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Minority orders gov’t to Transfer JOHL shares to GNPC without delay

Upon the resumption of Parliament, the Minority declared its intention to submit an urgent question seeking clarification regarding the proposed divestment of Ghana's stake in Jubilee Oil Holdings (JOHL) to the Petroleum Gas Corporation...
Business

Put in more interventions to restore confidence in financial sector – Economist to BoG

Banking consultant Dr. Richmond Atuahene has criticized the Bank of Ghana's efforts to restore confidence in the financial sector, stating that they are insufficient. Dr. Atuahene's comment comes in response to the International Monetary Fund's...
Business

A robust African economy requires a single currency – Experts

The necessity for an African single trade currency was emphasized by participants and speakers at the recently concluded 7th Ghana International Trade and Finance Conference (GITFiC). According to the stakeholders, a common currency will not...
Business

Cedi pressured as US debt ceiling negotiations persist

The local currency has lost 1.48 percent of its recent advances. At the end of last week, it was worth GH10.98 to the US dollar. Initially, positive market sentiments prevailed and were attributed to approval...
Business

T-bills: Government fails to meet auction target, gets GHS2.78b

Government has received GH2.78 billion from the sale of treasury bills in its most recent auction on May 15, 2023. The target for the auction was GH¢3.33 billion. Even though this was a bit higher than...
Business

The IMF agreement faces substantial challenges

Following a staff-level agreement achieved on December 12, 2022, the Paris Club's development of an Official Creditor Committee (OCC) has given impetus to the country's efforts to restructure its debt and finally get a...
Business

Joe Biden moves to ‘break’ 31.4tn US debt ceiling to avoid loan default

US President Joe Biden has stated that a bipartisan agreement to raise the $31.4 trillion US debt ceiling and prevent a default is ready to be presented to Congress, and he has asked lawmakers...
Business

Citizens and businesses entreated to brace themselves for tough times as IMF conditions hit

Economist and Senior Lecturer, Wisconsin University, Rev Dr Samuel Worlanyo Mensah, has entreated Ghanaians and businesses to brace themselves for tough times ahead as IMF conditions hit. He said though the implementation of economic programmes...
Business

Customers should be wary of MOMO fraudsters – ECG cautions

The Electricity Company of Ghana has warned customers to be wary of fraudsters who call ECG users and ask them to make payments to specific mobile money accounts in order to access ECG services. The...
Business

Ghana warned against borrowing for long-term development

The African Development Bank (AfDB) has cautioned Ghana not to rely too much on loans for long-term national growth. Professor Kevin Chika Urama, Chief Economist of AfDB, said that relying on loans, especially from the...
Business

Biden and McCarthy in tentative debt ceiling deal

President Joe Biden and his Republican opponents have made an announcement on an agreement in principle to lift the US debt ceiling and avoid a default. President Joe Biden described the agreement as a "compromise",...
Business

$254m gained from fish export in 2022 – Fisheries minister

Minister of Fisheries and Aquaculture, Mrs Mavis Hawa Koomson, has stated on Friday May that Ghana will earn approximately $254 million from the export of fish and fishery products in 2022. She stated at...
Business

Sainsbury’s boss denies profiting from high prices

The president of Sainsbury's has told the BBC that supermarkets have not used high inflation rates to justify bigger profits. When asked if the UK's second largest supermarket had profited, Simon Roberts responded, "Absolutely not." Food...
Business

US debt ceiling talks continue with new 5 June deadline

The US Treasury Secretary has stated that if lawmakers do not extend the debt ceiling by June 5, the US will run out of money to pay its debts. The new deadline allows Republicans and...
Business

Foad Dabiri quits Twitter after DeSantis launch glitches

Following technical glitches during the launch of Ron DeSantis' US presidential campaign on Twitter, Foad Dabiri, an engineering chief at the company, has announced his departure. In a tweet, Dabiri stated, "After almost four...
Business

JP Morgan cuts over 1,000 jobs

JP Morgan Chase, the prominent Wall Street institution, is implementing job cuts at recently acquired First Republic Bank, which faced financial difficulties. Approximately 1,000 positions, equivalent to 15% of First Republic's workforce, will be...
Business

British Airways cancels hundreds of Heathrow flights due to IT issue

Thousands of passengers were stranded at London Heathrow for a second day after British Airways (BA) cancelled at least 42 more flights due to an IT breakdown. BA said cancellations are still happening due to...
Business

Control measures for foreign exchange to be reversed by ...

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has revealed plans to reverse the foreign exchange (FX) control measures introduced last year in response to dwindling reserves at the time. Those measures included...
Business

Germany in recession as inflation hits economy

An adjustment to growth figures shows that persistent inflation helped push Germany into recession in the first three months of the year. Europe's largest economy was also badly affected when Russian gas supplies dried up...
Business

BoG sets up Cybersecurity Centre to tackle emerging challenges

Governor of the Bank of Ghana (BoG), Dr Ernest Addison,  says the Financial Industry Command Security Operations Centre (FICSOC) is a key component of the systems to address the challenges of cyber security.  He said...
Business

A dollar going for GHS11.70 at forex, GHS10.78 on BoG interbank as of May 25

The Bank of Ghana's interbank forex rates for today, May 25, 2023, show that the Ghana Cedi is trading versus the dollar at a purchasing price of 10.7720 and a selling price of 10.7828. At...
Business

A GHS843m tax payment made by Newmont to government

Newmont Africa has revealed that its Ghana operations (Ahafo South and Akyem mines) paid a total of GHS843.72 million in taxes, royalties, and levies to the Ghanaian government through the Ghana Revenue Authority (GRA), Forestry Commission, and Ministry of Finance in the first quarter of 2023. This amount consists of corporate tax (GHS514.57 million), minerals royalties (GHS197.06 million), Pay As You Earn (GHS78.23 million), GHS42.31 million as withholding tax and GHS11.55 million as forestry levy. “Fulfilling our obligations in terms of...
Business

Coconut, cashew and rubber production get $100m funding boost

The deputy CEO of operations at the Tree Crop Development Authority (TCDA), Foster Boateng, has announced that the World Bank has provided a US$100 million facility to increase production and enhance the value chains...
Business

Dangote Oil Refinery to commence fuel production in June

Businessman from Nigeria and the richest in Africa, has announced the opening of the ground-breaking Dangote Oil Refinery, which is expected to be the largest vertically integrated petrochemical complex in the world. The refinery, which...
Business

Apple signs significant US-made semiconductor agreement amid chip war

Apple claims to have reached a multi-billion dollar agreement with chipmaker Broadcom to utilize additional components made in the US. Under the multi-year agreement, the two US companies will develop components for 5G devices that...
Business

Dangote Refinery: Africa must quickly find ways of bringing hydrocarbon resources to production – Akufo-Addo

The newly opened Dangote Refinery and Petrochemical Complex in Lagos, Nigeria has received a plea from President Nana Addo Dankwa Akufo-Addo, urging Africans to leverage the substantial hydrocarbon resources to production. According to him, Dangote...
Business

Rescind GNPC’s ‘scandalous’ oil shield offer to PetroSA – Energy Minister to Freddy Blay

Minister for Energy, Dr Matthew Opoku Prempeh, has chastised the Board Chairman of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, for deliberately refusing to adhere to his directive with regards to working with...
Business

Enumerators were not abruptly sacked, disregard reports – COCOBOD to public

Management of the Ghana Cocoa Board (COCOBOD) has refuted reports indicating that a number of enumerators who worked with the institution were suddenly dismissed without any form of notice. In a rejoinder dated May 22,...
Business

Signs of recovery evident in banking sector after DDEP – BoG Governor

Bank of Ghana (BoG) Governor, Dr. Ernest Addison has revealed that there are encouraging signs of recovery in the nation's banking industry after a difficult 2022. Speaking during a press briefing at the 112th Monetary Policy Committee’s (MPC)...
Business

Sammi Awuku wins CEO of the Year award at Ghana CEO summit and Expo

At the 7th Ghana CEO Summit and Excellence Awards, Mr. Samuel Awuku, Director General of the National Lottery Authority, received the award for Overall Best Public Sector CEO of the Year 2022. Mr. Samuel Awuku...
Business

Ghana’s policy rate remains unchanged at 29.5%

The Bank of Ghana's Monetary Policy Committee (MPC) has decided to maintain the policy rate at 29.5%, marking the first time since July 2022 that it remains unchanged. Governor of the Bank of Ghana, Dr...
Business

China bans major chip maker Micron from key infrastructure projects

China claims that US memory chip manufacturer Micron Technology's goods pose a threat to national security. The nation's cyberspace authority declared on Sunday that the nation's top memory chip manufacturer presents "serious network security risks." It...
Business

Ofori-Atta positive as America announces $300m data centre establishment in Ghana

The decision by the United States to create a data center in Ghana will increase investor trust in the nation, according to Finance Minister Ken Ofori-Atta. The move, he said will make Ghana an attractive...
Business

IMF seeks to reduce financial losses of Ghana’s cocoa sector

As part of an IMF-sponsored economic reform program, the second-largest cocoa producer will have to cut its losses from the industry regulator. Ghana received approval this week for a three-year, $3 billion IMF bailout, with...
Business

18.36% proposed electricity tariff ‘shocks’ Consumer Protection Agency

The Consumer Protection Agency (CPA) have expressed shock over the proposed 18.36% increase in electricity tariffs in Ghana. According to CPA, the Public Utilities Regulatory Commission (PURC) failed to engage them on the intended tariff...
Business

1st tranche of IMF support lands into BoG account

Finance Minister, Ken Ofori-Atta, has announced that the first tranche of the $3 billion International Monetary Fund Extended Credit Facility (ECF) has been credited to the Bank of Ghana’s account. The $600 million inflow, according...
Business

GRA arrests eight retail store managers for tax evasion

The domestic tax division taskforce of the Ghana Revenue Authority (GRA) has detained eight retail business and restaurant managers for willfully failing to issue VAT invoices to consumers. The arrests add to a total of...
Business

$2.6m committed by Gov’t to reduce technology usage gap

The government has committed US$2.6 million to the establishment of innovation centers across the country in order to provide digital literacy to about 3,000 Ghanaians by next year. With this, government hopes to further bridge...
Business

Tax collection for COVID-19 has no end date – GRA

The Ghana Revenue Authority (GRA) has responded to a question on the continuation of the COVID-19 Health Recovery Levy, sometimes known as the "Covid Tax," shedding clarity on the grounds for the levy's ongoing...
Business

Ghana’s economy will recover to its long-term capacity from 2026 – IMF

The International Monetary Fund forecasts that economic growth will gradually return to its long-term potential of roughly 5% beginning in 2026. In its country report after the board approval of an economic recovery programme of...
News

IMF urges govt to scrap tax exemptions and adjust fuel levies for enhanced revenue mobilisation

The International Monetary Fund (IMF) has proposed the scrapping of tax exemptions, adjustment of levies on fuel, and an increase in income tax as some measures the Ghanaian government could implement to boost revenue...
Business

BoG Act to be reviewed under new IMF deal

Reports indicate that as part of Ghana's International Monetary Fund (IMF) programme, revisions will be made to the Bank of Ghana (BoG) Act to enhance the independence of the central bank and address fiscal...
News

IMF, Ghana reveal details of $3bn bailout deal

Ghana's IMF Chief, Stephane Roudet, and Finance Minister Ken Ofori-Ataa, along with other key participants are holding a press briefing to provide further insights into the $3 billion bailout deal. The Executive Board of the...
Business

Ngozi Okonjo Iweala predicts ‘doom’ on Nigeria’s oil sector

Director General of the World Trade Organization (WTO), Dr. Ngozi Okonjo Iweala has warned that Nigeria must seek alternative revenue sources as the oil and gas industry becomes less lucrative.  She made this...
Business

‘Debt-distressed’ Ghana violated Debt Sustainability Analysis – IMF

Ghana has exceeded the thresholds set in the Debt Sustainability Analysis (DSA), resulting in the country experiencing debt distress, according to the International Monetary Fund (IMF). In a statement titled "Request for an arrangement under...
Business

More taxes to follow after IMF deal approval – Economist warns

An economist, Professor Godfred Bokpin, has urged the general public to brace themselves for an imminent tax hike, following the International Monetary Fund's (IMF) endorsement of Ghana's bailout request. In an interview with JoyNews...
Business

All you need to know about $3bn IMF-Ghana deal

On May 17th, the IMF Executive Board gave its approval for a 36-month Extended Credit Facility (ECF) arrangement for Ghana, amounting to SDR 2.242 billion, which is equivalent to approximately US$3 billion. This financial...
Business

Electricity bills go up by 18.36% – PURC

The Public Utilities Regulatory Commission (PURC) has announced an 18.36% increase in electricity and natural gas pricing According to the Commission, the move is to avert power outages, otherwise known as dumsor which could harm...
Business

Bankers express concern over Card fraud schemes

Recent events have exposed card fraud schemes that have left some consumers suffering from unauthorized money transfers and subsequent avoidance of mandatory charges. The issue has raised concerns among financial institutions and regulatory bodies, prompting...
Business

Cement vendors urged to lower prices as transportation costs decline

A presidential staffer, Dennis Miracles Aboagye, has urged cement producers and retailers to lower their prices in response to the announcement of a drop in transportation costs. According to him, cement prices increased when the...
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