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Bank of Ghana cuts Policy Rate to 21%

For the fourth time this year, the Monetary Policy Committee (MPC) of the Bank of Ghana has reduced its policy by 150 basis points to 21% from 22.5%. Addressing journalists at a news conference in Accra Monday, the governor cited an improved economic outlook for the rate cut adding that “economic activity continued to improve supported by a rebound in crude oil production.
 

GCB Bank Presents Dividend to Government

GCB Bank has presented a cheque for GH¢21.5 million as dividend payment to government, for the year ending 2016. The total dividend amount is GH¢100 million, with a net profit of GH¢440 million, and a 25 percent dividend yield.

Receiving the cheque, the Minister of Finance, Ken Ofori-Atta expressed his gratitude to GCB Bank for the gesture and commended the Bank for the role it is playing in the Ghanaian economy.

Ghana benefits from Germany's 'Compact with Africa' Programme

Ghana is one of the three countries in Africa to benefit from Germany's 'Compact with Africa' Programme.The programme will assist Ghana improve conditions for sustainable private sector investment, infrastructure, economic participation, and generate employment in the country.

This was made known by the Minister for Finance, Ken Ofori-Atta, at a meeting with the Ghanaian community resident in Germany, held in honour of President Nana Addo Dankwa Akufo-Addo, in Berlin.

Finance Minister Inaugurates New Board for Ghana Revenue Authority

Accra, May 16, 2017 – A nine - member Board of the Ghana Revenue Authority (GRA), has been inaugurated by the Minister of Finance, Mr. Ken Ofori-Atta.
 
Addressing the Board, the Minister said revenue mobilization was the first of the five pillars defined by government to lead government’s economic transformation program.

Presentations at the National Policy Summit

The two-day summit provided a platform where some selected ministries engaged stakeholders on specific policies and the implementation plans.

The event  also gave private sector businesses an opportunity to discover ways of tapping into these policies.
 

Fitch Revises Outlook on Ghana to Stable: Affirms at 'B'

Fitch Ratings-Hong Kong-12 May 2017: Fitch Ratings has revised the Outlook on Ghana's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to Stable from Negative and affirmed the IDRs at 'B'. Fitch has also affirmed the issue ratings on Ghana's senior unsecured foreign and local currency bonds at 'B', as well as the 'BB-' rating on Ghana's USD1 billion partially guaranteed note. Ghana's Country Ceiling and Short-Term Foreign and Local Currency IDRs have been affirmed at 'B'.

GC-Net Pays GH¢ 17 Million Dividend to Govt.

This year, he noted, arears of dividend from April 2016 to March 2017 due government was GH¢27 million, out of which GH¢10 million has already been paid. The cheque for GH¢17 million, he explained, was the difference due for 2016 up to March, 2017.

 

The GC-Net Executive Chairman also presented documents on recommendations of Customs, Registrar General and the Ports.

SSNIT BOARD INUAGURATED

Accra, April 6, 2017 – An eleven - member re-constituted Board of Trustees for the Social Security and National Insurance Trust (SSNIT), has been inaugurated by the Minister of Finance, Ken Ofori Atta.

 

Addressing the Board, which is the thirteenth since SSNIT was set up, Hon Ofori-Atta challenged the members to ensure that SSNIT engages in prudent investments, to ensure long term financial sustainability of the Scheme, which he noted, will ultimately restore public confidence in SSNIT.

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