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Government borrowed GH¢4.2bn in December 2019

The Government of Ghana borrowed GH¢4.2 billion in notes and bonds in December 2019. This consists of GH¢3.2 billion 2-Year Notes, GH¢505.4 million of 3-Year bonds and GH¢478.6 million of 4-Year bonds. Some of the securities were to be rolled over while the rest were fresh funds. The yield on …

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Court remands CEO of collapsed Beige Bank, Mike Nyinaku

The Chief Executive Officer (CEO) of defunct Beige Bank, Mike Nyinaku, has been remanded in police custody. He is to be held there for one week. This follows the dismissal of a bail application by his lawyers who assured the court that he will cooperate with the ongoing trial. Although …

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Banks deposits growth slows amidst banking reforms

The growth rate in commercial banks’ deposits has slowed down amidst the reforms undertaken by the central bank to strengthen the sector. The Bank of Ghana in its latest banking sector report stated that deposits, as the main source of funding for the banking industry, grew by 17.1 percent in …

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Tema Development Company rakes in GHS44 million as gross earnings

The Tema Development Company (TDC) has raked in more than GHS44 million as actual total revenue (Gross Earnings) from January to September 2019. Addressing an end of year thanksgiving service, Ms. ELzabeth Mansa Banson, Board Chair, said GH¢44,135,431 was raised against the related period end budget of GH¢134,426,955. “Thus, the …

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Government opens ‘Sankofa Account’ for Diaspora

The Ministry of Finance has created an investment mechanism to help drive investment into the country from the Diaspora. Known as the ‘Africa Sankofa Account or the ‘Diaspora Savings and Investment Account,’ the interest accruing banking product is targeted at Africans living abroad, who desire to invest in the Ghanaian …

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Fresh IMF report: Ghana close to high-risk debt distress

A new IMF staff report has said Ghana is closer to being classified as a high debt distressed country, theghanareport.com has learned. The possible classification means the IMF is concerned about the country’s ability to honour its international obligations. The public debt stock as at September 2019 was pegged at …

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EIU predicts reduction in policy rate this year

Individuals and businesses seeking credit from commercial banks this year should be offered some respite as the Economist Intelligence Unit is predicting that the Bank of Ghana will lower its lending rate. The business intelligence advisory firm in its latest country report stated that the Bank of Ghana’s policy rate …

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