BUSINESS

Government has issued the budget guidelines for the 2021-2024 fiscal period, which will facilitate the preparation of the 2021 budget by Ministries, Departments and Agencies (MDAs) as well as Metropolitan, Municipal and District Assemblies (MMDAs). Importantly, the guidelines reveal the key fiscal targets for 2021 as well. However, with general elections scheduled for the end of this year, retention of ...

Tokyo NPP chapter has in a letter written to the office of the president through Ghana’s embassy in Tokyo, Japan, appealed for the reconsideration of the ban on importation of Japanese made right-hand vehicles. Alhaji Abdul Razak, chairman of the Tokyo chapter of the ruling NPP, expressed his worry over the ban of the importation of right-hand vehicles citing wrong ...

The Institute for Fiscal Studies (IFS) has urged government to seek debt forgiveness from its major creditors to contain the country’s debt service expenditure, as the COVID-19 pandemic worsens an already fragile fiscal position. Senior Research Fellow at IFS, Dr. Saeed Boakye, addressing a press conference on the IFS’ assessment of measures taken by government to tackle COVID-19, stated that ...

The Finance Minister, Ken Ofori-Atta, says the banking sector reforms undertaken by government in 2017 and 2018, has strengthened local banks, making them more resilient to shocks. Assessing the balance sheets of local banks currently, the Finance Minister argued that the financial health of Ghanaian-owned banks are stronger compared to the period before the cleanup exercise. Mr. Ofori-Atta, who made ...

President Nana Addo Dankwa Akufo-Addo has said his government has paid all the locked-up deposits in the nine local banks that collapsed and 98 per cent of the funds that got stuck in the over 386 microfinance institutions, finance houses and savings & loans companies that also went down. The banks and financial institutions were collapsed by the Bank of ...

The Managing Director of Bank of Africa (BoA) Mr. Kobby Andah has noted that small and medium scale enterprises (SMEs) have been at the heart of the operations of the bank. To that end, he said the bank is making available special packages to support SMEs to grow in the wake of the COVID-19. He stated that the bank is ...

President Akufo-Addo has unveiled the first Volkswagen vehicle to be assembled in Ghana, following the establishment of the VW assembly plant in Ghana. At the unveiling ceremony, held at the Kempinski Hotel, on Monday, 3rd August 2020, President Akufo-Addo expressed his delight at the decision taken by Volkswagen “to assemble a number of its brands right here in Ghana, not ...

The Alliance for Social Equity and Public Accountability [ASEPA] has accused the government of discriminating against customers who have their funds locked up after banks and other financial institutions were collapsed. In a brief statement, the executive director of ASEPA, Mensah Thompson said: “Why is the Government discriminating against customers in the payment of the locked up funds on the ...

The culture of saving and investment is still a grey area in developing countries across the world including Ghana. Due to the high unemployment rates and the meagre salaries of a lot of workers in Ghana, investments are privilege for a little few. However, in recent times, there has been an increase in education on the benefits of investments and ...

Of the GH¢21 billion used to ensure depositors’ funds are protected after the Bank of Ghana introduced reforms which led to the collapse of some financial institutions, just about one-tenth of that amount, or GH¢2 billion, has been recovered so far, leaving an astronomical GH¢19 billion yet to be retrieved, Governor of the central bank, Dr. Ernest Addison has said. ...