Research wing of Groupe Nduom (GN) conglomerate, GN Research, has stressed that reductions in the Monetary Policy Rate (MPR) will continue to have marginal effect on commercial bank rates so far as bank specific factors that are considered in the determination of commercial bank’s rates do not improve. Key among these factors, GN Research disclosed … Read more
The country is on track to receive some $116 million from the International Monetary Fund (IMF) in July to support its import and export activities. This would happen after the IMF board meets in July to review the country’s performance under the FUND program. According to the IMF, Ghana has made progress in some targets, like dealing with the … Read more
Senior Minister, Yaw Osafo Maafo, has opposed the idea of totally abolishing subsidy on electricity supply, arguing that various situations may necessitate the subsidizing of power to a segment of consumers. Speaking at the just-ended two-day Ghana Energy Summit, Ing. Osafo Maafo said: Energy is what we need as a constant to make the economy … Read more
Ahead of the announcement of a new policy rate by the Bank of Ghana on Monday, some economists are predicting a further drop in the policy rate. Economist Professor Godfred Bokpin explains to Citi Business News, the reduction in interest payments due to the debt restructuring, should prompt a further drop in the policy rate. … Read more
HFC Bank has posted an operating loss for the second year in a row though the figure has dropped marginally. The Bank’s 2016 financial statement showed that the loss for 2016 recorded 38.6 million cedis from the 39.2 million cedis in 2015. The bank’s losses were also accounted for by the projects to clean the … Read more
CAL bank (CAL) recorded a 23.22% dip in pre-tax profits for the first quarter of 2017 (Q1-2017). Total Profits before tax fell from GHS 58,389,000 in Q1-2016 to GHS 44,831,000. The fall in pre-tax profits reflected the challenges the bank continues to face with regards to the energy sector debts yet to be repaid to … 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
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government … Read more
The Managing Director of FirstBanC financial services, Mr. Amenyo Setordzie has observed that although the wide-ranging tax cuts could place the government’s fiscal position under pressure, the 2017 budget is achievable. Analyzing the 2017 budget presented by the Finance Minister last week, Mr. Setordzie described government’s finance policy as ambitious. He however cautioned, “Key risks … 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
Government is set to release GH¢166 million to banks as it takes steps to quickly clear all the energy sector debts owed banks. This will represent the third tranche payment to banks, bringing the total amount advanced to about GH¢582 million. President of the Association of Bankers, Alhassan Andani tells JOYBUSINESS the development could help … Read more
Dear Nana, Congratulations is in order on your electoral victory. From your days of ‘Kume Preko’ demonstrations you have stayed true to the cause of our democracy and your victory on December 7 is not the end but rather the beginning of the journey. I must confess when you lost the 2012 elections, I thought … Read more
19 banks owed under the ‘legacy debt’ received second payment in the first quarter of September. This was part of schedule of payment as agreed between the banks and government. The Ministry of Finance, the Bank of Ghana (BoG), and the Ghana Bankers Association in August announced a roadmap aimed at clearing the Volta River … Read more
President of Ghana Association of Bankers (GAB) has indicated that Non-Performing Loans (NPL) of banks should reduce significantly before the end of this year. Alhassan Andani’s assurance follows a substantial increase in Impairment Charge on loans and Advances by some listed banks, like Ecobank, CAL, SG and Standard Chartered Bank. The third quarter earnings revealed … Read more
Deputy Power minister John Jinapor has confessed that finding the needed funds to keep power supplies stable has remained a challenge for government. “Let me be very frank, money has been one of the challenges,” the deputy minister told Joy FM’s Super Morning Show Wednesday. John Jinapor was in the studio to dispel fears that … Read more
Deputy Power minister John Jinapor has confessed that finding the needed funds to keep power supplies stable has remained a challenge for government. “Let me be very frank, money has been one of the challenges,” the deputy minister told Joy FM’s Super Morning Show Wednesday. John Jinapor was in the studio to dispel fears that … 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