BUSINESS

Elder Dr. Samuel Amo Tobbin, Group Chairman of Tobinco Pharmaceuticals Limited (TPL), has opened up about his distressing experience with the Food and Drugs Authority (FDA) in 2013, following the seizure of his company’s products. Dr. Tobbin recounted his ordeal under the leadership of the former FDA CEO, Dr. Stephen Opuni, during an interview with Bernard Avle on The Point of ...

Ghana is facing an escalating food insecurity crisis, with the rate of insufficient food consumption (IFC) rising by 5.77 per cent in July 2024. This is according to the latest Food Security Monitor report. This significant increase is largely attributed to the ongoing cost-of-living crisis, which has been exacerbated by persistently high inflation, a weakening currency, and soaring fuel prices. ...

The National Lottery Authority (NLA) of Ghana has revealed that approximately 1 billion Ghana Cedis (about $130 million) of its estimated annual revenue is lost to illegal lottery operators. According to the NLA, around 780 unauthorized lotto operators have been identified across the country, significantly contributing to the decline in revenue. Sammy Awuku, Director General of the NLA, testified before ...

The decision by the government to maintain existing tax handles in the Mid-Year Budget Review presents some respite for businesses and individuals as a further increment in taxes could hamper productivity of the private sector, Deloitte Ghana has disclosed in its analysis of the 2024 Mid-Year Review Budget. According to the professional services firm, the business environment is already characterised ...

There is a need for an urgent national dialogue on how to rescue the cedi, Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said. He observed that the official exchange rate has moved from 4.20 at the end of 2016 to 15.09 as of 9 August 2024, implying cumulative depreciation of 72% during the ...

Gold Fields is set to buy Osisko Mining for $1.57 billion, giving the South African company full control of the Windfall project in Canada. Under the deal Gold fields is offering 4.90 Canadian dollars in cash for each Osisko share held. The price is a 67% premium to its closing price of 2.94 Canadian dollars on Friday. “Over the past ...

The government of Ghana has received $360 million as the third tranche of the country’s bailout package from the International Monetary Fund (IMF). This amount, intended for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account on Tuesday, July 2, 2024. This disbursement follows the IMF Executive Board’s approval of the second review ...

On Monday, July 1, Finance Minister Dr Mohammed Amin Adam addressed Ghanaians on the economy and the International Monetary Fund (IMF) deal as part of the ministry’s monthly media update on the economy. Highlighting key points, he mentioned that Ghana’s economy is showing strong signs of recovery. Additionally, he noted that the depreciation of the local currency against major trading ...

Finance Minister, Dr Mohammed Amin Adam says Ghana’s economy is demonstrating formidable signs of a comeback. During a press briefing on Monday, July 1, Dr Adam highlighted the positive economic indicators for the first quarter of 2024, suggesting a favourable outlook for the rest of the year. “Growth, as we’ve heard from the previous two distinguished speakers, is proving to ...

The Finance Minister and Member of Parliament for Karaga, Dr Mohammed Amin Adam,  has accused the Minority in Parliament of fueling speculations on the Cedi. He urged the opposition lawmakers to provide constructive criticisms and ideas to the government to complement the ideas that are already being pursued. His comments come at a time when Bolgatanga Central lawmaker Isaac Adongo ...