Governor of the Bank of Ghana, Dr. Ernest Addison, has described as baffling the sustained rise in the rate of inflation in the country. According to the governor, the Monetary Policy Committee, which is meeting to review developments in the economy, will need to decide on the current policy rate, which stands at 17%. The …
Category Archives: Business
BoG Governor confident inflation has peaked; expects rate to begin a decline – Citi Business News
Governor of the Bank of Ghana, Dr. Ernest Addison has described as baffling the sustained rise in the rate of inflation in the country. According to the governor, the Monetary Policy Committee which is meeting to review developments in the economy, will need to decide on the current policy rate which stands at 17%. The …
Netflix cuts 150 US-based jobs after losing subscribers
Netflix has laid off about 150 staff, just a month after the entertainment giant said it was losing subscribers for the first time in a decade. The redundancies, announced by the streaming service on Tuesday, will mainly affect its US office in California. They account for about 2% of its North American workforce. Netflix said …
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How the dismissed PPA CEO cleared all the funds in his “frozen” bank accounts
Adjenim Boateng Adjei Information available to The Fourth Estate indicates that the dismissed chief executive officer of the Public Procurement Authority (PPA), Adjenim Boateng Adjei, has withdrawn all the money from his bank accounts that were frozen when investigations into his activities began. According to sources, he cleared his accounts of all the funds before the current Special Prosecutor, …
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ActionAid Ghana Appoints John Nkaw as Country Director – Citi Business News
ActionAid Ghana has appointed John Nkaw as Country Director effective 1st May 2022. Until his recent appointment as Country Director, John Nkaw served as Head of Programmes, Campaigns and Innovation and Interim Country Director. He succeeds Sumaila Abdul-Rahman who resigned from office in August, 2021. In his new role, John Nkaw will lead the work …
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6th CEO’s Summit pushes for ease of doing business law to boost economic growth – Citi Business News
The Ghana CEO’s Summit is urging government to take a serious look at addressing the bottlenecks embedded in the country’s civil service and craft a framework that will streamline systems for a more efficient delivery of government services. The CEO’S Summit believes that easing business processes like tax filing, business registration and the likes will …
BoG’s inflation targeting framework can’t reduce rise in inflation – IEA – Citi Business News
The Institute of Economic Affairs (IEA) is unhappy with the current approach being used by the Bank of Ghana in stemming Ghana’s inflation situation. According to the Institute, the inflation targeting framework being used by the Central Bank cannot provide a lasting solution to the country’s inflation problem hence must be avoided. In a paper …
Monetary Policy Rate must be increased to 19% to check inflation – IEA – Citi Business News
Amidst the continuous rise in inflation rate and calls for an intervention to stem the situation, the Institute of Economic Affairs (IEA) is projecting a 200 basis points increase in the monetary policy rate to 19 percent. This, it believes, will help narrow the gap with rising inflation and also ease to some extent the …
Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD – Citi Business News
The Managing Director of FBNBank Ghana, Mr. Victor Yaw Asante, has reiterated the commitment of banks in the country to continuously innovate to keep up with the pace of changing customer behaviour and expectations. According to him, this will ensure that the industry remains relevant and competitive, especially in product development, personalization and customer service …
Banking Consultant bemoans continuous charging of unfair fees by banks – Citi Business News
Banking Consultant, Nana Otuo Acheampong, has bemoaned the continuous charging of some fees by some banks in the country contrary to directives from the Bank of Ghana. In June 2021, the Central Bank warned commercial banks and Specialised Deposit-Taking Institutions in Ghana to abolish some unfair charges in the banking sector. The directive was reiterated …
Policy rate likely to be increased to tame inflation – Databank CEO – Citi Business News
The Monetary Policy Committee (MPC) of the Bank of Ghana will from today Wednesday, 18th May 2022 to Friday, 20th May 2022 hold its 106th Regular Meetings to review developments in the economy. The MPC’s regular meetings over the next three days will conclude with an announcement of a decision to either maintain, reduce or …
Chamber of IPPs disappointed over ECG’s tariff increase request – Citi Business News
The Chamber of Independent Power Producers Distributors and Bulk Consumers (CIPDiB), has expressed disappointment at the call for an increment in electricity tariffs by the Electricity Company of Ghana (ECG). According to the Chamber, the government has engaged the IPPs to reduce their capacity charges or tariffs to the ECG, to make the price of …