Tag: COVID-19
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It’ll cost us dearly if we misuse $1bn IMF loan; Adu Sarkodie urges efficiency
An Economist, Dr. Adu Owusu Sarkodie, has stated that inasmuch as concerns about Ghana’s rising debt stock are legitimate following the International Monetary Fund’s (IMF) approval of One Billion dollars for the country’s COVID-19 fight, the focus should rather be on the efficient use of the money. The amount, which is to be drawn under…
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First National Bank cuts interest rate by 2% to alleviate impact of COVID-19
First National Bank Ghana Limited has announced a 2% interest rate cut on loans to all existing customers from 01 April 2020 for the length of time until a loan is due of all Ghana-cedi denominated loan facilities. According to the bank, the offer, which is part of the bank’s #RealHelp package is to cushion…
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GUTA leadership demands to play a role in disbursement of GHS600m SMEs loan
The Ghana Union of Traders’ Association (GUTA), has petitioned government asking that its leadership is selected to be part of the Committee that will manage the disbursement of the GHS600 million loan support scheme for small and medium scale enterprises, (SMEs). According to them, this will ensure that funds are distributed in a fair and…
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Ghana can take advantage of COVID-19 to boost local production – KPMG
A new report by auditing firm, KPMG, analyzing the economic impact of COVID-19 on Ghana, has highlighted some positive measures necessary to reduce the financial burden on the economy. Already, the Minister of Finance, Ken Ofori-Atta has stated that the fight could cost Ghana about 9.5 billion cedis, pushing the country’s budget deficit to about…
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COVID-19 challenges: Electricity subsidy to cost gov’t $450m – IES
Government’s decision to absorb the cost of electricity for consumers for three months will cost an estimated 450 million dollars. That’s according to an assessment conducted by the Institute of Energy Security, IES. President Nana Akufo-Addo in his sixth national address on the coronavirus indicated that government will fully cover the bills of low-income consumers…
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Electricity subsidy must be targeted to sustain power sector – ACEP
The Africa Centre for Energy Policy, (ACEP), has warned that government’s introduction of a complete waiver of the electricity bill of lifeline consumers of electricity and 50 percent reduction for all other consumers using March 2020 bill as the benchmark, will “endanger the sustainability of the power sector now and after the COVID-19 pandemic.” According…
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‘Bank of Ghana can print money to aid COVID-19 fight’ – Economist suggests
As Ghana considers various options to raise funds to finance its fight against the COVID-19 pandemic, some analysts say all possibilities can be considered including financing by the Bank of Ghana if the country’s economy can support it. The International Monetary Fund, IMF, as part of measures to prevent a high budget deficit placed a…
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Gov’t must be tactical in seeking for debt relief from China – Peter Quartey
Economist, Prof. Peter Quartey, has urged government to be tactical in seeking for debt relief from China to ease the pressure on Ghana due to the fight against COVID-19. According to him, singling out China could send a wrong signal especially as the virus emanated from the Asian country. In a recent interview with a…
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Pay us our monies; lockdown is killing us – Customers of defunct fund managers to Gov’t
The Coalition of Aggrieved Fund Management Customers is calling on government to release funds to pay depositors of the 53 collapsed fund management companies with immediate effect. According to them, the recent lock-down in Accra, Tema and Kumasi, in the wake of the novel Coronavirus in the country, has worsened the living conditions of pensioners…
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IMF approves US$1 billion disbursement to Ghana for COVID-19 fight
The International Monetary Fund (IMF), has approved a disbursement of US$1 billion to Ghana to help address the urgent fiscal and balance of payments needs that Ghana is facing in the wake of the novel Coronavirus pandemic. The money, which is to be drawn under the Rapid Credit Facility (RCF), is also to help the…