Category: Top Stories
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IMF deal positive signal for investor confidence, creditors – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the country’s recent agreement with the International Monetary Fund (IMF) will help to restore confidence and reopen avenues that have been closed to the country in recent years. In a speech to the nation on Sunday night, Akufo-Addo said that the IMF deal will not spell the…
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Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene
Banking and finance consultant, Dr. Richard Atuahene, has urged the Bank of Ghana and the government to strengthen the Ghana Financial Stability Fund to ensure the survival of struggling indigenous banks. During an appearance on The Big Issue on Citi TV and Citi FM, Dr. Atuahene emphasized that, in the wake of the domestic debt…
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Don’t shortchange customers; use standardized measurements – Traders told
Traders have been advised not to shortchange consumers by embracing standardized measurement in the markets. The Ghana Standards Authority which is encouraging the traders says this is to ensure trade facilitation and guarantee the protection of both consumers and traders. John Opoku Danquah is the Acting Head of Scientific Metrology at the Ghana Standards Authority;…
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PURC justifies 18.36% increase in electricity tariff
The Public Utility Regulatory Commission (PURC) has given insights into factors that it considered in the approval of the recent 18.3 percent electricity tariff increase. According to the commission, the tariff was supposed to be increased by 27.5% to cover some GH¢1.3 billion that the Electricity Company of Ghana (ECG) ought to have recovered. The…
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BoG Act needs clarity, improvement for easy implementation – Governor
Dr Ernest Addison, the Governor of the Bank of Ghana, says there is a need to improve the Bank’s (Amendment) Act, 2016 (Act 918) to make it clearer for implementation. He said looking at the current Act, there were still inconsistencies and difficulties with implementation albeit efforts to improve it in 2016. The Governor was…
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We’re ready to provide liquidity support to banks – BoG reiterates
The Bank of Ghana has reiterated that it stands ready to provide emergency liquidity support for banks in the country in line with their rules for liquidity assistance. According to the Central Bank, though no bank in the country has applied for liquidity support from the central bank currently, it has put in place measures…
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Utility tariff increase will cripple businesses – AGI
The Association of Ghana Industries (AGI) has expressed disappointment at the Public Utilities Regulatory Commission (PURC) for announcing an upward adjustment in utility tariffs. Effective June 1, 2023, the cost of water services will see an upward adjustment for all consumer groups whiles electricity and natural gas is also expected to go up by 18.36%.…
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GRA arrests 3 shop owners for not issuing VAT invoices
The Domestic Tax Revenue Compliance Taskforce of the Ghana Revenue Authority (GRA) has apprehended three wholesale shop managers operating in the North Industrial Area for deliberately failing to issue VAT invoices to customers. According to the GRA, these managers, who primarily import food products, have caused significant financial losses to the state by neglecting their…
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GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs
The Board Chairman of the Ghana National Petroleum Corporation (GNPC) Freddie Blay has threatened to take legal action against some 29 CSOs calling for his resignation over a decision to sell a 50% stake in Jubilee Holdings Limited (JOHL) to PetroSA. In a statement, Mr. Blay also described the call for his resignation, as well…
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Chinese involvement in Ghana’s economy not problematic – Nana Addo
President Nana Addo Dankwa Akufo-Addo says he finds no problem with the Chinese involvement in the Ghanaian economy. President Akufo-Addo remarked that China has proven to be a reliable partner in times of difficulty. His comment comes after an IMF report on Ghana for the year 2023 says China may take control of the country’s…