BUSINESS

GRA boss Kofi Nti fired

The Commissioner-General of the Ghana Revenue Authority (GRA), Mr Emmanuel Kofi Nti and two other commissioners have been fired, Daily Mail GH can confirm. The other affected commissioners are Isaac Crentsil, commissioner for customs, and Kwasi Asante Gyimah, in charge of domestic tax. Top government officials say Nti has been informed officially about the decision and has about a month ...

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Ghana seeks $750 million loan from StanChart, Standard Bank

Ghana is in talks with Standard Chartered Plc and Standard Bank Group Ltd. for a bridge loan of $750 million and will repay the facility with the proceeds of a Eurobond sale. The finance ministry listed the proposal for a syndicated loan in Friday’s parliamentary order papers and said it is intended to “fund or refinance development projects and for ...

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Injecting US$800m to stabilise cedi an exercise in futility

Once again, the Bank of Ghana (BoG) has signalled that it will inject a whopping US$800million into the system to shore-up one of the fastest depreciating currencies in the world — the cedi. Historically, though, this approach has proved to be a mere cosmetic exercise. In July 2015, under the leadership of Dr. Kofi Wampah, the central bank pumped in ...

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Bank of Ghana to inject $800m into reserves efforts to stabilise cedi

The Bank of Ghana (BoG) says it will add a minimum of $800 million to the country’s reserves this month to stabilise the cedi against major international currencies, especially the dollar. The Head of Financial Markets at the central bank, Steven Opata, told the Daily Graphic that the accumulation of more dollars would help increase the net international reserve (NIR) ...

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Menzgold collapse affecting Databank – CEO

The group Chief Executive of investment firm Databank, Kojo Addae-Mensah, has revealed that the collapse of gold dealership firm Menzgold is having an effect on his firm. According to him, some investors have panicked into withdrawing their investment with Databank out of fear of losing their monies as a result of the experiences of  menzgold customers. Speaking to Starr News, ...

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Fuel prices crossing Gh¢5 mark – IES

Prices of fuel in March will hit GhC5 once again due to rise in Brent crude on the international market, the Institute for Energy Security (IES) on Thursday said. Several factors, according to IES, account for the increment despite the forfeiture of the Price Stabilization and Recovery Levy (PSRL) mechanism by the National Petroleum Authority (NPA). “These expected increments in ...

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How a ‘Giant Ponzi Scheme’ destroyed a nation’s economy

Almost two decades of profligate monetary policy has destroyed Zimbabwe’s economy and fueled rampant inflation, decimating the savings of its people twice. Hyperinflation of as much as 500 billion percent in 2008 made savings worthless and led to the abolition of the local currency in favor of the dollar the following year. In 2016, former President Robert Mugabe’s cash-strapped government ...

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Abrogate all oil contracts under Mahama – KT Hammond

The Government has been urged to review and abrogate all oil contracts signed by former President John Mahama. According to Member of Parliament for Adansi-Asokwa and a former deputy Energy Minister, KT Hammond, the oil exploration companies have not renewed an initial three year deal they signed with the country despite their continuous lifting of oil. Mr. Hammond made this ...

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More external threats ahead for cedi – BoG report

A report by the Bank of Ghana that assesses the impact of external shocks on Ghana’s economy has revealed the cedi’s depreciation against the US$ is expected to continue throughout the year, as global events show more external threats ahead. The report, titled ‘The Effect of External Conditions on the Economy of Ghana’, is authored by Philip Abradu-Otoo and Bernard ...

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