Tag: Citi Business News
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2023 #CitiBusinessOlympics: Defending champions GCB retains title
State bank, GCB has once again proven to be a force to reckon with in the corporate sporting arena as its tagline suggests, “…your bank for life,” as it has once again been declared the ultimate company of the year at the 2023 edition of the Citi Business Olympics. This is the fourth time in…
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Thousands to participate in 2023 #CitiBusinessOlympics today
Thousands of workers from different corporate institutions will converge at Eden Heights today, September 30, for the Citi Business Olympics 2023, the biggest corporate sports gathering of the year. The event is powered by Citi TV with support from Citi FM. Staff from various institutions will participate in a variety of sporting disciplines, including 7-a-side…
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Ecobank Ghana PLC records 40.3% revenue growth in 2022
ECOBANK Ghana PLC has despite the shocks of the Domestic Debt Exchange Programme and the general decline of the Ghanaian economy, the bank managed to increase its total revenue for 2022 by 40.3% to 2.97 billion GHC. Ecobank Ghana PLC explains that this growth was driven by mainly increases in net interest income, as well…
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Govt ensuring fiscal adjustments non-negotiable – IMF
Government will be under pressure to cut down its expenditure following the approval of the country’s US$3 billion deal with the International Monetary Fund (IMF). It is the expectation of the IMF that the government of Ghana under its obligations rolls out a raft of measures aimed at ensuring that the distressed economy is put…
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Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
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MoMo transactions hit GH¢ 550.4bn in first four months of 2023
In the first four months of 2023, Mobile Money (MoMo) transactions in Ghana totalled GH¢ 550.4 billion. This is according to data from the Bank of Ghana. Its May 2022 Summary of Economic and Financial Data showed that the figure is an increase in the GH¢ 331.2 billion recorded during the same period in 2022.…
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Ghana’s oil production declines for the third consecutive year – PIAC
Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report. 71,439,585 barrels were produced in 2019 but declined to 66,926,806 barrels in 2020 representing a 6.32 percent drop. It further declined to 55,050,391 barrels in 2021 (17.75%) and then…
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BoG maintains monetary policy rate at 29.5%
Cost of borrowing is expected to remain high at least for the mean time as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 29.5 percent. This is the first time this year that the Central Bank is maintaining the key rate. The monetary policy rate, which is…
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Ghana records trade surplus of US$ 1.6bn in April 2023 – BoG
Ghana has recorded a trade surplus of US$ 1.6 billion in the first four months of 2023. In comparison, the figure which represents roughly 2.2 percent of GDP is also higher than the US$ 1.15 billion recorded during the same period in 2022. The Bank of Ghana’s (BoG) Summary of Economic and Financial Data for…
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Sachet and packaged water association bemoans increase in water tariff
The Association of Sachet and Packaged Water is bemoaning the recent increase in water tariff. This follows a review and approval by the Public Utilities Regulatory Commission (PURC) for water tariffs to go up for the second quarter of 2023. The tariff adjustment comes a few days after the announcement of tariff adjustment for electricity…