Category: Top Stories
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Economist calls for prudent spending as IMF’s $1 billion SDR allocation hits BoG’s account
Sources at the Bank of Ghana have confirmed to Citi Business News that the $1 billion dollars interest-free money expected from the International Monetary Fund (IMF) as part of the Special Drawing Rights (SDR) program, has hit the accounts of the Bank of Ghana. The Board of Governors of the IMF at the start of…
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Address valuation and secrecy concerns raised against GNPC-Aker Energy deal – CSOs to government
A group of civil society organisations working in the extractive industry has asked government to take steps to address concerns raised against moves to increase the country’s stakes in oil blocks operated by Aker Energy and AGM Petroleum Ghana. The group had earlier expressed worry over the valuation of the company, among others. A member…
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African countries must jointly negotiate with China for better deals – IEA
The Institute of Economic Affairs (IEA) says African countries must begin collaborative negotiations when doing business with China. According to the Civil society Organisation, this move would give countries on the continent better leverage in their deals with the Asian country. China continues to be a major business player with most African countries. Ghana for…
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COPEC blames recent fuel price hikes on cedi depreciation
The Chamber of Petroleum Consumers says the current increase in fuel prices is largely due to the recent depreciation of the Ghana Cedi. Fuel prices at the pumps of major oil marketing companies shot up from about GH¢6.28 to GH¢6.35 over the weekend, an increase that many consumers have expressed concern over. In an interview…
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53% of SSNIT beneficiaries receive less than GH¢1000 — NPRA
More than half (53 per cent) of the 233,670 pensioners on the Social Security and National Insurance Trust (SSNIT) payroll currently receive less than GH¢1000 per month, Director of Planning, Research, Monitoring and Evaluation at the National Pensions Regulatory Authority (NPRA), Mr. Ernest Amartey-Vondee, has disclosed. Out of this number, he said 1,669 people were…
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Artisanal Palm Oil Producers want 50% reduction in benchmark values reversed
While the Ghana Union of Traders Association, GUTA is calling for the maintenance of the 50% benchmark values reduction policy, Artisanal Palm Oil Millers and Outgrowers say the policy is deepening their woes amidst the Covid-19 pandemic. According to the Artisanal Palm Oil Millers and Outgrowers Association, the policy is rendering locally produced crude palm oil…
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Prof. Quartey urges new BoG board to push for a reduction in loan default rates
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged the new board of the Bank of Ghana to among other things strengthen the Central Bank’s enforcement and regulatory mechanisms. This follows the swearing-in of the board and a call by President Nana Akufo-Addo for the board…
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Banks have no excuse to keep lending rates high – Osafo-Maafo
Senior Presidential Advisor, Yaw Osafo-Maafo says it has become necessary for banks to reduce their interest rates since the financial sector clean-up which took place in 2017 reduced the risks associated with lending money to the public. The financial sector clean-up saw the revocation of licences of nine commercial banks, 23 insolvent savings and loans…
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MTN Ghana to pilot 5G network in 2023
The Chief Executive Officer of MTN Ghana, Selorm Adadevoh has announced a partnership with 6 other multinationals to build a comprehensive subsea data cable to serve the African continent and the Middle East region. The move according to the telecom giant is due to its astronomical growth in demand for internet and data services influenced…
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Don’t reverse the 50% reduction in benchmark values – GUTA appeals
The Ghana Union of Traders Associations (GUTA) wants the government to abort plans to scrap the 50% reduction in benchmark values. GUTA insists that, if the reversal is carried through, it will adversely affect their businesses. There are rumours that government intends to reverse the 50% reduction in benchmark values introduced about two years ago.…