BUSINESS

British banking giant Barclays made a net loss of £1.9 billion last year as continuing PPI payments and the impact of the USA’s new tax rules hit the bank’s bottom line. Barclays took a £2.5 billion hit from the sale of its African business and suffered a “one-off net tax charge of £901 million” due to Donald Trump’s new US ...

A Ghanaian Renewable Energy production firm, TC Energy is set to boost the energy sector with the construction of 100MW energy plant in Ada. The plant to be constructed by a Swedish technology developer, Seabed Technology is expected to be completed in the next 24 months to generate electricity from sea waves. TC Energy has therefore signed a deal with ...

Ghana bagged $2.2 billion from remittances in 2017 from a total of $38.4 billion that Sub Saharan Africa recorded, according to the World Bank’s Migration and Development Brief. The country was joint second with Senegal which also earned $2.2 billion from remittances last year. The largest remittance recipient was Nigeria with remittances of $21.9 billion. Remittances to Sub-Saharan Africa accelerated ...

Ghana has maintained its status as a high-risk, debt-distress country after first making it onto the infamous list of countries whose debt burdens had reached alarming levels in 2015. In separate reports released in March and April, the World Bank and the International Monetary Fund (IMF) confirmed that the country was in a high risk of debt distress and now ...

The IMF should be releasing about two hundred and thirty-six million dollars ($236,000,000) to Ghana under the agreement with the Fund, by the first week of May this year. This will be the total of the fifth and sixth disbursements under the economic support program. These among others were the highlights at this year’s spring meetings of the IMF/World Bank ...

One of the concessionaires that bid to manage the Electricity Company of Ghana (ECG) under the Power Compact II agreement, BXC Consortium has sued the Millennium Development Authority (MiDA) over what it describes as an unfair disqualification in the bidding process. MIDA last week disqualified BXC Consortium and selected Meralco Consortium, a company led by Manila Electricity Company from the ...

An Electronic Banking Expert, Ebenezer Yalley, has joined the call for mobile money service providers to consider reviewing charges customers pay on mobile money transactions. According to him, the advocacy of deepening financial inclusion would suffer a major blow if high charges are associated with the same service which is meant to ensure the “unbanked” enjoy simple and convenient banking ...

After sinking over 60 percent from its December high to its February low, bitcoin is showing signs of life. The cryptocurrency is now up about 35 percent since it sank below $6,900 on Feb. 5, and one market watcher who correctly called the rally says there’s even more room to run. After the Feb. 5 low, Blue Line Futures President ...

The Central Bank has said apart from effort to ensure a smooth transition into the new capital requirement of GH¢400 million, commercial banks will be charged to significantly reduce Non-Performing loans. It is believed the aim of raising the capital requirement will not yield the needed result if the monies are invested in unproductive ventures. Speaking at Fidelity Banks’ Customers ...

The President, Nana Addo Dankwa Akufo-Addo, on Monday, 23rd April, 2018, commissioned the refurbished Sekondi Fishing Harbour, at a ceremony in Sekondi, in the Western Region. According to President Akufo-Addo, “the completion of this harbour is critical, because the fishing industry is an important mainstay not only of many of the residents of Sekondi, but also of some two million Ghanaians ...