BUSINESS

The Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3% that was recorded in April. According to the Ghana Statistical Service (GSS), this figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The GSS data showed that the month-on-month change in the PPI ...

The Chief Executive Officer of the Ghana National Chamber of Commerce (GNCCI) and Industry, Mark Badu-Aboagye, says government must use the upcoming mid-year budget review to bring relief to businesses in the country. He said while it was envisaged that the $3 billion bailout by the International Monetary Fund (IMF) would bring stability, it “had also come with conditions that ...

Dean of Planning and Quality Assurance at the University of Mines and Technology (UMat-Tarkwa), Professor Bernard Kumi-Boateng has said that mining firms in Ghana should not be blamed for the underdevelopment and poor standards of living in mining communities in the country. On the concerns of the state of poverty in the mining communities and disparity in the living standards ...

Economist, Dr. Patrick Assuming, is advising government to be more pragmatic in its fiscal policy direction post-bailout from the International Monetary Fund (IMF). His caution is on the back of financial assurances from the country’s external creditors and the anticipated International Monetary Fund board approval for Ghana. Speaking to Citi Business News, Dr. Patrick Assuming also a lecturer of Finance ...

Staff of GIHOC Distilleries Limited in Accra, are demanding the immediate removal of the Managing Director, Maxwell Kofi Jumah over mismanagement. The workers who embarked on a protest at the premises of the company amidst heavy police presence on Tuesday, May 16 insist that their salaries have been in arrears for the past three months. They also allege that their ...

A Financial Analyst and Chief Operations Officer at Dalex Finance Mr Joe Jackson has said local financial institutions need to be supported in order to stay in business. Otherwise, he said, the financial sector will remain in the hands of expatriate investors. However, he said, supporting the local banks does not mean the standard should be lowered. In his view, ...

There are still some local banks and other financial institutions in Ghana that are operating but are in deep trouble, Chief Operations Officer of Dalex Finance Mr Joe Jackson. He asked whether the Bank of Ghana (BoG) is going to identify these banks and provide support for them or not. He said while reacting to a promise by the newly-elected ...

Some of the banks that went down during the clean-up exercise undertaken by the Bank of Ghana (BoG) were obviously going through deep troubles, Financial Analyst, Mr Joe Jackson has said. He described those banks as rotten. It is recalled that some local banks collapsed when the central bank revised the minimum paid-up capital for existing banks and new entrants ...

Profit of the biggest mobile network operator (MNO) in the country, MTN Ghana slowed down in the first quarter of the year. The company’s profit went up marginally by 5.4 per cent in the period under review from GH₵‎707.5 million as at the end of March 2022 to GH₵‎745.4 million. With this development, it is not clear whether the commencement ...

Banks, following the domestic debt exchange programme, have recorded huge losses in the first quarter of the year. According to Chief Executive Officer of the Ghana Association of Banks, John Awuah, while the banks had anticipated such significant losses, they had taken a strategic position by agreeing to the DDEP. Describing the process of signing onto the programme as a ...