🚩 Figures released by the Bank of Ghana(BoG) in its latest Summary of Economic and Financial Data show that Ghana’s debt stock increased by 21.5 percent in 2018. By this, the country added Gh¢30.6 billion to its debt stock in 2018. The debt stock at the end of 2017 stood at Gh¢142.6 billion, increasing to Gh¢173.2 billion in 2018. Government in the period raised a number of bonds including Eurobond and domestic bonds to embark on infrastructure development and also retire some maturing debts.
🚩 The Ghana Maritime Authority (GMA) has signed a three-year strategic sector cooperation agreement with its Danish counterpart, the Danish Maritime Authority, marking the start of the second phase of an e-navigation programme that seeks to enhance surveillance of the country’s territorial waters. The second phase of the e-navigation will also support implementation of international maritime regulations and train tug-boat captains with advanced simulators in Denmark.
🚩 The government has released funds to ensure full completion of the Boaso Bamboo Processing Factory under flagship policy of One-Distric-One-Factory in the Atwima Nwanbiagya District in the Ashanti Region after several concerns by the people in the region. This came to light after the Chief of the Boaso, Nana Kofi Bimpong II had several meetings with the Trade and Industry Ministry and later disclosed to journalists the government's commitment to pump money into the project.
🚩 Bank deposits have risen significantly over the last few months after the banking sector reforms, Head of Banking Supervision at the Bank of Ghana, Osei Gyasi has said. Mr Gyasi said there has been improved customer confidence among traders that banks that survived after the reforms are capable of holding their funds. He was speaking at the CEOs Breakfast meeting by the Ghana Investment Promotion Centre (GIPC) in collaboration with JoyBusiness.
🚩 Aker Energy Ghana Limited, the Norwegian oil company operating the offshore Deepwater Tano/Cape Three Points (DWT/CTP) oil block in the Western Region, has submitted a $4.4 billion investment plan for developing the block to the Ministry of Energy. The Pecan field at the DWT/CTP is estimated to hold 334 million barrels of oil equivalent (mboe), with an estimated plateau production of 110,000 barrels of oil per day to last for about 25 years.
🚩 Barclays Bank Ghana, a member of Absa Group, recorded an impressive growth of support to its customers and businesses during 2018, the bank’s 2018 financial results released March 28, 2019 has indicated. According to Barclays, it increased its loans and advances to customers to the tune of GHS 3.125 billion last year which represented a growth rate of 35%. This is as a result of the bank’s believe in providing financial support to Ghanaian businesses including SMEs to stimulate economic growth.
🚩 The Ghana Grid Company Limited (GRIDCo) has been hit by a salary delay following the takeover of the management of the Electricity Company of Ghana (ECG) by Power Distribution Services (PDS).
Staff of the company will, therefore, experience delay in the payment of their March salary. Announcing the news to all staff in a circular dated 27 March, GRIDCo’s Chief Executive Jonathan Amoako-Baah said, “due to the operationalization of the Power Distribution Service (PDS) as part of the Electricity Company of Ghana (ECG) reforms, we anticipate a few days delay in the payment of the March 2019 salary.
🚩 Customers of defunct gold dealership, Menzgold , will from April 2 begin a series of demonstrations to demand their locked up principal investments. The Coalition of Aggrieved Customers of Menzgold Ghana Limited said in a press statement issued on March 27 that its members – about 6,000 people – will embark on continuous picketing at the Premises of the Economic and Organised Crime Office (EOCO), the Securities and Exchange Commission (SEC), the Attorney Generals' Department and the Jubilee House to press home their demands.
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