Category: News
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Parliament hopeful of a successful IMF program exit after meeting
Parliament is expecting a successful exit from the International Monetary Fund’s (IMF’s) extended credit facility program which was entered into in 2015, should lead to better ratings for Ghana on the international market as well as cheaper cost of credit. This was made known by the Chairman of the Finance Committee of Parliament, Dr. Mark…
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Bank of Baroda auctions chairs, water dispenser after liquidation
The Ghana unit of India state-owned lender, Bank of Baroda is auctioning its properties that include chairs and water dispenser as it prepares to finally pack out of Ghana. The auction is believed to be the final leg of the bank’s liquidation process, which started in December 2018. The decision to wind up the Ghana…
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Fundamentals still solid despite cedi depreciation – BoG
The current free fall of the cedi against major trading currencies especially the dollar has nothing to do with Ghana’s economic fundamentals, according to Director of Treasury at the Bank of Ghana, Steven Opata. Speaking on the Citi Breakfast show on Wednesday, Steven Opata said currently, the economic fundamentals are good and the central bank expects the…
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Minority demands withdrawal of GNPC’s ‘controversial’ 2019 work programme
The Minority is demanding the withdrawal of the Ghana National Petroleum Corporation’s (GNPC) work programme for the year 2019 currently before the House. According to the Minority Spokesperson on Finance, Cassiel Ato Forson, the allocations for items such as corporate social responsibility and the use of GNPC as a vehicle to borrow some 250 million…
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ACEP raises alert over GNPC’s $43m CSR budget
The Africa Centre for Energy Policy (ACEP) is unhappy with plans by the Ghana National Petroleum Corporation (GNPC) to spend about $43 million on Corporate Social Responsibility (CSR) and less on its operational functions. According to ACEP, GNPC is spending $20 million on its operations in the Voltain Basin which is less than 50% of…
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Gov’t provides 100% guarantee for 1.14 billion Cedis NIB bond
Government is to provide a 100 percent guarantee for a 1.14 billion cedis bond that will be issued under the Ghana Amalgamated Trust (GAT) to help the National Investment Bank(NIB). The bond, which will be issued before the end of February this year will be the second tranche after an initial one for four other…
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Small Scale Miners Association decry delays in issuing permits
The Small Scale Miners Association (SSMA) have bemoaned delays in the issuance of permits by some government agencies to enable their members resume operations. The miners say although the ban on their operations have been lifted, some state agencies have not yet completed activities that will enable them commence operations. Citing the Lands and Natural…
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Fiscal Council must be independent to be effective –World Bank
Some stakeholders in the financial sector have stressed the need for the newly formed Fiscal Council to operate independently without being influenced by government. The comments were shared at a roundtable workshop in Accra, on the theme “The Suitable Model of Fiscal Council for Ghana: Learning from Best Practices”. The workshop which was facilitated by the…
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Vodafone Ghana appoints first Ghanaian CEO
Vodafone Ghana has appointed Mrs. Patricia Obo-Nai as its new Chief Executive Officer (CEO) with effect from 1st April 2019. Patricia is a member of Vodafone Ghana’s Executive Committee and is the first Ghanaian to be appointed CEO of Vodafone Ghana. An Engineer by profession, she comes into her new role with 22 years of…
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VRA debt owed Ghana Gas hits $735 million
Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars. The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants. The development according to Ghana Gas is affecting its financial status. Speaking at a press…