Category: Top Stories
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Come clean on gold-for-oil ‘fiasco’ – COPEC to govt
The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the nitty-gritty of the gold-for-oil policy to Ghanaians. He said the policy seems dead on arrival because the oil delivered seems not to have any impact on pump prices as they keep increasing. His call comes…
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Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms
The deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash instead of gold. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for the government to…
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Deadline for debt exchange program moved to February 7 with new terms
The deadline for government’s Domestic Debt Exchange Programme (DDEP) has been extended further to February 7, 2023, following the expiration today. This is also based on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA). Government says a revised and final Exchange Memorandum…
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Government finally makes progress on Debt Exchange Program
With barely 24 hours to the end of the deadline for the Domestic Debt Exchange Program, the government seems to have made significant progress in building consensus for the policy. The DDEP was initially met with stiff opposition when it was first introduced but it appears the dust is gradually settling on the issues. The…
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Policy Rate increased by 100 basis points; now at 28%
The Bank of Ghana has increased the Monetary Policy Rate by 100 basis points to 28 percent. This was announced after the Monetary Policy Committee of the Central Bank held its first meeting of the year to review developments in the economy. The prime rate, which is of keen interest to businesses, signals the rate…
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Africa loses $88bn annually through illicit financial flows – Akufo-Addo
President Nana Akufo-Addo has called for the use of tax policies, among others to check illicit financial flows out of the continent. The president said illicit financial flows cost Africa close to 100 billion dollars which denies the continent the needed resources to facilitate growth and development. Speaking during the closing session of the maiden…
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AMA to roll out digital revenue collection system in March 2023
The Accra Metropolitan Assembly (AMA) has announced plans to introduce a new digitized revenue collection system in March this year to improve on and to rake in more revenue for the Assembly. The new platform which is expected to make payments more convenient is also aimed at checking revenue leakages and reducing alleged corruption while…
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We will not layoff Vodafone staff – Telecel
Management of Telecel group has assured the staff of Vodafone of no layoffs as it takes over the company. This follows the National Communications Authority’s approval for the transfer of the 70 per cent majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. to Telecel Group. Since news broke…
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Petrol to sell for GHS15 in February – IES
The Institute of Energy is projecting Petrol will retail for about GHS15 per litre in the next pricing window of February. This according to the institute is due to the about 10 % depreciation of the cedi against the U.S. Dollar coupled with the price of Gasoline and Gasoil increasing by approximately 14% and 7.6%,…
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$130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia
Vice president Dr. Mahamudu Bawumia has disclosed that Africa will need between US$130 billion and US$170 billion annually to propel a sustainable growth of 5 percent in order to bridge the infrastructural shortfalls of the continent. Addressing a high-level conference in Accra of African Ministers of State, diplomats, policymakers, and business executives, who are discussing…