BUSINESS

MTN Group has said it is leveraging its expansive footprint across Africa to test and ultimately deploy OpenRAN – an innovative technology that will enable us to launch new services more quickly, cost-effectively and seamlessly, supporting its strategy, Ambition 2025: Leading digital solutions for Africa’s progress. In a statement, MTN Group said: “We plan to modernise our radio access networks ...

World Bank President David Malpass has said the Bretton Woods institution “will have approved” COVID-19 “vaccination programmes in over 50 countries by the end of June”. “It’s vital that we connect excess vaccine supplies with countries that are able to use them. That’s a major challenge in terms of logistics and contracting”, Mr Malpass said at the recent G7 Summit. ...

The Managing Director (MD) of Tema Oil Refinery (TOR), Francis Boateng, has been sacked from his post, together with his deputy, Ato Morrison. The duo, who had been at the helm of the troubled state-owned refinery since May 2020, was reportedly served with their dismissal letters last Friday, June 11, 2021, by the Ministry of Energy. Commenting on the issue, ...

Impact Investing Ghana will on Thursday, June 17, 2021, hold the first-ever public Dialogue Series on Financing for Development. The forum, dubbed “What is the Role of the Development Bank in Ghana’s Economic Transformation?” will also seek to address some niggling questions on the minds of Ghanaians such as; “Will the development bank actually enable Ghanaians to access financing to grow their ...

Tullow Oil plc (Tullow) has announced the completion of the sale of its Dussafu Marin permit asset in Gabon to Panoro Energy ASA (Panoro). Tullow, on Wednesday, 9 June 2021, received a payment of $39 million from Panoro for the Dussafu asset and $5 million of contingent consideration relating to the Equatorial Guinea transaction. The transaction also included contingent cash ...

The Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah, has announced that rent tax will be implemented before the year ends. According to the commissioner, businesses Liable to pay Rent Tax include businesses or individuals who receive income from letting or leasing a property and an agency that qualifies to withhold tax. Speaking at the Ghana Financial Intermediation ...

The Ghana Stock Exchange and its partner institution, the Central Securities Depository (GH) Limited, have commended the nationwide one-day tree-planting exercise that took place on Friday, 11 June 2021, saying they believe in sustainability and also support green initiatives. The GSE said it intends issuing green bonds and other biodiversity products in the future. “We, therefore, commend the nation for ...

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has said that it has successfully raised US$350 million tier-2 sustainability notes. This represents the first ever tier-2 sustainability notes by a financial institution in Sub-Saharan Africa. This tier-2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and ...

Ghana has asked the International Finance Corporation (IFC) to increase the funding it offers private enterprises in Ghana from the current $5 million to between $15 million and $20 million per business. The Minister of Finance, Mr Ken Ofori-Atta, who made the call, also asked the corporation to raise the level of investment committed into core sectors of the economy, ...

Ghana Cocoa Board (COCOBOD) will plant over 1.6 million forest trees in the 2020/2021 cocoa crop year on cocoa farms across the country as part of its National Cocoa Rehabilitation Programme. COCOBOD is embarking on the rehabilitation program to replace about 40% of the country’s cocoa tree stock which are either overaged or affected by the Cocoa Swollen Shoot Virus ...