Category: Top Stories
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Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims
Some disgruntled customers of Ghana Life Insurance Company Limited are accusing the company of using delay tactics in the payment of their matured insurance policies. According to the customers the delay in the payment of their matured funds comes after investing with the company for about 6 years. Most of the customers Citi Business News…
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BoG urges African DFIs to enhance credit rating positions to boost investment
The Bank of Ghana is urging Development Finance Institutions across Africa to ramp up efforts to enhance credit rating positions to attract more global investments. Access to global debt capital and loan markets continues to remain a problem hence the call by the Central Bank for these financial institutions to implement policies that will attract…
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Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo
Foreign illicit financial transactions and tax evasion by multinational companies are draining Africa’s domestic resources and depriving it of crucial investment funds. This is according to President Nana Addo Dankwa Akufo-Addo. According to him, the phenomenon is denying the continent the needed tax revenue to finance important development programmes for the country. Speaking during the…
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Gold exports push Ghana’s trade surplus to $1.3 billion in April
New figures from the Bank of Ghana have shown that Ghana’s total balance of trade recorded a surplus of US$1.33 billion in the first four months of this year. This, according to the Central Bank’s Summary of Economic and Financial Data, is equivalent to 1.9 percent of Gross Domestic Product (GDP). The surplus recorded is…
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Gov’t expenditure needs to be checked to help deal with inflation – ICAG
The Institute of Chartered Accountants Ghana is calling for fiscal discipline amidst the current high inflation and policy rate. Some stakeholders have blamed unbudgeted spending by government Ministries, Departments and Agencies (MDA’s) for contributing to the high level of inflation in the country. Since May 2021, when national inflation stood at 7.5%, the rate has…
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Take control of financing on the continent – Ofori-Atta to AfDB
Finance Minister, Ken Ofori-Atta, has urged the African Development Bank to strengthen itself to take control of financing more projects on the continent. According to him, the bank must put in place measures to ensure that no financial institution, including the Bretton Woods, has a deeper foothold on the continent than the African Development Bank.…
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We’ll avert any looming food crisis with effective planning – AfDB Boss
The African Development Bank Group president, Dr. Akinwumi Adesina, says he is confident that Africa will be able to avoid a looming food crisis in the coming months. To tackle the disruption of food imports from the Russian-Ukraine crisis, the Board of Directors of the Bank last week approved a $1.5 billion African Emergency Food…
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Value of MoMo transactions decrease by 3% between March and April 2022
The value of mobile money transactions has seen a three percent decrease between March and April 2022. According to latest data from the Bank of Ghana, the value of transactions dropped from GHS90.5 billion in March to GHS87.7 billion in April. The number of MoMo transactions also dropped from 413 million in March to 403…
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Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison
Governor of the Bank of Ghana Dr. Ernest Addison, has revealed that Ghanaians are likely to experience heightened inflation rates for the rest of the year 2022 but should expect a single digit inflation in the year 2023. The national inflation rate as at April this year stood at 23.6%, almost triple the Central Bank’s…
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Monetary Policy Rate increased again by 200 basis points; now at 19%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 200 basis points to 19 %. This is the second time in 12 months that the Central Bank has increased the key rate by 200 basis points or more. The rate, which is of keen interest to businesses,…