Category: Top Stories
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VADUG members resist implementation of Customs Amendment Act
The Vehicle and Asset Dealers Union of Ghana (VADUG) says it will resist all attempts by government to implement the Customs Amendment law 2020, as it has the potential of collapsing their business. The vehicle dealers lament that despite several engagements with the government to halt the implementation of the bill, government has announced its…
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AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition
With the growing global concerns over food security, The African Union Development Agency – AUDA-NEPAD has held a two-day workshop for stakeholders including the youth and the media to proffer solutions to creating more awareness of the need for proper nutrition and ensuring food security in Africa. This comes at a time when COVID-19 has…
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Full Text: Monetary Policy Committee of BoG increases key rate to 22%
The Monetary Policy Committee (MPC), today held an extraordinary meeting to review recent developments in the economy and assess risks to the outlook. The Committee took note of the increase in inflation in the month of July and heightened pressures in foreign exchange market and deliberated on the underlying drivers. A summary of the assessment…
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Cost of credit to further go up as Bank of Ghana raises policy rate to 22%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 300 basis points to 22%. The increase in the key rate follows an emergency Monetary Policy Committee (MPC) meeting held by the Central Bank on August 17, 2022. It also comes at a time when the country is…
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BoG increases Monetary Policy Rate to 22% after crunch meeting
The Bank of Ghana has raised the Monetary Policy Rate by 300 basis points from 19 percent to 22 percent. The last change in the policy rate was in May 2022 and was maintained in July 2022. This development follows a Monetary Policy Committee meeting earlier on Wednesday because of Ghana’s recent economic challenges. The…
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AGI reiterates calls for the implementation of policies to support businesses
The Association of Ghana Industries, AGI, has reiterated calls for the introduction of deliberate policies and programmes to support industries or businesses. According to the AGI, this is one of the best ways that the country can overcome its current economic crisis. Speaking at the 5th Ghana Industrial Exhibition Summit in Accra, President of the…
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Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate
A global investment and research firm, Goldman Sachs, has predicted that the Bank of Ghana (BoG) will raise its policy rate by 200 basis points (bp) on Wednesday when it concludes an emergency Monetary Policy Committee (MPC) meeting called to respond to the current economic challenges. This is according to the Daily Graphic. The firm…
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Tariff Increment: PURC urged to ensure consumers get value for money from electricity usage
The Chamber of Independent Power Producers Distributors and Bulk Consumers, has charged the Public Utilities Regulatory Commission PURC to ensure consumers get value for their money. This comes after the Public Utilities Regulatory Commission (PURC) announced a 27.15% increase in tariff for electricity and 21.55% increase in water tariff effective September 1, 2022. Commenting on…
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BoG to hold emergency MPC meeting on Wednesday
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced an emergency meeting scheduled for Wednesday, August 17, 2022. According to a statement issued by the Central Bank, the emergency MPC meeting is to review recent developments in the Ghanaian economy. The move by the Committee, is believed to be mainly the…
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BoG, EOCO deepen collaboration to build robust financial sector
As part of efforts to build a strong and robust financial sector, the Bank of Ghana and the Economic and Organised Crime Office, EOCO have signed an agreement strengthen the investigative operations of the EOCO. To this end, the Board of the Central Bank has approved a grant of ten million Ghana cedis which will…