Bank of Ghana keeps policy rate at 14.5%

The Monetary Policy Committee of the Bank of Ghana (BoG) has kept the policy rate unchanged at 14.5 per cent. In March, the BoG lowered the policy rate by 150 basis points from 16 per cent to 14.5 per cent. This was the first time since 2019 that the central bank had lowered the policy rate. Before the reduction, the Bank of Ghana since January last year kept the policy rate unchanged six times.Addressing the media Friday, Governor of the Bank of Ghana, Dr Ernest Addison said this was due…

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Shell cuts dividend for first time since World War II

Royal Dutch Shell has cut its dividend for the first time since World War Two following the collapse in global oil demand due to the coronavirus pandemic. The energy giant also suspended the next tranche of its share buyback programme. The move came as it announced a 46% fall in first-quarter net income to $2.9bn (£2.3bn). Chief executive Ben van Beurden warned of “continued deterioration in the macroeconomic outlook”. He said Shell was taking “further prudent steps to bolster our resilience” and “underpin the strength of our balance sheet”. Shell…

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African Sovereign Wealth Funds to lose at least $19b due to Covid- 19

Covid-19 and its enormous economic repercussions on Africa is putting serious strain on the continent’s Sovereign Wealth Funds (SWF) – which collectively hold some $87 billion in assets under management. Experts at advisory firm Konfidants – which publishes the African Sovereign Wealth Funds Index – are projecting that COVID-19 could result in African SWFs suffering combined losses of $19 billion in a best-case scenario and about $27 billion in the worst-case scenario. Soaring COVID-19-related public expenditure and plunging global oil prices is severely crushing the fiscal health of the oil-exporting countries that hold…

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Liberia’s Justice Minister Tests Positive For Coronavirus

The health authorities in Liberia have announced that Justice Minister Frank Musa Dean has tested positive for Covid-19 and was receiving treatment in a hospital outside the capital, Monrovia. Mr Dean is quoted in the independent FrontPage Africa newspaper as saying late Sunday night he had been informed by Dr Musoko Fallah, head of the National Public Health Institute (NPHIL), that his Covid-19 test results came back positive. “I am hopeful,” Mr Dean is quoted as saying by the FrontPage Africa newspaper.  “The doctors at the 14 Military Hospital are…

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Derrick Sassraku wins FIFA case against Tunisia’s Club Africain

FIFA has ordered Tunisian side Club Africain to pay Ghanaian striker Derrick Sasraku an amount in excess of $200,000 plus interest for unlawfully terminating his contract in February. The Decision by the Dispute Resolution Chamber of FIFA was released on April 27, 2020. Club African have been handed a 45-day ultimatum to pay the former Aduana Stars player or face a ban from registering new players either nationally or internationally. The 25-year-old attacker joined Club Africain in August 2018 and went on to make 11 appearances in the Tunisian top-flight…

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GFA boss Kurt Okraku has changed nothing – Osei Palmer

Kurt Okraku has changed nothing since becoming president of the Ghana Football Association (GFA), according to disqualified GFA presidential candidate, Wilfred Osei Kwaku. Osei Kwaku, who is popularly known as Palmer, passed the verdict on Asempa FM, Thursday, in his first radio interview since his disqualification. Palmer said Kurt Okraku-led administration has done little or nothing to change the fortunes of football in the country. His expectations of more reforms taking place have not been met. Kurt Okraku was elected as GFA President in October 2019 “I must say it…

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