Tag: Ghana Business News
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Govt to issue energy bond in tranches
Government has disclosed it is considering to issue its energy bond in batches of two or three. Citi Business News understands this may be the case as it will attract relatively lower yields and reduce the debt repayment burden. The decision to avoid a wholesale issuing of the estimated 10 billion cedis or 2.5 billion…
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Taskforce pledges clamp down on pirated textiles
The Minister of Trade and Industry, Alan Kyerematen on Wednesday, October 11, 2017 inaugurated a task force to check the marketing of pirated textiles and the smuggling of textiles into and out of Ghana. The Textile Workers’ Association have agitated over the delay in inaugurating the unit to ensure the challenges are addressed. The unresolved issue for instance…
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Minister charges new Trade Fair Board to revamp facility
Minister for Trade and Industry, Alan Kyerematen has stated that government will work to revamp the Trade Fair Centre. According to him, the current state of the facility is a major concern for government and plans are far advanced to re-develop it. The Trade Fair Centre has been hit with numerous challenges with the major…
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Inflation drops marginally to 12.2% in September
Ghana’s inflation rate for September 2017 reached 12.2 percent. This is a marginal drop of 0.1 percent in the inflation rate compared to the 12.3 percent recorded in August 2017. The inflation rate measures the average change in the prices of goods and services purchased by consumers within a given year. The Ghana Statistical Service…
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Cost of home loans drop to 30.6 %
The average interest rate on mortgage loans offered by commercial banks has dropped to 30.6 percent as at August 2017. This is down from the 31.2 percent recorded in July 2017. According to the Bank of Ghana (BoG)’s Annual Percentage Rate (APR) and Average Interest (AI) report, the Royal Bank now offers the highest interest…
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Ghana’s exports rise to $ 8.9 billion
Ghana is benefitting from increased revenue from her exports which is ultimately expected to reduce the country’s burden on imports and correct the Balance of Trade (B0T). The latest figures by the Bank of Ghana indicate that the country received 8.95 billion dollars from her exports in August 2017 compared to the estimated 7 billion…
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ADB gets new Board
Citi Business News can confirm the board of ADB has been reconstituted. A statement from the Bank to the Ghana Stock Exchange said the reconstitution takes effect from the first of August this year. According to the statement the nine member board is chaired by Mr. Alex Bernasko. The Vice Chairman of the board is…
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Interest rates on auto loans rise to 32.9%
The average interest rate for vehicle loans among commercial banks for August increased to 32.9 percent as against the 31.1 percent recorded in July 2017, the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report has revealed. The APR and AI report shows that Unibank still offers the highest rate on…
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Shippers resist 200% rise in safety fees
Shipping lines have threatened to increase charges for their services due to the increase in some administrative charges. The businesses argue that the move has become apparent as they need to cover the potential rise in their cost of operation. The Ghana Maritime Authority (GMA) has served notice it will beginning next month (October), increase…
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Maritime Authority slaps shippers with increased charges
The Ghana Maritime Authority is to go ahead with the planned increment in safety charge at the ports. Citi Business News can confirm shipping lines will pay 50 cents up from the current figure of 15 cents. A notice to shipping lines from the Authority sighted by Citi Business News stated that with effect from 1st…