BUSINESS

Vice President and flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has announced that the pension scheme for cocoa farmers will be rolled out this year. Speaking in Kumasi as part of his three-day tour of the Ashanti region, Dr. Bawumia informed farmers that the database of cocoa farmers has been compiled, and the Ghana Cocoa Board (Cocobod) ...

The Chairman of Groupe Ndoum and the owner of the defunct Gold Coast Fund Management Company, Dr. Papa Kwesi Ndoum, is claiming that the government still owes two of his companies and other subsidiaries over GH¢7 billion. This follows the revocation of licenses by the Securities and Exchange Commission (SEC) of 53 fund management companies, including Gold Coast Fund Management, ...

Ghana’s cocoa regulator will borrow up to $1.5 billion by September to finance 2024/25 cocoa purchases and compensate for low output, two COCOBOD sources with knowledge of the arrangement said on Sunday. The world’s second-largest cocoa producer after neighbouring Ivory Coast uses an annual syndicated loan to finance bean purchases from farmers. It is usually agreed at the start of ...

To deal with the high demand pressures on the foreign exchange market, the Bank of Ghana (BoG) has taken steps in the past few weeks to directly absorb foreign exchange needs of some corporate institutions, and this has led to a reduced pipeline demand for foreign exchange from the commercial banks. The Bank said it is fully aware of the ...

It is not fair for Finance Minister Mohammed Amin Adam to blame currency speculation and the need for more money and the need to borrow more to service Ghana’s debts, for the falling streak of the Ghana cedi, economist Prof John Gatsi has said. The Ghanaian cedi has depreciated by about 14.6% against the US dollar as of May 2024, ...

Mr Alan Kyerematen, the founder and leader of the Movement for Change, has announced plans to establish a fixed exchange rate regime for import duty payments in Ghana for a period not exceeding six months. This policy, part of his first-year Economic Recovery Plan, aims to reduce the high level of imported inflation in the economy. Mr Kyerematen presented this ...

The CEO of the Ghana National Petroleum Corporation (GNPC), Joseph Abuabu Dadzie, has responded to concerns about Ghana’s declining crude oil production, as highlighted in the 2023 annual report by the Public Interest Accountability Committee (PIAC). During his inspection of GNPC’s operational headquarters in Takoradi, Mr. Dadzie downplayed the immediate impact of the decline, but stressed the need for increasing ...

The Chief Executive of the Ghana Chamber of Commerce and Industry, Mark Badu-Aboagye, has expressed serious concerns about the escalating burden of both direct and indirect taxes on businesses in the country. Speaking on JoyNews’ PM Express, Mr Badu-Aboagye questioned the sustainability of business profitability in the face of increasing costs and taxes. He argued that taxes have become an ...

Only 15.0% of farms in Ghana are commercialized, C-Energy Global Holdings has stated. It report on “Creating Agriculture Financing Schemes for Sustainable Agriculture and Food Security” also revealed that only 4.0% of total bank lending in Ghana went into agriculture in the last five years. The report said low mechanization, poor farm recordkeeping, poor rural transportation infrastructure, post-harvest losses, among ...

Fuel prices are expected to go up marginally, beginning tomorrow February 1, 2024, the Institute for Energy Securities has stated. This is due to a marginal increase in the price of finished petroleum products and the depreciation of the cedi. Whilst the price of petrol and Liquefied Petroleum Gas will go up by 2% that of diesel will also increase ...