Tag: Ghana Business News
-
Telcos ditch 4G spectrum over high cost
Citi Business News has gathered that the second 4G spectrum being sold by government may never be acquired by the telecom operators in the country. Discussions with operators in the telecom industry reveal that most of them will shy away from acquiring the license because of its high cost. The telecom operators argue that the…
-
Extending IMF deal: Ghana, IMF to decide next month
Government’s decision on a possible extension of the IMF deal is likely to be concluded next month. This is the indication from the Chairman of Parliament’s Finance Committee, Dr. Mark Assibey Yeboah. His comments come at a time that discussions on a possible extension of the deal have been on top of the agenda between…
-
NPLs reduce Access Bank’s 2016 profits
Access Bank Ghana, a subsidiary of Access Bank Plc in Nigeria, made a profit of 41.93 million cedis in 2016. This was down by about 48 percent compared to the profits made in 2015 which was 80.41 million cedis. In 2016, Access Bank’s total income amounted to 272.62 million cedis from the 267.12 million cedis…
-
6.3% GDP target overambitious – Dr. Lord Mensah
Some economists are predicting that Ghana’s economy will be 5 percent by the end of this year. This is lower compared to government’s 6.3 percent and the World Bank’s 7 percent projections. Although Ghana ended 2016 with a growth of 3.5 percent which was also lower than the previous year’s 3.9 percent, government’s economic team…
-
Ghana to borrow $1.3bn for 2017/2018 cocoa purchases
Government has defended its decision to reduce the syndicated loan for cocoa beans purchases for the 2017/2018 crop season, by about 28 percent. The country will be seeking 1.3 billion dollars from its lenders for cocoa purchases for the next crop season which starts in October 2017. This amount is lower compared to the 1.8…
-
GCB Bank’s profits rise to GH¢299m
GCB Bank has posted a 22 percent rise in profit in 2016 compared to the profit recorded in 2015. The bank’s profit for the period increased from 244.7 million cedis to 299 million cedis between 2015 and 2016. The rise in GCB Bank’s profits for 2016 comes after recording a drop the previous year. In…
-
Transparent power deals to reinstate World Bank guarantees – Analyst
Energy sector analysts want the government to be firm in adopting competitive bidding processes in power purchase agreements (PPAs) in order to regain financial guarantee support from the World Bank. The Director of Research at the Institute of Energy and Climate Change Policy, Dr. Philip Adom warns of unfavourable developments in the energy sector should…
-
NPRA gets tough on employers to pay SSNIT contributions
The National Pensions Regulatory Authority (NPRA) has renewed its call on companies to ensure the payment of the pensions of their workers. The call comes at a time the regulator is keen on increasing the number of informal workers to enroll onto the nation’s pension scheme. The Authority, early this year, introduced incentives in the…
-
Insurance recapitalization: Defaulter to lose license by mid 2017
All but one of the fifty insurance companies have met the new minimum capital requirement set by the National Insurance Commission (NIC). As a result, the company has until June 2017 to recapitalize in order to escape a possible revocation of its license. This is the indication from the Commissioner of Insurance, Lydia Lariba Bawa.…
-
World Bank blames sole sourcing for Ghana’s high power costs
The World Bank has blamed Ghana’s relative high cost of power on the adoption of sole sourcing in the granting of power purchase agreements under the past NDC administration. The Bank has also warned of some economic consequences following the country’s inability to sell off its excess power due to the high cost. The World…