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Business

New IMF cash to stabilize cedi

IMF

Ghana’s ability to attract another tranche of disbursement by next month under the IMF deal, should strengthen the local currency and restore investor confidence in the economy. That is the assertion of some Economists who have been speaking on the Fund’s progress with the government of Ghana. The comment also comes ahead of the government’s meeting with the Board of the International ...

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GUTA demands abolishment of import levy

Benjamin Yeboah - Executive Member, GUTA

The Ghana Union of Traders Association (GUTA) is making fresh appeals to get the 2 percent special levy scrapped. GUTA argues that the continuous imposition of the charge adds unto the costs of its members and increased their retail prices. The concerns by the traders’ union come at a time that government is collating inputs for the 2018 budget. Executive ...

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GSE praised for suspending companies

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Financial sector analysts have backed the decision by the Ghana Stock Exchange (GSE) to suspend companies that fail to comply with the rules of the stock market. According to them, the move will improve the efficiency of the local bourse and attract more investors. The GSE, last Friday suspended five companies for failure to comply with some regulations. It has ...

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Ghana meets IMF to finalize exit

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Government is set to meet the board of the International Monetary Fund (IMF) tomorrow to present its decision not to extend the programme. Finance Minister Ken Ofori-Atta in his mid-year budget review indicated that government’s economic team will meet the board in August. Already, President Akufo-Addo has stated that government will not extend the programme when it ends in December ...

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VRA staff risk layoff over assets sale

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Energy sector analysts have raised labour security concerns with the government’s decision to sell off some thermal assets of the Volta River Authority (VRA). They argue that the move may spark protests if unmanaged properly. Government, through the Finance Ministry is seeking to sell majority stake in the thermal assets of VRA. Deputy Finance Minister, Kwaku Kwarteng explained that the ...

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Andrew Awuni slams Organised Labour reps on SSNIT board

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The Founder of the Centre for Freedom and Accuracy, Andrew Awuni has chastised the representatives of Organised Labour on the Social Security and National Insurance Trust governing board, saying they must be called to answer questions regarding some decisions that led to the loss of millions of dollars. He alleged that the representatives might not have had the interest of ...

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SSNIT’s investment strategies must change now – Bright Simons

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Vice President of IMANI Africa, Bright Simons, is advising Social Security and National Insurance Trust (SSNIT) to urgently change its investment strategies it is to see a turnaround from its current bleak standing. Speaking on Eyewitness News, Mr. Simons noted that about half of the money SSNIT has invested is generating negative returns. “When you look at how much SSNIT ...

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How SSNIT lost its shares in UMB [Report]

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Citi News can confirm that SSNIT and SIC Life’s shareholding in UMB has been diluted by 50% following what appears to be their lack of understanding of the transaction they entered into with Fortiz in the takeover of the erstwhile troubled Merchant Bank. Prior to the troubles of the hitherto wholly state owned Merchant Bank, SSNIT controlled an 89.6% stake ...

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Stock Exchange lifts suspension on Clydestone and TRANSOL

Managing Director, GSE - Kofi Yamoah

The Ghana Stock Exchange (GSE) has lifted the suspension on the trading activities of two of the five companies that were sanctioned for failing to comply with some regulations guiding listing on the Exchange. The two companies are Clydestone (Ghana) Limited and Transaction Solutions (Ghana) Limited (TRANSOL). According to the GSE, the companies had corrected the anomalies associated with their ...

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Banks reduce mortgage loans over high NPLs – BoG

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Banks have begun tightening their stance on mortgages due to the rise in their Non-Performing Loans (NPLs). At least according to the Bank of Ghana’s latest banking sector report, the commercial banks decreased their loans for house purchases by some two percentage points from 8 to 5 percent as at June this year. The position by the commercial banks according ...

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