Category: Top Stories
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‘We had no choice’ – PURC justifies 18.36% electricity hike
The Public Utilities Regulatory Commission (PURC) has justified the 18.36 percent tariff increment announced on electricity and natural gas. According to the Commission, the decision was taken after its Quarterly Tariff Review meeting for the second quarter of the year 2023. The PURC blamed the depreciation of the cedi, inflation, electricity generation mix, and the…
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80% of peasant farmers want Planting for Food and Jobs programme reviewed
About 80 percent of farmers across nine out of the 16 regions of Ghana are demanding the modification of government’s Planting for Food and Jobs (PFJ) initiative. This is the key highlight of findings by the Peasant Farmers Association Ghana after an assessment of the PFJ during the 2022 planting season. The farmers argue that…
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Analysts welcome IMF approval; advise gov’t against fiscal recklessness
Financial sector analysts have applauded government’s efforts at securing the approval of the $3 billion balance of payment extended credit facility from the International Monetary Fund (IMF). The final approval was made during the Executive Board’s crunch meeting held on Wednesday, May 17, 2023, following Ghana’s official financing assurances from the Paris Club and other…
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Economist cites economic, social considerations in restoring collapsed banks’ licences
An associate professor with the Department of Finance at the University of Ghana Business School, Lord Mensah has welcomed the assurance given by former President John Dramani Mahama to restore licenses of some banks that were “unjustly” revoked during the government’s financial sector reforms. The clean-up initiative, overseen by Finance Minister, Ken Ofori-Atta from mid-2017…
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IMF board approves Ghana’s $3bn bailout to revive ailing economy
The International Monetary Fund’s executive board has approved a $3 billion, three-year extended credit facility for Ghana, three senior Ghanaian officials said on Wednesday, as the West African country tries to overcome its worst economic crisis in a generation. Two other sources familiar with the process said the IMF agreement marked an important step forward…
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Cedi becomes world’s best performer ahead of anticipated IMF bailout – Bloomberg
The Ghana Cedi, has outperformed all other global currencies against the US dollar over the past six months, buoyed by investor confidence in the country’s potential approval for a US$3 billion bailout from the International Monetary Fund (IMF). According to Bloomberg’s currency tracker, the Cedi’s remarkable 33% gain since November marks the highest among approximately…
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CUTS International criticizes PURC for ‘ill-timed’ 18.36% tariff increase
Research and public policy think tank, CUTS International has reacted to the recent tariff increment by the Public Utilities Regulatory Commission (PURC) for electricity and natural gas by 18.36% across all consumer groups. The decision to increase the tariffs was made after a review for the second quarter of 2023 to prevent extended power outages and…
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Chamber of Commerce doubts impact of 10% transport fare reduction on businesses
The Ghana Chamber of Commerce and Industry expressed skepticism regarding the impact of the 10% reduction in transport fares on businesses, considering it to be insufficient. Following a series of minor decreases in fuel prices, the reduction in fares will affect various modes of transportation including shared taxis, intra-city, intercity transportation, and haulage, as stated…
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PURC increases electricity tariff by 18.36%
The Public Utilities Regulatory Commission (PURC) has increased tariffs for electricity and natural gas by 18.36% across the board for all consumer groups. The decision was taken after a review for the second quarter of 2023. PURC in a statement explained that the decision was taken to balance the prevention of extended power outages and…
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There’s no mismanagement at GIHOC – Management
The Management of GIHOC distilleries has dismissed calls for the removal of the Managing Director, Maxwell Kofi Jumah. The workers on Tuesday, May 16 staged a protest demanding the payment of salary arrears and accused the MD of mismanagement. The workers also allege that their Social Security and National Insurance Trust (SSNIT) contributions and Provident…