INTRODUCTION Organizational growth and productivity is solely based on healthy and effectivity risk governance framework of the institution. For organizations to ensure that proper risk governance framework is in place, there is the need for review of all risk management practices, policies and systems. Organizations and corporations fail as a result of ineffective adherence of … Read more
Government’s indebtedness to State-Owned Enterprises (SOEs) in the power sector, who in turn owe banks, poses a real and present danger to the economy and must be tackled immediately, Dr Eric Osei-Assibey of the Department of Economics, University of Ghana, has said. The situation, he said, could put the future of both the SOEs and … Read more
The Bank of Ghana (BoG) has announced plans to renounce its ownership of two banks in the country. Currently, the BoG, holds 44.06 and 48.17 per cent shares in National Investment Bank (NIB) and Agricultural Development Band (ADB) respectively. The Ghanaian Times reports that M. Millison Narh, the first Deputy Governor of BoG disclosed this … Read more
The Ghana Association of Bankers (GAB) says the ongoing restructuring of Volta River Authority (VRA) legacy debts on the books of some local banks is on course. The process would show a reduction of Non-Performing Loans (NPLs) by the end of the year. The GAB noted that the first quarter payment, after the initial deposit … Read more
The minimum capital requirement for commercial banks in the country could be increased to Gh¢500 million from next year. This is what JOY BUSINESS has picked up from persons close to reviewing the capital requirement. A technical committee is already working to determine the appropriate capital levels and the actual time that all the Universal … Read more
The World Bank last Thursday approved a US$700 million guarantee for Ghana’s third oil and gas production field, Sankofa-Gye-Nyame, which is said to contain more than 200 million barrels of oil and 1.1 trillion standard cubic feet of natural gas. The development of the Sankofa fields, expected to produce its first oil in August 2017, … Read more
The Government is making efforts to address the persistent structural weakness in the fiscal formulation that relates especially to commitment control and contracts to ensure effective fiscal discipline in the management of public resources. Minister of Finance and Economic Planning, Seth Terkper, said part of the efforts was the introduction of the Public Financial Management … Read more
A member of the Convention People’s Party (CPP), Madam Lucy Ennin has described the National Democratic Congress (NDC) as a party which implements policies which goes against the dreams and vision of Ghana’s first President, Dr. Kwame Nkrumah. The first woman Parliamentarian in Ghana speaking on Asempa FM’s Ekosii Sen Programme on Wednesday said the … Read more
Government has disclosed it is working to present data on the country’s energy sector to the International Monetary Fund (IMF) which should lead to the release of the third tranche of the bailout funds. According to the Finance Ministry, the information has become necessary as the Fund considers the power sector as one of the … Read more
The International Monetary Fund (IMF) has pressed on government to strictly follow roadmaps designed to wean state owned power companies off debts. According to the IMF, its recent discussion with government also focused on ascertaining the financial pressures faced by the main State Owned Enterprises (SOEs) in the energy sector. Currently, the Volta River Authority … Read more
Economist, and member of the Finance Committee in Parliament, Dr. Anthony Akoto Osei has defended the legislature’s decision to cap the Bank of Ghana (BoG) financing of government budget at 5 percent. His defense follows a press statement issued by the IMF over the weekend expressing dissatisfaction at some legislations passed by the House recently. … Read more
Ghana will later this month know whether the International Monetary Fund (IMF) will release the third tranche of its $918million Extended Credit Facility deal with the West African country. The Executive Board of the IMF is expected to take the decision when it meets and gets briefed by its delegation that visited Ghana last week … Read more
The International Monetary Fund (IMF) staff mission to Ghana has ended their third review visit to the country but has raised questions about some amendments made to the Bank of Ghana (BoG) Act. The visit, which was seen by many as emergency one, was to help the staff working on Ghana‘s program to get first-hand … Read more