A study on the Atewa Range Forest Reserve, shows that the establishment of a national park is estimated to yield $5.8 million a year based on a comparison with other natural areas in the country. The study revealed that from the analysed ecosystem services provided by the Atewa range, non-timber and timber products provide the … Read more
Citi Business News can confirm customers of DKM Diamond Microfinance limited will begin receiving their locked up investments by the end of this month – September, 2016. The payment will be made by the Registrar-General’s Department which is the official liquidator of DKM. Over 70,000 customers have so far been validated to receive their locked … Read more
Finance Minister, Seth Terkper has disclosed that the Energy Sector Levy Account has accrued 350 million cedis as at August 2016. Only residential users should pay energy levies – Former AGI president He made the disclosure when he addressed the media on Wednesday, August 31st, 2016, on measures taken to address the legacy debts in … Read more
Ghana loses nearly $2.1 billion dollars to tax evasion and incentives annually, reveals a study carried out by the Integrated Social Development Centre (ISODEC), a civil society organisation. According to the study, which was conducted on behalf of the National Coordinating Council of the Public Services International (PSI), there was the loss of revenue in … Read more
The Ghana Internet Governance Forum (IGF) has chalked success in creating awareness on internet governance issues and sustaining the discussions into the future. Mr Eric Akumiah, the Coordinator IGF-Ghana, said the Ghana National IGF fully supports and implements the established procedures and criteria of the global IGF to be an open, inclusive and non-commercial event … Read more
The Millennium Development Authority (MiDA) has rejected claims by the Public Utilities Workers Union (PUWU) that the concession arrangement is not the best option for Ghana because it would result in higher tariffs and job losses. MiDA assured that the consultative process is not over. A statement issued by Pamela Djamson-Tettey, Director of Communication and … Read more
The Ministry of Finance, the Bank of Ghana (BoG), and the Ghana Bankers Association have announced plans to pay the legacy debt owed in the power sector. According to the Ministry of Finance, government has arranged with the Bank of Ghana to create an escrow account to transfer 250 million cedis to settle part of … Read more
Barely a week after the Transport Ministry reiterated that the suspension of the Terminal Handling Charges at the ports is still in force, some shipping companies are still defying the order. One such company is the MSC Shipping Line. Transport Minister Fiifi Kweetey, last Friday (August 26, 2016) indicated that the Ministry will reconvene a … Read more
The International Monetary Fund (IMF) has conditioned its next review of the US$918 million Extended Credit Facility programme, expected mid-September, on a “quick and positive” resolution of the web of debt that entangles power sector state-owned enterprises. As government frantically seeks out options to clear the debts, the IMF fears a wrong move could pose … Read more
The Bank of Ghana has retracted its earlier report suggesting that GN Bank offers the lowest rate on mortgages in the country. The latest Annual Percentage Rates [APR] and Average Interest [AI] report released by the central bank showed that GN Bank’s 15.1 percent rate on mortgages was the lowest followed by Standard Chartered bank … Read more
Economist, Dr. Lord Mensah says government’s dollar denominated bonds to be issued next month, will help stabilize the cedi. A revised calendar on government’s borrowing from August to December this year, shows that government will issue a total of 25.2 billion cedis for the period to settle forecasted maturing debts. Of the amount, a 5 … Read more
The Ministry of Power, the Public Utilities Workers Union (PUWU) and the Millennium Development Authority (MIDA), have agreed to outline a roadmap to address concerns raised by PUWU in connection to the privatization of the Electricity Company of Ghana. Workers of the Electricity Company of Ghana (ECG) who are members of PUWU last week demonstrated … Read more
Telecom operators are to share an estimated 12.2 million cedis among mobile money customers in the first payments of interests on floats next month. The figure represents eighty percent of the total interests earned on floats which was estimated at 15.2 million cedis as at the end of June this year. According to the central … Read more
The President of Groupe Ideal, Nii Kotei Dzani has reiterated his commitment to supporting the growth of the financial sector in Ghana adding that good media reportage on the financial sector is key to enhancing good investor relations for economic growth. Mr Dzani made these remarks on the night of the just-ended 21st Ghana Journalist … Read more
The Bank of Ghana (BoG) has given the go ahead to mobile money operators for all of them to pay interest on the mobile money float on September 11, 2016. The first quarter of 2016 interest payment is, therefore, on September 11, 2016 and second quarter payment is due on September 18, 2016. Total interest … Read more
The Millennium Development Authority (MiDA), has downplayed assertions by the Public Utilities Workers Union (PUWU) that the Millennium Challenge Corporation (MCC) compact will impact negatively on the Electricity Company of Ghana (ECG) and result in lay-offs. PUWU went on strike for three days last week in protest against the compact, calling on government to review … Read more
Government plans to borrow an amount of GHC25.2 billion (GHC25,270 million) for the remaining five months of 2016. The amount, which would be borrowed between August and December 2016, will be used to rollover a forecast of maturities to meet government’s financing requirements. The monthly breakdown are August – GHC6 billion (GHC6,010 million); September – … Read more
Deputy Power Minister, John Jinapor, says shutdown of the Atuabo Gas Processing plant on Wednesday for mandatory maintenance may result in power cuts across the country. The Minister’s comment contradicts an assurance by CEO of the Ghana Grid Company (GRIDCo), William Amuna, when the shutdown was announced on August 29. Mr Amuna had said the … Read more
Citi Business News has learnt that the Ministry of Finance is working to withdrawal the National Reconstruction Levy which imposes 5 percent pretax on profits of some businesses by next year. The Levy which is also known as Fiscal Stabilization levy has been heavily criticized as a disincentive to the growth of businesses in the … Read more
The visiting International Monetary Fund (IMF) staff mission to Ghana on Monday began work to assess the country’s performance in completing work on some targets under the fund program. The exercise could impact positively on the proposed IMF board meeting date and the release of some $500 million from Ghana’ donors. The IMF team, which … Read more