The Monetary Policy Committee of Bank of Ghana has reduced the policy rate by 200 basis point, the bank announced on Monday. This means the rate at which the central bank lends to commercial banks has dropped to 18% from 20%. The bank cited subdued core inflation between January and now, stable prices of commodities … Read more
The recent increment in petroleum prices in the country will not affect transport fares, according to the Ghana Private Road Transport Union (GPRTU). The National Vice Chairman of the transport union, Robert Sarbah says the 3% increment has not reached the threshold for them to increase, insisting the fares will remain the same. Many panicked … Read more
The African Center for Energy Policy (ACEP) has opposed calls for Ghana to hedge its oil against global price fluctuations. According to the Executive Director of ACEP, Benjamin Boakye, the move will rather be injurious to the country’s economy in the long run. He rather advocated that the Bank of Ghana and Ministry of Finance … Read more
Algerian President Abdelaziz Bouteflika on Wednesday appointed a new prime minister, replacing his confidant Abdelmalek Sellal in the wake of parliamentary elections. Bouteflika’s National Liberation Front (FLN) and its ruling coalition won a clear majority in the May 4 polls, but turnout was low amid public disillusionment over a tepid economy and allegations of political … Read more
Algerian President Abdelaziz Bouteflika’s party and its coalition ally have won a clear majority in parliamentary elections, according to preliminary results released by the interior minister on Friday. Bouteflika’s National Liberation Front (FLN), which has dominated the North African nation’s politics since its 1962 independence from France, won 164 of the national assembly’s 462 seats, … Read more
Algerians will vote for a new parliament Thursday as the government grapples with soaring unemployment and a deep financial crisis caused by a collapse in oil revenues. But despite the urgent problems facing the North African country, candidates have found a public disillusioned by an opaque political system and what many see as the government’s … Read more
Algerians go to the polls on Thursday to elect a new parliament amid concerns that a low turnout will mar a vote which officials say is necessary to maintain stability. The election comes as the North African country grapples with a deep financial crisis because of a drop in oil revenues and amid criticism from … Read more
Pressure group, Alliance for Accountable Governance (AFAG), has expressed about the recent 15% hike in transport fares, saying the increment by the Ghana Private Roads Transport Union (GPRTU) was “untenable and unacceptable.” A statement signed and issued by the leaders of AFAG including Wesley Owusu, Arnold Boateng and Henry Asante, and copied to Today in … Read more
Pressure group Alliance for Accountable Governance (AFAG) has expressed shock at the announcement of a 15% increment in transport fares. Transport Unions across the country have agreed to a 15 percent increase in transport fares. The new fares will take effect on Thursday, April 5, 2017. Speaking to this increment in a statement, AFAG says … Read more
It appears most of the Oil Marketing Companies (OMCs) have not reduced the prices of their petroleum products for the first pricing window in March. This is contrary to predictions that fuel prices will be reduced for the period. The Institute for Energy Security (IES), early this week, indicated that prices for petroleum products are … Read more
An economist and CEO of the Institute of Chartered Economists, Ghana (ICEG), Gideon Amissah, says there is a likelihood of a ballooning fiscal deficit given the proposed tax cuts in the 2017 budget. The Finance Minister in the 2017 budget presented to Parliament outlined a raft of tax cuts including the one per cent special … Read more
Retail prices of petroleum products will from Thursday drop by a marginal three per cent at the various pumps across the country, and has been predicted to further go down in April this year, 3News can authoritatively report. The reduction in prices have been occasioned by the fall in crude oil prices on the world … Read more
The energy sector is the stock market’s dud so far in 2017 after a banner performance in 2016, and the rest of the year may also be rocky for investors due to the unclear path for crude oil prices. Energy outdid all other sectors last year, up nearly 24 percent thanks to a late-year rally … Read more
Former Finance Minister, Seth Terkper, has cast doubts over the government’s ability to meet potential revenue deficits following some tax cuts. He argues that government will also be compelled to resort to cutting down on some critical expenditure to make up for the shortfall. “It appears that the Minister seems to have shifted the debate … Read more
Former Finance Minister, Seth Terkper, has cast doubts over the government’s ability to meet potential revenue deficits following some tax cuts. He argues that government will also be compelled to resort to cutting down on some critical expenditure to make up for the shortfall. “It appears that the Minister seems to have shifted the debate … Read more
Former Finance Minister, Seth Terkper, has cast doubts over the government’s ability to meet potential revenue deficits following some tax cuts. He argues that government will also be compelled to resort to cutting down on some critical expenditure to make up for the shortfall. “It appears that the Minister seems to have shifted the debate … Read more
Former Finance Minister, Seth Terkper, has cast doubts over the government’s ability to meet potential revenue deficits following some tax cuts. He argues that government will also be compelled to resort to cutting down on some critical expenditure to make up for the shortfall. “It appears that the Minister seems to have shifted the debate … Read more
Ghana made US$207.79 million (GH?811.68 million) from oil liftings in 2016, Finance Minister Ken Ofori-Atta has said in the Akufo-Addo government’s maiden budget statement delivered to parliament on Thursday, 2 March. In 2016, the Ghana National Petroleum Corporation (GNPC) lifted six parcels of crude oil (consisting of the 31st to 35th Jubilee and 1st TEN … Read more
The Ghana cedi remained relatively stable against the major trading currencies in the currency market, on account of tighter monetary policy and improved foreign exchange inflows for the period of 2016, Mr Ken Ofori-Atta, Minister of Finance revealed on Thursday. “However, this trend was reversed in the run-up to the December elections, as demand pressures … Read more
Hon. Speaker, Honourable Members of Parliament, on the authority of President Nana Addo Dankwa Akufo-Addo, I beg to move that this Honourable House approves the Financial Policy of the Government of Ghana for the year ending 31st December 2017. On the authority of the President, and in accordance with Article 179 of the 1992 Constitution, … Read more