BUSINESS

Ghana’s balance of payments is projected to shift into a surplus for the years 2023 and 2024, as indicated by Fitch Solutions. This comes after a substantial deficit of $4.6 billion in 2022, marking the first full-year capital and financial account shortfall in two decades. The deficit was attributed to escalating investor apprehensions about debt dynamics and tightening monetary conditions ...

African countries have been urged to leverage the African Continental Free Trade Area (AfCFTA) to break the shackles of colonialism, neocolonialism, and imperialism stifling economic growth. It must flee from the subtle recolonisation tactics being pursued through the “honeyed policy shackles” of the International Monetary Fund, World Bank and the United Nations (UN) dogma. Olusegun Matthew Okikiola Ogunboye Aremu Obasanjo, ...

The Bank of Ghana has said the Public Procurement Authority (PPA) approved all its processes and documents before the commencement of the construction of its GHS250-million headquarters. According to the Head of Research at the Bank, Dr. Philip Abradu-Otoo, all the necessary approvals were obtained from the PPA. “We broke no procurement law”, Dr Abradu-Otoo insisted. Dr Abradu-Otoo indicated that ...

The Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC) Duncan Amoah has said that the prices of fuel in Ghana are pointing upwards. Some oil marketing companies have increased the prices of petroleum products as the second pricing window of August has begun. LEARN AND TRADE FOREX WITH GOLIGFX WATCH THE VIDEO BELOW: Goil has also increased the ...

Standard Chartered Bank Ghana PLC unveiled its annual 2023/2024 Road to Anfield Campaign in an event coinciding with a viewing party at the Labadi Beach Hotel on Sunday. The campaign, a long-standing collaboration with English Premier League (EPL) giants Liverpool FC (LFC), offers customers a chance to win an all-inclusive trip to Liverpool’s iconic Anfield Stadium, the revered home turf ...

A chartered economist Bernard Oduro Takyi has criticised Vice President Mahamadu Bawumia for the significant financial loss incurred by the Bank of Ghana (BoG). The central bank recorded a staggering loss of GHS60.8 billion, per the Auditor-General’s 2022 report, which is equivalent to $6 billion – twice the IMF bailout to Ghana – through what the minority caucus describes as ...

Justice For Ghana Covener Bernard Mornah has said Bank of Ghana Governor Ernest Addison has mismanaged the bank to the extent that the United States of America had to send down a representative to keep the operations of the banking sector regulator in check. Reacting to a comment by former GIMPA Rector Prof Stephen Adei, in which the former member ...

Oil market companies have initiated a series of price hikes for petroleum products at the fuel pumps. TotalEnergies has raised the price of petrol from ¢12.45 to ¢13.50 per litre since the start of this month. Diesel’s cost has similarly surged from ¢12.45 to ¢13.90 per litre. Goil has followed suit, with petrol now priced at ¢3.50 and diesel at ...

The 43.1 percent inflation rate in Ghana is high and does not augur well for the economy, Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana Professor Peter Quartey has said. He noted that persons cannot live with an inflation rate of 43.1 percent. Speaking on the Business Focus on TV3 with Paa ...

In the first half of 2023, MTN Group delivered resilient results, advanced its strategy by partnering with Mastercard on the MTN fintech business, and progressed plans to exit Afghanistan. This was achieved in a difficult operating environment marked by elevated inflation, weaker local currencies and regulatory developments across our 19 markets, the telecommunications company said in a statement. “We delivered ...