BUSINESS

Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has warned the government against actions that can disturb the release of the second tranche of the 3 billion IMF cash. This was after he said that the Mid-Year budget review that was presented by Finance Minister Ken Ofori-Atta was a rehash of the International Monetary Fund ...

The government of Ghana has initiated an alternative offer for pension funds exchange, inviting holders of domestic notes and bonds from the central government, E.S.L.A Plc, and Daakye Trust Plc. The aim is to exchange approximately GHS 31 billion principal amount of eligible bonds for a package of new bonds. In a statement released on Monday, 31 July 2023, the ...

Mr Joseph Yeebo Sampana, the fifth prosecution witness in the trial of Prince Kofi Amoabeng, Chief Executive Officer of the defunct UT Bank Ghana, others said the three of Ghana Exim Bank’s investments with the UT Bank were consolidated by the GCB. He said these investments amounted to GH₵ 25,877,825 and aside from that amount, GCB also took over another ...

The Bank of England has estimated it will require the Treasury to transfer a total of £150bn by 2033 to cover expected losses on the central bank’s quantitative easing programme, up from a previous calculation of £100bn. The transfers represent both the continuing cash flow losses on the QE scheme — under which the BoE bought large volumes of gilts ...

Former Finance Minister Seth Terkper has said that the proposed changes in Ghana’s fiscal accounting from cash to commitment basis as announced in the mid-year budget review presented by Finance Minister Ken Ofori-Atta, is retrogressive. Presenting the mid-year budget, Mr Ofori-Atta told Parliament that Ghana’s economy is showing signs of stabilization. He said the implementation of on-going fiscal adjustments and ...

Ghana’s total petroleum receipts (i.e. proceeds from liftings and other petroleum receipts) as of December 2022, amounted to US$1.43 billion, Finance Minister Ken Ofori-Atta has told parliament in his mid-year budget review on Monday, 31 July 2023. This amount comprises receipts from: the 63rd to the 68th liftings from the Jubilee field; the 20th and 21st liftings from the Tweneboa ...

The Minister of Finance Ken Ofori-Atta has said that overall first-quarter growth for 2023 was 4.2 percent, up from 3 percent recorded for the same period in 2022. This growth, he said, largely reflected an increase in the Services Sector which recorded a growth of 10.1 percent. Presenting the 2023 mid-year budget review in Parliament on Monday, July 31, he ...

The Independent Power Producers (IPPs) have issued a warning that they will cut power supply by June 30 unless the government settles their outstanding debts owed them. The IPPs are demanding payment and have stated that they will shut down their plants if the government fails to initiate payment within the next few days. It has been revealed that the ...

Newmont Corporation has announced that it will defer the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years as part of its portfolio optimisation strategy. The decision is aimed at maximising returns for shareholders and creating long-term value for other stakeholders. By deferring the project, Newmont can prioritize other opportunities that provide value and ...

Telecommunication network AirtelTigo has undergone a significant rebranding initiative, unveiling its new name as AT, effective from Thursday, June 22, 2023. The rebranding encompasses various sub-brands, including AT Business, AT Premier, AT Insurance, and ATMoney. Going forward, all branding, communications, and marketing materials associated with the telecommunication network will reflect the new identity, while existing business materials will be updated ...