BUSINESS

The owner and CEO of Holiday Inn Hotel, Mr Patrick Fares, has reiterated that his facility has not be sold or bought by Nana Asante Bediatuo, the Executive Secretary to President Nana Addo Dankwa Akufo-Addo. Although Asante Bediatuo has denied buying the hotel for himself or any member of his family, the management of Holiday Inn says the rumour continues ...

The Ghana National Petroleum Corporation (GNPC) has asked parliament to approve a loan of $1.65 billion for the state oil company to buy two stakes in Ghana’s offshore fields. Energy Minister Mathew Opoko Prempeh submitted a memorandum to that effect to the legislature. In the memoranda, GNPC said it seeks approval to purchase a 70% stake in the South Deep ...

The Board of Governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity. “This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at ...

The African Continental Free Trade Area (AfCFTA) has been touted as the supercharger of Africa’s long-term economic success. Bohani Hlungwane, Head of Trade and Working Capital Sales, at Absa Group, looks at how far we have come and what needs to be done. There is little doubt that the African Continental Free Trade Area (AfCFTA) is one of the golden ...

The Minerals Commission of Ghana has accused the new owners of the Prestea-Bogoso Mine Limited (PBL) in the Western Region, Future Global Resources Limited (FGR), of lacking the financial capacity to invest in and turn around the fortunes of the mine. The mining sector regulator said the company had failed to invest “a penny” in the century-old underground mine since ...

Profits at banking giant HSBC more than doubled in the first half of the year as it benefited from an economic rebound in Britain and Hong Kong. Europe’s biggest bank by assets saw pre-tax profit for the period rise to $10.8bn (£7.8bn), compared to $4.3bn for the same time last year. The UK-based bank said all regions had been profitable ...

DESPITE VOLUME declines in gold and crude oil exports, total exports increased by 2.7 per cent to $7.6 billion mainly due to higher prices realised from exports. Total imports also increased by 5.7 per cent to $6.8 billion largely due to a 61.2 per cent jump in the value of refined petroleum products imports. The moderated export receipts relative to ...

InvestCorp Asset Management Limited (InvestCorp), the premier investment banking and asset management firm, has out doored its new electronic services platform dubbed ‘InvestCorp e-Hub’ aimed at enabling clients interact with the company conveniently. Key features of the InvestCorp e-Hub include an upgraded website to keep stakeholders abreast with relevant investment and firm information; a new online self-service portal to allow ...

GHANA’S PUBLIC debt increased to 76.6 per cent of GDP (GH¢332.4 billion) at the end of May 2021, compared with 76.1 per cent of GDP (GH¢291.6 billion) at the end of December 2020. Of the total debt stock, domestic debt was GH¢170.8 billion (39.4 per cent of GDP) while the external debt was GH¢161.5 billion (37.2 per cent of GDP). ...

The business community in Ghana is not enthused about the decision of the Bank of Ghana (BoG) to keep the policy rate at 13.5 per cent. The central bank’s Monetary Policy Committee (MPC) maintained the policy rate at 13.5 per cent at its meeting on Monday, 26 July 2021. The committee said this is because its assessment showed that the ...