Category: Top Stories
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Bulk Fish Importers Association of Ghana lament impact of taxes on business
Consumers of fish products should expect a hike in the prices of the products in the coming days. This, according to the Bulk Fish Importers Association of Ghana is as a result of the numerous taxes introduced by government, which is impacting negatively on the cost of doing business in the country. The Association explains…
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Mahama to restore licences of unjustly collapsed banks
Former President John Dramani Mahama has stated that the next National Democratic Congress (NDC) administration will restore the licences of banks whose authorizations were “unjustly” revoked as part of the government’s financial sector reforms. This, he claims, is one of the rafts of measures aimed at revitalizing the banking industry and boosting financial confidence. “”We…
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Aggrieved Gold Coast customers threaten to resume picketing over unpaid funds
Following the expiration of a week ultimatum given to authorities, aggrieved customers of the defunct Gold Coast Fund Management Company have threatened to resume picketing at the Securities and Exchange Commission (SEC) in demand for their locked-up funds. The customers, who operate under the name BlackShield Capital Limited, claim that they have not received any…
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IMF deal: Ghana will return to international capital market soon – Govt
The government is optimistic that Ghana will be able to return to the international capital market as soon as possible. Ghana is on the verge of securing a US$ 3 billion IMF bailout to help with the country’s balance of payment problems, with the first tranche of US$600m expected to be authorized by Wednesday and…
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IMF likely to approve first $600m tranche for Ghana by Wednesday
Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday. Ghana is seeking $3 billion from the Fund to shore up its battered economy.…
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Fuel prices to decline in second pricing window of May – COPEC
The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a decline in the prices of fuel in the second pricing window of May 2023. COPEC’s projections indicate that the decline is a result of the decrease in the price of crude on the international market and stable to slightly declining forex rates. Petrol is expected…
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Ghana ready to go to IMF Board following financing assurances from Paris Club
Ghana has secured financing assurances from the Paris Club following the establishment of the Official Creditor Committee co-chaired by China and France. This comes months after Ghana’s bid to get financing assurances from its international lenders to enable it get the necessary bailout support from the International Monetary Fund. By this, the move will pave…
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IMF optimistic Ghana’s creditors will soon come to an agreement on debt restructuring
Ghana is expected to soon reach an agreement with its external creditors, particularly the Paris Club, on restructuring the country’s external debt, according to the International Monetary Fund (IMF). The agreement would pave the way for the IMF board to approve a programme for Ghana in May 2023, which would enable the country to secure…
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Cut your rates before asking banks to reduce lending rates – Economist to BoG
A finance lecturer at the University of Ghana Business School, Prof. Godfred Bokpin is of the view that it may be premature for commercial banks in Ghana to lower their lending rates in response to the recent decline in inflation rate. Bokpin’s comment follows the call by the Bank of Ghana for commercial banks operating…
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BoG urges commercial banks to lower lending rates as inflation figures decline
The commercial banks operating in Ghana have been urged by the Bank of Ghana to lower their lending rates while the country’s inflation figures are showing a decline. According to the Ghana Statistical Service, the inflation rate for April 2023 was at 41.2 percent, a drop from the earlier recorded 45 percent in March 2023.…