BUSINESS

The Ghana National Petroleum Corporation has described some civil society organisations who have raised concerns about the state oil company’s decision to acquire stakes in Aker Energy and AGM Petroleum Ghana oil blocs, as rabble-rousers who are setting their own questions and answering them regarding the deal. According to the CEO of GNPC, Dr Kofi Koduah Sarpong, some of these ...

Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said that one major initiative introduced by the central bank is the Online Regulatory Analytics Surveillance Systems (ORASS). He said this was introduced to help streamline data collection, maintain dynamic corporate profiles on regulated financial institutions, and move licensing and related authorisation onto an electronic platform without the need ...

VICE PRESIDENT Dr. Mahamudu Bawumia says the Ministry of Finance and the Commissioner-General of the Ghana Revenue Authority (GRA), in collaboration with the Economic Management Team, have initiated work on a mobile application for the filing of taxes. According to him, this is aimed at making tax compliance and enforcement easier, and increasing the contribution of domestic revenue to Ghana’s ...

The Minister of Food and Agriculture, Dr Owusu Afriyie Akoto has said the soya cultivating is gaining grounds in Ghana especially in the northern part of the country. He said soya production has increase by 10 in the last couple of years. Addressing a press conference in Accra on Sunday August 29, he said “We are expecting 345000 metric tons ...

The Port of Takoradi has recorded two separate historic vessel calls said to be the first of its kind since it was built some 93 years ago. The call of the two vessels bares testimony to how competitive the Port of Takoradi has become in the Sub – Region. The two vessels are the Golden Spray and Mona Express. The ...

Ghana has received the equivalent of US$1 billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member countries. On August 2, 2021, the IMF Board of Governors approved a general allocation of SDR456.5 billion, equivalent to US$650 billion out of which about US$33.7 billion ...

Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that Rural and community banks continue to be drivers for financial inclusion and socio-economic development in Ghana. He stated that going down memory lane, rural and community banking was conceptualised at a time when access to bank credit for farmers and traders, especially in rural areas, was inadequate. ...

Former Finance Minister, Seth Terkper, has said the Government of Ghana’s borrowing would have been larger, putting even more pressure on credit and interest rates in 2020. But, he noted that, the BoG “bailed out” the government’s budget with GHc10b, equivalent to $1.7bn financing of the deficit. He said over spending by the Ministry of Finance must be checked. “Seems ...

A Tribunal constituted under the auspices of the London International Court of Arbitration (LCIA) has issued an award in favour of the Bank of Ghana, dismissing all claims brought by Sibton Switch Systems Limited (“Sibton Switch”) in relation to the termination by the Bank of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017. The Tribunal also ...

GHANA CAN now withdraw almost $1 billion in special drawing rights (SDRs) from the International Monetary Fund (IMF) to boost her economy following the challenges posed by the global pandemic. This was made possible after the IMF board recently agreed that a general allocation of SDR 456.5 billion (equivalent to about $650 billion) should be implemented on August 23, 2021, ...