New Five Cedis notes will be introduced as part of the Bank of Ghana’s 60th anniversary on March 4 Come Tuesday, March 7, the new GHC5 denomination set to be issued by Bank of Ghana (BoG) would be in circulation. The note is being introduced as part of the Bank of Ghana’s 60th anniversary which … Read more
Heritage Bank Limited, a wholly owned Ghanaian bank, has unveiled its brand and first ultra-modern branch, during an official launch ceremony at its head office, at Airport City. The launch ceremony was attended by, Prof Ayensu former chairman of the inspection panel of the World Bank, Dr Abdul-Nashiru Issahaku, Governor of the Bank of Ghana, … Read more
The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country, following public outcry over whether such an intermediary was necessary, given the cost implications for consumers. Sources close to the central bank told the B&FT that the … Read more
The Governor of the Bank of Ghana, Dr. Abdul-Nashiru Issahaku and two other officials of the Bank have been cited in a contempt of court case for failing to execute a court order. The other two are Messrs Anthony Ayi Ajavon (Acting Head of Legal), and Saviour Kudze, a schedule officer of the Legal Department … Read more
Citi Business News can confirm that Government is considering extending Ghana’s program with the International Monetary Fund(IMF). Minister of Monitoring and Evaluation, Dr. Anthony Akoto Osei who confirmed the move to Citi Business News said Government is seeking to extend the Extended Credit Facility program with the IMF to December 2018. According to him, even … Read more
Citi Business News can confirm that Government is considering extending Ghana’s program with the International Monetary Fund(IMF). Minister of Monitoring and Evaluation Dr. Anthony Akoto Osei who confirmed the move to Citi Business News said Government is seeking to extend the Extended Credit Facility program with the IMF to December 2018. According to him, even though … Read more
The International Monetary Fund (IMF) has expressed shock at the level of deterioration of various economic indicators in 2016 saying Ghana’s fiscal problems required strong efforts of consolidation and the government also needed to urgently address a problem of debt among state enterprises The Fund listed large fiscal slippages, deterioration of overall fiscal deficit, large … Read more
International Monetary Fund (IMF) is confident the plans outlined by the New Patriotic Party (NPP) government to cut down and eliminate some taxes will restore fiscal discipline, promote debt sustainability and support private sector development. The fund argues that such decisions should also help reduce the large fiscal slippages observed last year. A statement released … Read more
Ghana’s overall fiscal deficit, on a cash basis, in 2016 deteriorated to an estimated 9 percent of GDP, instead of declining to 5¼ percent of GDP as envisaged under the IMF-supported program. The large deviation was mainly due to poor oil and non-oil revenue performance and large expenditure overruns the IMF has said adding that … Read more
The International Monetary Fund (IMF) is confident the plans outlined by the NPP government to cut down and eliminate some taxes will restore fiscal discipline, promote debt sustainability and support private sector development. The fund argues that such decisions should also help reduce the large fiscal slippages observed last year. A statement released by the … Read more
Golden Link Savings and Loans Company aims at facilitating government’s efforts towards creating an enabling environment for private investors, as well as transforming the economy. The new government of President Nana Akufo-Addo, since its inception, has been making significant moves towards achieving her major campaign promise which is to transform Ghana’s economy. The President has … Read more
The Central Bank has hinted it may halt licensing new firms in the next few weeks to ensure new entrants merge with non-performing Savings and Loans companies. There are currently about 32 licensed Savings and Loans Companies, despite the emergence of unlicensed ones. In a speech read on behalf of the Governor of the Central … Read more
The Bank of Ghana(BoG) has intensified moves to encourage commercial banks in the country to cede some portion of their annual funds as credit to farmers in the Agriculture sector. Even though the sector is seen as a major catalyst that could accelerate economic development, credit to stakeholders in the sector has dwindled over the … Read more
The Bank of Ghana is optimistic of a further drop in the Non-Performing Loans (NPLs) of commercial banks at least by the first quarter of this year. Figures from the central bank indicate that the NPLs which have been increasing since December 2015, started recording a marginal drop in November 2016. The figure decreased from … Read more
The Bank of Ghana has optimistic of a further drop in the Non-Performing Loans (NPLs) of commercial banks at least by the first quarter of this year. Figures from the central bank indicate that the NPLs have increased from 14.7 percent to 17.4 percent between December 2015 and December 2016. The figure however witnessed a … Read more
It has come to the attention of Citi 97.3 FM that, a story in circulation headlined ‘BoG to issue new GHC5, GHS30, GHS100, and GHS 200 notes on March 4”, has been sourced to citibusinessnews.com, and our Business Reporter, Lawrence Segbefia. The Management of Citi FM would like to state categorically, that neither the reporter, … Read more
The Bank of Ghana has defended its $120million auction for the first-quarter of this year to control the depreciation of the cedi. The central bank maintained that the move forms part of measures to protect the forex market from any shocks due to the volatility of the market. Official figures from the Bank of Ghana … Read more
The Bank of Ghana has told Citi Business News it will strictly abide by any agreement reached by the government and the International Monetary Fund (IMF) on the financing of government’s budget deficit. It follows a review of the extended credit facility by the IMF and government, in February. Governor Dr. Abdul Nashiru Issahaku believes … Read more
The Bank of Ghana (BoG) has retained its policy rate at 25.5%. This is due to the fact that the Central Bank views the “risks to inflation and growth as balanced” its governor, Dr. Abdul-Nashiru Issahaku said Monday at a press briefing. He said inflation continues to ease, closing the year at 15.4% from 15.8% in … Read more
The Bank of Ghana (BoG) has retained its policy rate at 25.5%. This is due to the fact that the Central Bank views the “risks to inflation and growth as balanced” its governor, Dr. Abdul-Nashiru Issahaku said Monday at a press briefing. He said inflation continues to ease, closing the year at 15.4% from 15.8% … Read more