Economics

BoG must move quickly to deal with non-bank sector – Ken Thompson

CEO of Dalex Finance, Ken Thompson

The Chief Executive Officer of Dalex Finance, Ken Thompson says the Bank of Ghana (BoG) must move quickly to deal with the non-bank sector to save Ghana’s economy from collapse.

Mr Thompson said the Bank of Ghana has done a good job in cleaning the banking sector adding that without a robust financial system the economy will collapse.


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ECG wants 38% increase in power tariffs

ECG workers at work

The Electricity Company of Ghana wants Parliament to approve an increase in end user tariffs of at least 37.6 percent to cover the losses it is making on electricity sales under the current tariff structure which has been in effect since April this year.

This year’s edition of the annual major review of electricity tariffs is currently ongoing, under the supervision of the Public Utilities Regulatory Commission PURC, although a firm decision on the applicable tariffs for 2019 is not expected until December 9.


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Minority predicts more taxes in 2019 budget

Finance Minister, Ken Ofori Atta, will present the 2019 budget on November 15, to Parliament

Ahead of the 2019 budget presentation in Parliament on Thursday, November 15, the Minority is predicting that the government will introduce new taxes.

These new taxes, according to the Minority Spokesperson on Finance, Cassiel Ato Forson, will be the Finance Ministry's solution to bridging the gaping fiscal deficit.


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Waiting until 2019 to construct footbridges too far – Adentan resident

Madina-Adentan footbridge

A resident of Madina-Adentan is unhappy with a 2019 timeline given by the Ghana Highways Authority for the construction of bridges on the Madina-Adentan highway.

Selorm Brantie who is a member of the residents association is unimpressed with the assurance by GHA.

He said one year is too long a time and that more people would have died by that time.

According to him, the time to act is now to save lives since one life is one too many to lose.


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'No reason to be poor; 2019 budget full of hope' - President Akufo-Addo assures

President Akufo Addo

President Nana Addo Dankwa Akufo-Addo has given the indication that the 2019 budget would "reflect the hope Ghanaians have in the government and the future of the country".

He said though his administration inherited an ailing economy, systematically, it had succeeded, as economic indicators have shown, to put the country's economy back on the right path.


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Kwabena Duffour sues BoG over uniBank license revocation

Dr Kwabena Duffour

Dr Kwabena Duffour, a shareholder of the defunct uniBank Ghana Limited, has initiated a fight to reclaim uniBank, which the Bank of Ghana (BoG) on August 1, 2018, collapsed along with four other banks on grounds of insolvency.

The Bank of Ghana on August 1, 2018 merged five banks into a Consolidated Bank of Ghana Limited with the explanation that, investigations had established that the five banks were insolvent.

The banks are BEIGE, Sovereign, Construction, uniBank and Royal.


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BoG fails to do broader consultation on banks recapitalisation - Prof. Gatsi

Bank of Ghana

Accra, Aug. 8, GNA - Professor John Gatsi, the Head of Finance Department, University of Cape Coast, on Tuesday said the Bank of Ghana (BoG) failed to undertake broader stakeholder consultations before starting the indigenous banks’ recapitalisation exercise.

He said the Central Bank should have engaged in transparent and active debate involving bankers, policy-makers, politicians and other key stakeholders in the banking industry to ensure an alternative policy direction.


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Joyce Mogtari writes...Of Ameri and matters arising

Joyce Bawah Mogtari

In the not so recent past, under the watch of former President John Dramani Mahama, Ghana suffered a crippling power production deficit that was christened Dumsor- similar to the power crisis under former President John Agyekum Kufuor.

The deficit was the result of previous years of not adding any significant megawatts of production capacity to our generating plants, as against an increase in the power demand by homes and businesses, spurred by population growth and industrial expansion.


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AMERI saga: Minority want Bediatuo sacked

The Minority want the President's Secretary, Nana Asante Bediatuo sacked as well.

The Minority in Parliament is demanding that the President sacks his Executive Secretary, Nana Asante Bediatuo, over the controversial revised AMERI deal that has led to the firing of Energy Minister Boakye Agyarko.

They have also called on the police to institute a criminal probe into the processes that led to the review of the deal that was initially signed by the previous John Mahama administration.

Parliament last month froze approval processes for the agreement following concerns the new deal will cost the country about a billion dollars more.


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