Category: Top Stories
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COVID-19 related interventions pushing debt stock to unsustainable levels – BoG Governor
Governor of the Bank of Ghana Dr. Ernest Addison has stated that the current debt-to-GDP ratio of 71 percent could be an indication that government is approaching its limit when it comes to the implementation of its COVID-19 related interventions meant to cushion Ghanaians and businesses against the adverse impact of the global pandemic. Apart…
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Rural banks to re-engage BoG on directive to suspend dividend payment to shareholders
President of the Association of Rural Banks (ARBs), Daniel Ohene Kwaku Owusu, has said his outfit will re-engage the Central Bank on its directive to banks and other Specialized Deposit-Taking Institutions (SDIs) to suspend the payment of dividends to their shareholders. He indicated that though the Bank of Ghana’s directive was with good intentions, the…
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Policy rate maintained at 14.5% for 4th consecutive time
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate for the 4th consecutive time this year at 14.5 percent after a similar decision in May, July and September 2020. The rate is of keen interest to businesses, as it signals the rate at which the Central Bank will lend to…
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Value of MoMo transactions drops after five months of consistent increase
The total value of Mobile Money transactions has fallen for the first time after five months of continuous increase. The surge began in May, as it shot up from GHS32.8 billion in April to GHS41.5 billion, representing a whopping 26.5 percent increase. But after several months, it has dropped from GHS58.8 billion in September to…
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COVID-19 impact on Ghana’s movie industry: Drive-in theatres becoming the new trend
The COVID-19 pandemic has distracted the global film industry, halting film production and closing cinemas. Global box office revenues totalled US$42 billion last year, contributing almost one-third of the estimated US$136 billion in the value of worldwide movie production and distribution. According to PwC’s entertainment and media outlook: 2018 – 2022, Ghana’s Entertainment and Media…
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IES Analysis: Ghana’s power transmission losses surging
Power transmission losses within the Ghana Grid Company (GRIDCo) system keeps surging to 2013 highs and possibly beyond, far in excess of the allowable loss margin. Review of the “Electricity Supply Plans” from Ghana’s Energy Commission (EC) and data from the Ghana Grid Company (GRIDCo) indicate that since 2008, the rate of transmission losses from…
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End of the road for eight fund managers as official liquidator gazettes them
The Official Liquidator (OL) has gazetted eight additional fund management companies (FMCs) out of the 54 whose licenses the Securities and Exchange Commission (SEC) revoked. Two more companies, which have also been cleared, are going through the winding up and gazetting process. Their gazetting completes their journeys as corporate bodies. Those gazetted include UniSecurities Gh…
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Ghana’s debt stock hits GHS273.8 billion, crosses dreaded 70% debt-to-GDP mark
Ghana’s total public debt stock has risen by GHS54.8 billion in the first nine months of this year, hitting GHS273.8 billion as at the end of September 2020. Government is currently under pressure to slow down the rate of debt accumulation. The new debt figure pushes Ghana’s debt to GDP ratio to 71 percent, crossing…
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We have no political agenda, we only want debt cleared – IPPs to government
The Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB) has refuted accusations by government that it is creating unnecessary tension in the country by threatening to cut power supply should government fail to settle the over one billion dollar debt owed its members. The Chamber insisted that it is an apolitical group with…
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Stakeholders want Akufo-Addo to assent to Real Estate Authority Bill, 2020
Stakeholders in the housing industry are calling on the President, Nana Akufo-Addo to assent the Real Estate Authority Bill, 2020 into law as soon as possible. Parliament passed the bill earlier in the year which when turned into law will regulate real estate agency practice, the conduct of real estate practitioners, and commercial transactions in…