Category: News
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October inflation drops to 9.5%, lowest in five years
The inflation rate for October 2018 dropped to 9.5%, down by 0.3% from the 9.8% recorded in September 2018. According to the Ghana Statistical Service(GSS), the figure is lowest rate that has been recorded in the past five years sine 2013. However, this rate has been measured without the revised economic rebasing figures. Inflation measures…
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Kweku Adoboli, ex-UBS trader deported to Ghana
Kweku Adoboli, the former UBS trader convicted of fraud, has been deported to Ghana, despite a long campaign to keep him in Britain. His lawyer confirmed he was flown out of Heathrow Airport in the evening of November 14th, 2018 after being detained in Scotland on Monday. Adoboli, aged 38 and who has lived in…
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Amend Internal Audit Agency Act- Internal auditors demand
The Internal Auditors Association Ghana (IAAG), has called for an amendment of the Internal Audit Agency Act, 2003 (Act 658) to enable auditors within government agencies perform their duties decently. Their calls come on the back of the Finance Minister’s remarks in parliament during the 2018 Mid-year Budget Review in July, where he called for…
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2019 Budget: civil servants call for improved standard of living
With just about 24 hours for the Finance Minister Ken Ofori Atta to present the 2019 Budget on, some civil servants are calling for economies that will improve their wellbeing. According to them, government must try to reduce the prices of petrol and electricity tariffs to make life easier for them. Citi Business News visited…
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Borrowing by low, mid-income economies tripled in 2017—Report
Borrowing by low and middle-income economies from external official and private creditors surged to $607 billion in 2017 from $181 billion the previous year, the highest level in three years, as net debt inflows surpassed equity inflows for the first time since 2013, the World Bank’s International Debt Statistics 2019 shows. Net financial inflows –…
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Stanchart tops Most Credible Bank ranking in Ghana
A new 2018 ranking of Ghanaian banks conducted by Credmap Technology, based on an assessment of their credibility has put Standard Chartered Bank at number one out of 20 banks. Zenith Bank (Ghana) Limited came 2nd, followed by Ecobank Ghana Limited in the 3rd position, United Bank for Africa (Ghana) Ltd in the 4th position,…
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Govt’s borrowing to bloat debt stock by GHc16bn – Minority predicts
The Minority in Parliament is projecting an addition of GHc16 billion to Ghana’s public debt stock. The public debt stock as at August 2018, stood at GHc159.4 billion up from GH¢122 billion some two years ago. According to the Minority, government’s appetite for borrowing has been compounded by the need for them to raise capital…
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Renegotiate Meridian port expansion deal or we’ll sue – Danquah Institute
The Danquah Institute has threatened to go to court if the Port expansion project agreement between the Meridian Port Services and Ghana Ports and Harbors Authority (GPHA), signed in 2015, is not renegotiated. Executive Director of the Danquah Institute, Edward Asumani, at a press conference on Tuesday, said they will have no option than to…
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An Open letter to the Finance Minister
Dear Minister, I hope your day has started well. I assume you and your team must be having a hectic time dotting your “I”’s and crossing your “T”’s towards the 2019 budget presentation. Media reports say the President has assured Ghanaians that the budget would “reflect the hope Ghanaians have in the government and the…
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![2019 Budget: Importers call for cedi stabilization against the dollar [Audio report]](https://citibusinessnews.com/wp-content/uploads/2016/01/cedi-notes-1.jpg)
2019 Budget: Importers call for cedi stabilization against the dollar [Audio report]
With Some forty eight hours away from the presentation of the 2019 budget, some importers have urged government to take critical steps to strengthen the local currency against the dollar in the coming year. The local currency begun the year on the interbank market trading at GHC 4.42 pesewas to one dollar, but is currently…