Business

$2.5bn energy bond to create liquidity—Zenith Bank CEO

Zenith

Some banks in the country are hopeful the financial sector will soon have enough funds to propel the private sector towards growth. The expectation is anchored on the 2.5 billion dollar energy sector bond which will soon be issued by government to release power producing and distribution companies from distress. Speaking to Citi Business News at the sidelines of Ghana ...

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BoG rate cut will spur lending and growth

capital

The reduction in Bank of Ghana’s (BoG) benchmark interest rate (policy rate) from 22.5 per cent to 21 per cent signals a gradual improvement in the economy that will boost lending by commercial banks, according to ratings agency, Moody’s. A statement by Moody’s Investor Service said the latest monetary policy rate reduction would reduce banks’ lending rates and asset risks, ...

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Government remains strongly committed to growing the economy

Government

Mr Ken Ofori-Atta, the Finance Minister, on Monday said despite the measures being taken to maintain fiscal discipline, government will strongly forge ahead to growing the economy and deliver services to strategic allocations through efficient use of resources. He said its flagship programmes such as the Free Senior High School Policy, National Health Insurance Scheme (NHIS), School Feeding, the Livelihood ...

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Revenue shortfall won’t impact growth – Ofori-Atta assures

Revenue

Finance Minister, Ken Ofori-Atta, has said government’s growth projection of 6.3 percent will be met regardless of the shortfall in revenue recorded in the first quarter of the year. The huge revenue plunge, however, was enough to force government to slash its ambitious original revenue target of GH¢44.5 billion to GH¢43.1 billion, which is about GH¢1.4 billion less of the ...

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Non-oil sector growth ‘disappointing’ – IFS

IFS Budget Review

The Institute for Fiscal Studies (IFS) has said government must do more to grow the non-oil sector of the economy, which has remained subdued, after oil production from the Jubilee and TEN fields boosted growth to 6.6 percent in the first quarter of the year. Oil production within the period under review increased by 58.9 percent year-on-year, whilst the non-oil ...

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Why Bank of Ghana May Cut Key Rate

microfinance

Bank of Ghana may cut its key interest rate for a third straight meeting with inflation at its slowest in four years and a strengthening currency. Consumer-price growth has tumbled 7.1 percentage points since reaching an all-time high of 19.2 percent in March last year. While the cedi weakened to a record low against the dollar on March 2, it ...

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NPRA wants urgent unification of pension schemes

Pension Schemes

The National Pensions Regulatory Authority (NPRA) has urged government to, as matter of urgency, rope all individual pension schemes in the public sector under the three-tier pension scheme. The CEO of the pensions regulator, Hayford Attah Krufi, told the B&FT that although the National Pension Act (Act 766), passed in 2008, stipulates that all parallel pension schemes be unified and ...

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PBC Seeks Guarantee to Cut Finance Costs

PBC

PBC Ltd., the biggest buyer of cocoa beans from farmers in Ghana, is seeking to cut borrowing costs by arranging its first government loan guarantee in seven years. PBC is asking for a guarantee of as much as 400 million cedis ($91 million) from the government, acting Chief Executive Officer Nana Agyenim Boateng said in an interview. It’s also hired ...

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Youth love for tech raise banking stake higher – BoG boss

banking

Ghana’s growing youthful population and their penchant for technology has raised the bar higher for banks in the country, Governor of the Central Bank, Dr Ernest Addison has said. “In the comfort of your office or home, one can now transact banking business at the press of a button via a smartphone or laptop. These changes have prompted banks to ...

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