Category: Top Stories
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Government extends Domestic Debt Exchange deadline for 3rd time
The government has extended the deadline for the Debt Exchange Programme to Tuesday, January 31, to enable it to build consensus for the programme. This is the third time the government has extended the deadline for the bondholders to voluntarily exchange their bonds for new ones. A tweet by the Ministry of Finance on Monday…
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Your bonds are ‘potentially worthless’ without debt exchange programme – Gabby Otchere-Darko
The founder of Danquah institute and a stalwart of the ruling New Patriotic party, Gabby Otchere-Darko has taken to Twitter to call for a softer stance in the demands of individual bondholders to be excluded in from the proposed domestic debt exchange programme. He noted that the outright rejection of the programme by individual bondholders…
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Registrar of Companies increases fee for business registration
The Office of the Registrar of Companies (ORC) has announced an increment in the fees and charges on all transactions including Incorporation and Registration of Businesses, Amendments, and the filing of Annual Returns. The increment took effect on Sunday, January 1, 2023. The increment according to the Office of the Registrar of Companies is in…
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MTN to fight $773m tax bill from government
MTN Group Ltd., Africa’s largest wireless carrier, said it has received a $773 million back-tax bill, including penalties and interest charges in Ghana that it plans to fight. The bill is for the period between 2014 and 2018 and implies that MTN under-declared its revenue in the country by 30%, the company said in a…
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GNPC exploring hydrocarbon prospectivity of Ghana’s Voltaian basin
Ghana National Petroleum Corporation (GNPC) is currently exploring the hydrocarbon prospectivity of Ghana’s onshore sedimentary basin (Voltaian basin). The prosectivity exploration is being conducted under a Reconnaissance license through a mix of geophysical, geological and geochemical techniques. According to the CEO of GNPC Opoku Awheneeh Danquah, the Corporation is looking forward to “crown our efforts…
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SSNIT increases pensions by 25%
The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by an average of 25 percent. The review will see all 234,000 legitimate pensioners on the SSNIT pension payroll as of the end of December 2022 have their monthly pensions increased by a fixed rate of 19 per cent, plus a redistributed…
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Govt, Organized labour agree on 30% base pay increment
Government has agreed to increase the base pay on the Single Spine Salary Structure by 30% for all public sector works. This comes after several negotiations it had with Organized Labour. The group earlier demanded a 60% increment as compensation for the harsh economic conditions. Minister for Employment and Labour Relations, Ignatius Baffour Awuah said…
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Govt to conclude negotiations with IMF in February – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has hinted that Ghana will probably secure the financial bailout it is seeking from the International Monetary Fund (IMF) by the middle of February 2023. He said everything that is required of Ghana to do or submit in order to reach an agreement with the Fund has been done, and…
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NPA revokes licenses of 30 OMCs
The National Petroleum Authority (NPA) has revoked the licenses of 30 oil marketing companies. This was announced in a statement issued by the NPA. “The National Petroleum Authority wishes to bring to the attention of the general public that the licenses of the underlisted Oil Marketing Companies have been revoked for non-compliance with the rules…
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Sharp, long-lasting slowdown to hit developing countries hard – World Bank
Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report. Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence…