BUSINESS

The Bank of Ghana’s “staggering” loss of GHS60.8 billion, per the Auditor-General’s 2022 report, which is equivalent to $6 billion, the main opposition National Democratic Congress has computed. “This is twice the amount [$3 billion] we are to receive from our recent IMF bailout”, Minority Leader Dr Cassiel Ato Forson told journalists on Tuesday, 8 August 2023 at the party’s ...

Gold mining company AngloGold Ashanti has advised its shareholders to expect a considerable decrease in earnings for the six months ended June 30. The company, which is set to publish its interim results on August 4, expects to report an 82% to 92% year-on-year decrease in basic earnings, compared with the $298-million reported for the first half of 2022. Similarly, ...

The Director of Operations at Dalex Finance, Joe Jackson, says it is not enough for the Finance Minister to just say that government is spending less when there is still a number of arrears and debts piled up to be paid. Speaking on Joy FM’s Super Morning Show, he mentioned that government has incurred a lot of debts and arrears ...

Tricycle operators in the Ashanti Region have escalated their protest against a directive to restrict their movement in parts of the Central Business District as the Kumasi Metropolitan Assembly vows to implement the policy. The tricycle operators on Wednesday, August 2, took to the streets and blocked a major road leading to Kejetia, causing significant disruptions to traffic and daily ...

The Director of Research at the Bank of Ghana (BoG) Dr Phillip Otoo has said that he does not share in the views that the Governor of the central bank Dr Ernest Addison should resign because of the GHS60.8 billion loss. He said that the factors that accounted for the loss were not the doing of the Governor. Asked whether ...

The GUTA President, Dr Joseph Obeng has expressed disappointment at the 2023 mid-year budget. According to him, despite the fact that no new taxes were introduced, they expected some existing ones to have been scrapped or the rates reduced. “The budget did not touch on the high cost involved in doing business, no revision on taxes, high interest rate and ...

The Bank of Ghana (BoG) has rejected claims that the GH¢60 billion losses it recorded in 2022 were a result of recklessness. “What we are seeing on the balance sheets of BoG is not as a result of reckless policy, or bad decisions but the direct impact from DDEP. We can say [BoG] policy has been suboptimal. Suboptimal in the ...

The Ghana Cocoa Board (COCOBOD) has revised the deadline for its debt exchange programme to Thursday August 3 from the initial announcement of August 4 2023. This, the Board explains is in compliance with the directive regarding the observation of August 4 as a statutory public holiday. On July 14, the Ghana Cocoa Board (COCOBOD) launched a debt securities exchange ...

Fuel prices have seen upward adjustments at the pumps barely 24 hours after the Minister of Finance, Ken Ofori-Atta, presented government’s mid-year budget review. A visit to the pumps by 3news.com on Tuesday, August 1 showed that Petrol and Diesel are selling at GH¢12.95 per litre from the previous GH¢12.45. Speaking in an exclusive interview on TV3‘s New Day on ...

A Professor at the University of Ghana Business School Godfred Bokpin has observed that the Bank of Ghana which is supposed to be the lender of a last resort is in need of a bailout programme from a government that is running a programme with the International Monetary Fund (IMF). He explained that if banks need liquidity support, they all ...