The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate 19 percent. The Policy rate indicates the rate at which commercial banks can borrow from the Central Bank. Prior to the announcement some economists had predicted that the committee will maintain the rate at 19 percent due to the coming on board of COCOBOD’s 1.7 billion dollars, the 1 billion Eurobond. Ongoing talks with the International Monetary Fund (IMF) was also expected to have an impact on the rate. Featured
Determined, hardworking, a compulsive reader; lover of arts and philosophical thoughts: these are words and phrases that Irene Vida Gala, the Brazilian Ambassador to Ghana, describes herself with. A self-proclaimed agnostic, she has had a long career in politics and diplomacy, creating the opportunity for herself to learn a lot about different countries, cultures, peoples and arts. Whereas in other parts of the world politicians see politics as a means to make money, she sees it differently: she
The Deputy Managing Director of UT Bank, Pearl Esua-Mensah has asked people to imbue in themselves the habit of saving in order to accumulate funds to meet their needs. Her remarks come following the launch of UT Bank’s save and win promotion dubbed “100 for 100, 000†in a bid to enhance the bank’s deposits mobilisation efforts. Mrs. Esua-Mensah noted that many Ghanaians are unwilling to save but rather prefer to carry huge sums of money, which she said needs to change. She said the ‘100
In a bid to recover their debt, Bulk Oil Distributors are working on rolling-out a credit rating system that will determine the credit-worthiness of Oil Marketing Companies. Senyo Hossi, lobbyist for the fuel importers, said they are working toward the first week of next month to roll out the system, whereby the OMCs will be rated based on their credit history. “So we will put them in tier-one, tier-two, tier-three and tier-four. So if you are a tier-four customer, the industry knows you are
The chairman of Anlo Rural Bank, Larry Kwesi Jiagge, has announced that the bank has been adjudged the best performing rural and community bank for the third consecutive year in the country. The bank was also adjudged fourth out of 135 rural and community banks and first in the Volta Region by the Efficiency Monitoring Unit of the ARB Apex Bank Limited -- regulator of all rural banks in the country. Kwesi Jiagge, speaking at the 13th annual general meeting of the bank, attributed the feat to restructuring
Finalists of the 2014 Quarry Life Awards (QLA) competition have until Tuesday, September 30 to submit their final projects, the Communication Coordinator, Solomon Ayiah, has announced. This forms part of processes toward the assessment and identification of the top-three projects and finalists to represent the country on the international stage later this year. Mr. Ayiah announced this last week, as the national QLA coordinators and jury toured the five finalists’ various project sites. The team
The International Monetary Fund (IMF) has said that its negotiations on a possible programme with government on how the Fund can help the country’s economic problems and accelerate Ghana’s journey to restored economic stability will come to a close next week Thursday. The IMF team, which began the bailout discussions with government yesterday, is being led by Joel Toujas-Bernate while Professor Kwesi Botchway, Chairman of the National Development Planning Commission, is leading the government’s
Integration of capital markets in the West African sub-region has inched a step closer with the approval for brokers in the member-countries to start drawing up partnership agreements that will enable them to trade across markets. The Integration Council of the member-countries -- made up of Ghana, Nigeria, Sierra Leone and the Bourse Regionale des Valeurs Mobilieres (BVRM), which features eight Francophone countries -- gave the approval to fast-track the integration process. “We are supposed
The Finance Minister, Seth Terkper has talked of government’s concern for the country’s rising public debt stock, hoping implementation of the public debt strategy will help mitigate the impact of government’s incessant borrowing habit. Mr. Terkper, speaking to newsmen after the issuance of the third Eurobond, said government is fully aware of the rising debt situation -- which stood at some GH¢58.4billion as at March, 2014. Total stock of public debt (domestic and external) was up from GH¢52.1billion
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