Tag: Ghana Business News
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Implement tax reforms as long term solutions – Prof. Aryeetey
A former Vice Chancellor of the University of Ghana, Professor Ernest Aryeetey has criticized successive governments over what he says is the adoption of tax reforms as short term policies towards economic development. He argues that the relatively longer periods of maturity of tax reforms have compelled governments to rush through the process of implementing…
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Economists laud govt’s ‘no Eurobond plan’ for 2017
Some economists have lauded the government’s commitment not to issue any Eurobond this year. They explain that the development should give room to deal with the country’s ballooning debts. The Vice President, Dr. Mahamudu Bawumia has refuted assertions that the recent non-deal road show embarked on by a team of government officials is likely to…
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Average mortgage interest increases to 33.8% in March
The average interest rate for mortgage loans among commercial banks reached 33.8 percent in March 2017. The figure recorded a 2 percent increase as compared to the 33.6 percent recorded at the end of February 2017. According to the Bank of Ghana’s Annual Percentage and Average Interest report, GCB Bank still offers the highest interest…
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No Eurobond to be issued this year – Bawumia
Vice President Dr. Mahamudu Bawumia has stated that the NPP government will not issue any Eurobond and add unto the country’s debt burden. According to him, the government has resolved not to embark on any such move at least within this year. Speaking in an interview with the Head of Citi Business News desk, Vivian…
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Govt to issue 15 yr bond to clear $ 2.4bn energy debts
Government has announced plans to issue a 15 year bond to settle all outstanding debts in the energy sector. The move is also aimed at improving the financial strength of the State Owned Enterprises (SoEs) in the energy sector and make them competitive. Vice President Dr. Mahamudu Bawumia disclosed this when he addressed a session…
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Average interest on car loans drops to 34.2% in March 2017
The industry average for vehicle loans has however dropped from 35 percent in February to 34.2 percent in March 2017, the latest Annual Percentage Rates and Average Interest report by the Bank of Ghana has shown. The report however shows that GCB Bank offers the highest rate on vehicle loans at 40.3%. Bank of Baroda…
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Amenfi East, Tarkwa, Prestea Huni Valley most affected by galamsey – Study
A study on the impact of the galamsey activities in the Western region has shown that the Amenfi East, Tarkwa Nsuaem and Prestea Huni Valley districts are the most impacted districts in terms of operational footprint. According to the study, the galamsey operators have destroyed 58.272%, 17.532% and 8.452% of the land sizes of the…
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Ghana must do more to deal with debt challenges – IMF
Government would have to step up efforts in dealing with the country’s debt levels, the International Monetary Fund (IMF) has indicated. Ghana’s debt as at the end of 2016 was 122 billion cedis, which as a percentage of GDP is 74 percent, up from the 67.4 percent or 112 billion cedis recorded in the third…
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Average deposit rate drops again in 2017
The average interest offered by banks on customer deposits has dropped by about 0.4 percent between February and March this year. The figure declined from 11.6 percent as at end of February 2017 to 11.2 percent as at end of March; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG…
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Non-Performing Loans increase by 36% in February 2017
The latest Banking Sector Stability Report by the Bank of Ghana has shown that Non-Performing Loans (NPLs) of banks increased by 36.17 % between February 2016 and the same period this year. The figure increased from 4.7 to 6.4 billion cedis within the twelve months’ period. The report also revealed that commerce and finance accounted for…