Continuing students of second cycle institutions in the Upper East Region are appealing to government to settle their feeding grant arrears to enable them reopen on the 4th of May 2017. Various second cycle institutions are expected to reopen on Thursday 4th May, 2017, but head teachers of these schools in the region have entreated … Read more
Continuing students of second cycle institutions in the Upper East Region are appealing to government to settle their feeding grant arrears to enable them reopen on the 4th of May 2017. Various second cycle institutions are expected to reopen on Thursday 4th May, 2017, but head teachers of these schools in the region have entreated students not to … Read more
Brother of the former President Mahama whose construction company is facing legal action over the non-payment of workers social security contributions says, it has settled all arrears. Engineers and Planners, owned by Ibrahim Mahama, said in a statement it has paid GHC2 million which includes actual arrears of GHc668,754.75 and penalty of GHc387,709.31 which was … Read more
Brother of the former President whose construction company is facing legal action over the non-payment of his workers social security contributions says, it has settled all arrears. Engineers and Planners, owned by Ibrahim Mahama, said in a statement it has paid GHC2m which includes actual arrears of GHc668,754.75 and penalty of GHc387,709.31 which was imposed … Read more
Brother of the former President John Mahama whose construction company is facing legal action over the non-payment of his workers social security contributions says, it has settled all arrears. Engineers and Planners, owned by Ibrahim Mahama, said in a statement it has paid GHC2m which includes actual arrears of GHc668,754.75 and penalty of GHc387,709.31 which … Read more
The Akufo-Addo government is set to issue a $2.24billion bond in the coming days to pay the huge debt burdening the country’s energy sector, Kojo Oppong Nkrumah, a deputy Information Minister has disclosed. The issuance of the bond, he said Thursday on Morning Starr, is part of efforts by government to raise money over a … Read more
Banks are optimistic of significant improvement in their non-performing loan portfolios as government initiates moves to clear all outstanding debts owed them. The assurance comes on the back of government’s plan to raise bonds to clear the debts owed in the energy sector. The Vice President, Dr. Bawumia at a meeting in Washington last week … Read more
Most of the damage to Ghana’s economy in recent times has been done by credit facilities and their high interest rates. The Vice – President, Dr Mahamudu Bawumia, has taken some measures to blunt the impact of conventional forms of loan pressures by introducing debt reprofiling to save the country from default. Reprofiling means lengthening … Read more
The recent arrest of Vijay Mallya highlighted the problem of bad loans in India, but analysts say the tycoon’s unpaid debts are just the tip of an iceberg that is already holding back the country’s economic growth. The multimillionaire owner of a Formula One team and founder of the Kingfisher beer brand was arrested on … Read more
The recent arrest of Vijay Mallya highlighted the problem of bad loans in India, but analysts say the tycoon’s unpaid debts are just the tip of an iceberg that is already holding back the country’s economic growth. The multimillionaire owner of a Formula One team and founder of the Kingfisher beer brand was arrested on … Read more
We have observed with a sense of amusement the controversy that has erupted as a result of the press conference held by the National Democratic Congress (NDC) on Tuesday, April 18, 2017, at which leading members of the main opposition party took issue with the recent long-term cedi-denominated bonds issued by the Government of Ghana … Read more
Debt management strategies being deployed by government will take a while before impact can be felt The International Monetary Fund (IMF) says it is optimistic the Akufo-Addo government’s debt management strategies would help reduce the Public debt. In its Fiscal Report, the Fund, however, said the country will end the year without making significant progress … Read more
The Ministry of Finance has described as “malicious”, allegations by the opposition National Democratic Congress (NDC) that the recent $2.25 billion domestic bond issued by government was shrouded in secrecy. According to the Ministry, the process that led to the issuance of the bond was no different from previous ones. “This particular bond issue was … Read more
My take on government’s cedi equivalent bond Well, as some friends are asking me to comment on the new government’s bonds via this month’s jumbo debt auction as Bawumia talked about. Here is my comment. In actual sense, what Bawumia and his economic team have done has indeed saved Ghana huge amount of money. Indeed, … Read more
My take on Akufo-Addo government cedi equivalent bonds Well, as some Friends are asking me to comment on the new govt’s bonds via this month’s jumbo debt auction as Bawumia talked about. Here is my comment. In actual sense, what Bawumia and his economic team have done has indeed saved Ghana huge amount of money. … Read more
The International Monetary Fund (IMF) has thrown its weight behind the government’s decision to rely primarily on domestic borrowing to finance the deficit this year. It says the country’s strong appetite for foreign debt in recent times could prove injurious to the economy in the long run, given its implication on debt refinancing and exchange … Read more
The Deputy Minister of Finance, Charles Adu Boahen has revealed that the government’s debt management plan will save the country the burden of seeking one billion cedis every week to repay its debts. According to him, the relatively high interests on short term debts estimated over 20 billion cedis, has made it difficult to repay. … Read more
The Vice President, Dr. Mahamudu Bawumia has stated that government has began processes aimed at restructuring Ghana’s public debt stock. The Vice President was speaking at Joy FM’s town hall meeting. According to him, Ghana issued a total of 2.25 billion dollars in four bonds as part of measures to ensure that government successfully implements … Read more
The payday loan firm Wonga has said up to 270,000 of its customers may have been affected by a data breach. The firm said it was “urgently investigating illegal and unauthorised access to the personal data of some of its customers in the UK and Poland”. The firm said it began contacting borrowers on Saturday … Read more
Deputy Minority Leader, James Klutse Avedzie, has said that government’s decision to reduce aspects of the Energy Sector Levies will further delay the payment of the web of debt that entangles the energy sector. While the National Electrification Scheme Levy (NESL) goes down from 5% to 2%, the Public Lighting Levy (PLL) reduces from 5% … Read more