Category: Top Stories
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We can’t accept debt exchange programme – Securities Industry Association
The Ghana Securities Industry Association (GSIA) is the latest group to kick against government’s newly announced debt exchange programme. GSIA in a statement said, although it understands the difficulties the country is facing, it cannot accept the programme in its current form because it believes a bond is a contractual agreement between a borrower and…
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EIU analysts forecast grim economic outlook for Africa in 2023
There are major concerns surround the heavy burden of debt servicing, the instability created by election cycles, geopolitics and war, as well as the lingering threat of food insecurity caused by conflict and adverse weather conditions on the African continent. Africa’s economic recovery has been disrupted in 2022 by a range of internal and external…
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We were not consulted on debt exchange programme – Chamber of Corporate Trustees
The Executive Secretary of the Chamber of Corporate Trustees, Thomas Kwesi Esso, says the Chamber was not consulted prior to the announcement of the proposed rollout of Ghana’s Domestic Debt Exchange Programme. Speaking at the launch of the debt restructuring programme on Monday, December 5, 2022, the Finance Minister, Ken Ofori-Atta said the “Government have…
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Increasing policy rate to check inflation not working, review approach – AGI to BoG
The Association of Ghana Industries (AGI) admonishes the central bank to review its strategy of an upward adjustment in the policy rate to check inflation. AGI thinks that the approach has over the period failed to address the challenge with inflation currently standing at over 40 per cent despite consistent hikes in the policy rate.…
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BoG upgrades GH¢1 coin with enhanced security features
The Bank of Ghana (BoG) has announced an upgrade on the GH¢1 coin with enhanced security features. A statement from the BoG said it will issue the upgraded GH¢1 coin into circulation from Monday,12th December 2022. The coin, according to the Central Bank, is similar to the existing GH¢1 coin in shape, form and images;…
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Government confident of reaching Staff-Level Agreement with IMF soon
Government is optimistic that it will reach a Staff-Level Agreement soon with the International Monetary Fund, IMF, for a programme aimed at restoring macroeconomic stability and protecting the most vulnerable. To this end, it is determined to implement wide-ranging structural and fiscal reforms to restore fiscal and debt sustainability and support growth. Addressing the media…
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Domestic debt exchange: No haircut on treasury bills, principal bonds – Gov’t
Government has announced that there will be no “haircut” on the principal of bonds and that individuals with government bonds will have their full investments on maturity. In a public address on the recent debate about possible haircuts on all bonds and treasury bills following government’s debt restructuring deal with the International Monetary Fund (IMF),…
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NPA directs OMCs to increase UPPF and BOST margin on fuel effective Dec. 1
The National Petroleum Authority (NPA) has directed Oil Marketing Companies and other industry players to increase the Unified Petroleum Price Fund (UPPF) and Bost margin on fuel effective December 1. A November 30 memo sent to the Oil Marketing Companies indicated that the firms were all to review the BOST Margin in their Price Build…
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Customs Division of GRA charged to enforce ban on grains, soya beans export
The Ghana Revenue Authority, GRA, has charged stations in border towns in the northern region to implement the ban on exportation of grains and soya beans The ban, which took effect in September 2021, was due to expire at the end of March but was extended to September 2022. In a communique issued by the…
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Court of Appeal justifies BoG’s appointment of Nii Dodoo as Receiver of UniBank
The Court of Appeal on Thursday, December 1, 2022, held that the High Court was wrong in deciding that Bank of Ghana’s decision to appoint Nii Amanor Dodoo as Receiver of uniBank was wrong. It may be recalled that, in the civil case to recover over GHS 5.7 billion from Dr, Kwabena Duffuor and the…