Ghana’s total public debt stock, which stood at GH¢110 billion at the end of August, increased to GH¢112.4 billion at the end of September 2016, representing 67.4 percent of Gross Domestic Product (GDP). Per the aforementioned figures, the country incurred a debt of over GH¢2 billion from August to September 2016. Out of the total … Read more
Government has to seek an additional GH¢1.2 billion to be able to pay off all debts owed Bulk Oil Distribution Companies (BDCs) which, currently, is over GH¢2.2billion (GH¢2,263,610,424). This is because the amount of money officially set aside by government to pay off the debt, has turned out to be lower than the amount arrived … Read more
Some teachers in the Upper West Region have threatened to vote out the John Mahama-led government if it fails to pay them their salary arrears among other unpaid monies by the end of November. According to the teachers in the region who are under the Coalition of Concerned Teachers umbrella, they have been battling the … Read more
Manchester United will lose more than £20m in sponsorship income from Adidas if they fail to qualify for next year’s Champions League. The German sportswear giant is in the second season of a 10-year, £750m deal. After announcing a fall in first-quarter revenue, United said the annual payment will reduce by 30% if they do … Read more
The International Monetary Fund (IMF) has lifted remedial measures against Zimbabwe after the southern African country cleared its 15-year debt arrears to the multilateral financial institution last month. The IMF, however, said any future financial assistance to Zimbabwe would depend on other applicable policies including clearing 1.15 billion U. S. dollars arrears to the World … Read more
A new trend is emerging in the financial market, where an increasing number of borrowers and lenders prefer to use their holdings equities and debt securities such as shares, bonds and treasury bills as collateral for loans from the banks. Known as pledging, the resort to securities as collateral for credit has caught on well … Read more
Government has raised 438 million cedis ($110 million) worth of bids for its first 10-year domestic bond issued today at a cost of 19 percent. The bond which will mature in 2026 was also opened to foreign investors. Citi Business News has gathered that the bond drew bids of 726 million cedis, far more than … Read more
Government’s decision to restructure Volta River Authority’s (VRA) debts has been well received by banks in the country which are hoping such arrangements will be made for other State-Owned Enterprises whose indebtedness have suffocated the operations of the financial institutions, the Bank of Ghana has said. Additionally, banks are also craving for similar restructuring arrangement … Read more
The President of the Ghana Bankers Association, Alhassan Andani has stated that banks that were owed by government under the legacy debt have received second payment in the first week of September. The Ministry of Finance, the Bank of Ghana (BoG), and the Ghana Bankers Association in August announced a roadmap aimed at clearing the … Read more
Some Union Members of the Ghana Ports and Harbours Authority (GPHA) have called for a full scale investigation to unravel the circumstance under which a vessel considered as scrap was fraudulently sold out, without recourse to tender procedure. The Union members, who are based in Takoradi, believe that the process leading to the sale of … Read more
Hearts of Oak have settled all outstanding salaries of its players paving way for pre season to start on Saturday. GHANASoccernet.com can confirm players were paid three months arrears and are each owed a month’s salary. The unsettled delayed the start of training for the upcoming season which will start with the G6 tournament. Newly-appointment … Read more
A loan worth 60 million dollars being procured by the government of Ghana for the Electricity Company of Ghana has left Parliament divided again. The loan is to upgrade the distribution network of Ghana’s power distributor but the opposition in Parliament insists the terms and condition of the facility are too costly for a ‘broke’ … Read more
Minority in parliament has criticised the President Mahama led National Democratic Congress (NDC) government over a high interest loan facility being offered to the Electricity Company of Ghana (ECG). As parliament approves a $60 million loan facility aimed at improving efficiency of the ECG, minority legislators have raised red flags describing the interest rate at … Read more
Energy expert Kojo Opoku is predicting that electricity consumers will be paying more for the service in 2017. According to him, the power distributor needs a lot of funds to deal with its indebtedness, in order to improve supply. ECG is indebted to a tune of 3.74 billion Ghana cedis. However, some institutions also owed … Read more
Energy expert Kojo Opoku is predicting that electricity consumers will be paying more for the service in 2017. According to him, the power distributor needs a lot of funds to deal with its indebtedness, in order to improve supply. ECG is indebted to a tune of 3.74 billion Ghana cedis. However, some institutions also owed … Read more
Pressure group OccupyGhana says it’s monitoring closely the Attorney General’s latest effort to retrieve the GH¢51.2 million unlawfully paid to Alfred Agbesi Woyome. The Supreme Court in July 2014 ordered Mr. Woyome to pay back the huge amount to the state following a suit filed by former AG, Martin Amidu but the order has fallen … Read more
Civil Society organisations (CSOs) have indicated that government’s spending cuts and tax rises will intensify after the December 2016 elections which would lead to job losses. According to the organisations, “Only after the elections will the true International Monetary Fund (IMF) austerity programme begin.” In a recently published report, titled: “The fall and rise of … Read more
A member of the Finance Committee of Parliament, Dr. Mark Assibey-Yeboah has questioned the GH¢1.9 billion to be expended on interest payments for the first quarter of next year, out of a total expenditure of GH¢10.9 billion. Dr. Assibey-Yeboah, who is also the MP for New Juaben South, comments follow Parliament’s authorization of government to … Read more
An Economist and Member of Parliament (MP) for New Juaben South, Dr. Mark Assibey-Yeboah, is cautioning Ghanaians not to expect anything good from the governing National Democratic Congress (NDC) in the first quarter of 2017 should the party win the 2016 polls. According to him, Ghana would from January 1 to March 31, 2017, undergo … Read more
Government has been advised to check the country’s rising debt stock. Chief Executive Officer (CEO) of Dalex Finance, Ken Thompson, who gave the advice recently in an interview with journalists in Accra, said government should invest in projects that would help lessen the debt burden of the country through investment into agriculture and other easy-to-recoup … Read more