program in Ghana. Supporting eight startups with business incubation support and financial support of GHȼ240,000 in total, the second cohort of the NINJA ended with a Demo Day. On…
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BoG revokes license of two popular forex bureaux in Accra
The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country. The…
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Sacking Ofori-Atta not enough; size of gov’t must also be reduced – Bokpin
A lecturer of economics at the University of Ghana Business School, Prof. Godfred A. Bokpin has stressed that the demand for the removal of the Finance Minister, Ken Ofori-Atta isn’t enough to turn around the country’s economic woes. Some Members of the Majority Caucus in Parliament have joined in the demand calling for his head…
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$1.13bn Cocoa Syndicated Loan: First tranche expected to hit BoG account today
The first tranche of the $1.13 billion cocoa syndicated loan is expected to hit the account of the Bank of Ghana today, October 26, 2022. Sources indicate that about $790 million is expected to come in from the consortium of banks. The $790m forex to be received by the BoG, is expected to bolster the…