Category: Top Stories
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Don’t take loans from these 19 unlicensed firms – BoG warns
The Bank of Ghana (BoG) has warned the public to desist from receiving loans from unlicensed loan providers and thus issued a list containing the names of such entities. The BoG says the activities of these unauthorised loan providers are in contravention with the Banks and Specialised Deposit-Taking Institutions Act. The list of the unlicensed…
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DVLA announces guidelines for 2023 vehicle registration
The Driver and Vehicle Licensing Authority (DVLA) has announced a set of required guidelines to aid vehicle owners to have their cars registered for next year, 2023. The Licensing Authority in a statement advised the general public to follow the guidelines to have their vehicles registered as required by the Road Traffic Regulations, 2012 (L.1 2180).…
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Debt-ridden Ghana’s Cedi posts world’s biggest gain against US Dollar
Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an…
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IMF and Ghana expected to reach staff-level agreement by Tuesday
The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. The IMF did not immediately respond to a request for comment. A spokesperson for Ghana’s finance ministry said they cannot comment beyond that…
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Insurance companies want exemption from debt exchange programme
The Ghana Insurers Association has called for the exemption of insurance companies from the domestic debt exchange program. According to the association, 40 percent of its total assets for the third quarter of this year were invested in Government of Ghana Securities. The association therefore warned that should government go ahead and include insurance companies…
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Debt exchange programme: BoG announces relief packages for banks
In its quest to strengthen the banking sector and help manage the possible impacts of government’s proposed debt exchange programme on banks in the country, the Bank of Ghana has outlined a number of policy and regulatory relief packages for these institutions. The move is to help preserve the financial stability of these financial institutions…
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S&P downgrades Ghana from CCC+ to CC; says local debt in default
S&P Global has downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the rating agency said in a statement on Tuesday. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default”…
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Ghana Link signs MoU with CUPIA to improve transactions at ports
As part of efforts to boost revenue generation and security at the ports in Ghana and neighboring countries, Ghana Link Network Services Limited, the technical operator of the Integrated Customs Management Systems (ICUMS) at the nation’s ports has signed a Memorandum of Understanding with the Customs UniPass Agency of Korea (CUPIA). During the signing ceremony,…
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IMF assures of restored macroeconomic stability in Ghana
The International Monetary Fund (IMF) has assured Ghanaians it will assist government to restore macroeconomic stability, spur growth and bring the much needed relief to them. A statement issued by the Fund’s mission chief for Ghana, Stéphane Roudet prior to the visit of the staff team to Accra said, “the IMF remains fully committed to…
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Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company
Employees from Facebook and Instragram met virtually in November to generate ideas around building a text-based app that could take on Twitter, the Times reported. “Twitter is in crisis and Meta needs its mojo back,” one Meta employee wrote in a post, per The Times. “LET’S GO FOR THEIR BREAD AND BUTTER.” At the brainstorming…