Tag: Ghana Business News
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Dr. Ernest Addison is new BoG Governor
President Nana Addo Dankwa Akufo Addo has appointed Dr. Ernest Kwamina Yedu Addison as Governor of the Bank of Ghana. His appointment is however subject to consultation with the Council of State. A statement signed by the Director of Communications at the Presidency, Eugene Arhin said Dr. Addison’s appointment follows the resignation of Dr. Abdul…
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100 business proposals considered for 1 district, 1 factory
At least one hundred businesses have submitted projects for the government’s one district one factory policy awaiting concluding for take-off. This is according to the Trade and Industry Minister, Alan Kyerematen. He explains that the businesses have also passed the approval of the respective Municipal Assemblies as fitting the criteria for the ideal businesses under…
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Governor’s open declaration for NDC influenced his exit
The Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has told Citi Business News the Bank of Ghana Governor’s decision to resign could be largely attributed to the difference in political ideologies between him and the governing New Patriotic Party (NPP). According to him, Dr. Issahaku’s open support for the past NDC government could…
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Cocoa revenue to drop further over falling global prices – Agric Minister
The Minister of Agriculture, Dr. Owusu Afriyie Akoto has predicted a further drop in revenue from cocoa for this year. This also comes after the ten percent drop in revenue from cocoa exports between February 2016 and February 2017. According to the Minister, the declining global price of cocoa will largely affect the cocoa subsector…
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Aviation Minister hopeful of more funds after GH¢59m allocation
The Aviation Minister, Cecelia Dapaah is confident her outfit’s performance in the aviation sector would warrant an upward review of its budgetary allocation in the mid-year budget review. It follows Parliament’s approval of 59, 392, 362 cedis to the Ministry for 2017. According to her, the ambitious plans outlined by the ministry should culminate in…
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Banks initiate moves to cut interest rates for customers
Some banks have given indication of cutting their interest rates to reflect the reduction in the policy rate by the Bank of Ghana. They explain that the move forms part of plans to reduce the plight of businesses and eventually correct the bad loans in their books. The Bank of Ghana (BoG), in its 75th…
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Parliament to pass Bill to cap statutory funds at 25%
Parliament is today (Tuesday) expected to pass the bill that will allow the government to cap its budgetary allocation to statutory funds at twenty-five percent. The bill, on Monday, March 27th, passed the consideration stage. When passed, all allocations to the eight statutory funds will not exceed twenty-five percent of all government revenue for this…
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Ghana records over $ 500m trade surplus in February 2017
New figures from the Bank of Ghana have revealed that Ghana’s total balance of trade for February 2017 recorded a surplus of 573 million dollars. This is equivalent to 1.3 percent of Gross Domestic Product for the period. The surplus is an improvement compared to the over 500 million dollars deficit recorded in February 2016.…
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BoG reduces policy rate to 23.5%
The Monetary Policy Committee of the Bank of Ghana has reduced the policy rate to 23.5 percent. This represents a 200 basis point reduction from the previous figure; 25.5 percent. Governor of the Central bank, Dr. Abdul Nashiru Issahaku disclosed this at the press briefing to conclude the second MPC meeting for 2017. Dr Issahaku…
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Industry upbeat about a drop in policy rate
Industry players are upbeat about a possible reduction in the policy rate to be announced by the Bank of Ghana later today. Their hopes are largely built on the declining inflation as well as drop in interest rates on the Treasury bill market. Already, some Economists say the pro-business agenda of the NPP government should…