BUSINESS

The Ghana Bondholders Forum has reaffirmed the need for government to exclude individual bondholders, including individuals and Collective Investment Schemes, who account for less than 11% of the eligible bonds. According to the Forum, with the banks onboarding the Domestic Debt Exchange (DDE) Programme, the government is set to reach its 80% target, and as such they must be exempted ...

A Vice President of Imani Africa Mr Bright Simons has said that the government has still not made any progress with insurance firms, offshore investment and individuals regarding the Domestic Debt Exchange programme despite the agreements it reached with the Ghana Association Bankers (GAB). On Monday, January 23, the Government of Ghana and the GAB reached an agreement on the new terms ...

The financial sector cleanup that was undertaken by the Bank of Ghana (BoG) in collaboration with the Ministry of Finance which resulted in the collapse of nine domestic banks and several Microfinance companies, badly affected the governing New Patriotic Party (NPP) in the 2020 general elections, Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has said. He noted that ...

The Bank of Ghana (BoG) has reacted to reports that the government has rolledover cocoa bills that matured Thursday, January 20, without the investors’ consent, a move that has sparked anxiety among the investor community. Investors received payments for the matured bills but their accounts were quickly debited, leading to agitations between some holders and their banks. “I received payments ...

On Thursday, 19th January 2023, a six-month Cocoa bill with face value of GH¢940.42 million matured. The Bank of Ghana (BOG) went through the usual processes to reissue on behalf of Cocobod a new six-month Cocoa bill to raise funds to cover the maturing obligation, but the auction failed and was severely undersubscribed resulting in a shortfall of GH¢ 855.42million. ...

The Chartered Insurance Institute of Ghana (CIIG) is warning that over 7.5 million policies will be affected by the Domestic Debt Exchange (DDE) programme in its current form. According to its President, Solomon Lartey, this is because more than 40% of insurance premiums are invested in government securities, particularly bonds. Speaking to the media at the Investiture Ceremony of the ...

The price of premix fuel has been increased by GH¢15 from the initial GH¢10 and a gallon is now expected to be sold at GH¢25 per gallon across the various landing beaches in the country. The increase according to the government has been necessitated by the increases in the price of crude on the international market. Nana Abrokwa Asare who ...

JoyNews can confirm that the Bulk Oil Storage and Transportation Company (BOST) has today, Thursday, January 19 started selling petroleum products procured under the gold for oil barter arrangement. Reports indicate that GOIL and other Bulk Oil Distribution Companies have taken delivery of fuel for the market. However, what is being sold today is only 20 percent of Ghana’s market ...

The Ghana Stock Exchange has approved a request by the Ghana Association of Banks on behalf of the listed Banks for the filing of 2022 audited Financial Statements to be extended by one month to April 30, 2023. This will enable the eight banks work effectively with their external auditors to achieve the audit objectives. The banks are Access Bank ...

Government will borrow ¢2.42 billion in Treasury bills to refinance the upcoming maturities of ¢2.22 billion in this week’s T-bill auction. That’s according to its issuance calendar for the first quarter of this year. The securities that the government will be selling are the 91-day T-bill, the 182-day T-bill and the 364-day T-bill. This is coming after the government obtained ...