BUSINESS

There is nothing wrong with the International Monetary Fund (IMF) sending an officer to the Bank of Ghana (BoG), the Minister of State-designate for the Ministry of Finance, Dr Mohammed Amin Adam, has said. During his vetting by the Appointments Committee of Parliament on Tuesday, February 21, the Karaga Member of Parliament said “Whether somebody is appointed to sit at ...

Banks operating in Ghana wrote-off about ¢5.9 billion as bad debt in December 2022. According to the Domestic Money Banks Income Statement, this is about 184.2% increase over the previous year. The total provision made were classified as loan losses, depreciation, and others. Though the Bank of Ghana did not give reasons behind this bad debt, it is believed that ...

The Bank of Ghana has reiterated that inflation is likely to peak in the first quarter of 2023 and gradually ease thereafter. However, headline inflation is projected to remain above the upper band of 8±2 percent until the second half of 2025. In its January 2023 Monetary Policy Report, the Central Bank said its decision to keep the policy rate ...

Bolt, the leading mobility app in Africa has announced plans to invest €500 million in its operations on the continent over the next two years. The funds will be used to expand Bolt services in Africa and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023. Having launched in South Africa in 2016, Bolt ...

The National Communications Authority (NCA) has said it has given final approval for the transfer of the 70 per cent Majority Shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings  B.X  to Telecel Group subject to concessions made by the Seller and representations made by the Buyer to the NCA. ‘The final approval follows the satisfaction of conditions ...

The Government has assured persons who refused to participate in the just ended Domestic Debt Exchange Programme that they will be paid their outstanding coupons and maturing principals. According to the government, this will be done with Government fiscal commitments. “The Government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing ...

The Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC) Mr. Charles Owusu has led his operations and technical team to update the Chiefs, Queen Mothers, Western Regional Minister, Municipal Chief Executive, Staff of the Regional Coordinating Council, opinion leaders, youth groups, students and members of the forty-six communities under Western Nzema Traditional Area, on the progress of work ...

South Dayi Member of Parliament Rockson Nelson Dafeamekpor has said the government has not been able to provide data on the actual number of investors involved in the Domestic Debt Exchange Programme. He questioned the source of the government’s claim that the programme has reached 80 per cent participation. The Minister of Finance, Ken Ofori-Atta, had targeted over 80 percent participation amid agitations ...

A Financial Analyst, Mr Joe Jackson has observed that the Bank of Ghana’s (BoG) financing of the 2022 budget of the government contributed to the high inflation rate. “When the BoG finances the government in a way it did, that effect is very inflationary. Whiles, you were doing that, you were actually adding to the inflationary part of the economy. ...

Government is said to have achieved more than the 80% target needed for the Domestic Debt Exchange Programme (DDEP). The programme is part of the requirements before Ghana can secure an economic bailout of about $3 billion from the International Monetary Fund (IMF). Some persons close to the team who worked on the programme told Joy Business the target was ...