BUSINESS

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 ...

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 ...