BUSINESS

The Minority in Parliament has tagged the mid-year review and supplementary budget statement as hopeless. Ken Ofori-Atta in his presentation announced measures aimed stimulating the country’s economy amidst Covid-19. The minister announced a reduction in CST from 9% to 5% and an insurance scheme for workers who have been laid off as a result of the pandemic. Government has also ...

Government has established a Guarantee Scheme of up to GH¢2 billion to enable businesses to borrow from banks at more affordable rates and at a longer tenor. This was announced by the Minister for Finance, Ken Ofori-Atta during the mid-year budget review and supplementary estimates on Thursday, July 23, 2020. Speaking on the floor of Parliament, the Minister noted that ...

Standard Chartered has announced the completion of an agreement for a EUR 78 million UKEF (UK Export Finance) support financing to the Ministry of Finance, for the purpose of designing, constructing and equipping the new Eastern Regional Hospital at Koforidua in Ghana. The transaction provides significant contribution to the Government’s commitment for major investments in healthcare infrastructure and aligns with ...

The collapse of Heritage Bank by the Bank of Ghana was “painful”, Editor-in-Chief of the New Crusading Guide newspaper, Abdul-Malik Kweku Baako, has said. The bank had Mr Seidu Agongo as its majority shareholder. Similarly, Kweku Baako expressed qualms about the central bank’s collapse of uniBank and GN Bank, which, respectively belonged to the former Governor of the Bank of ...

Ghana’s independent power producers, which produce almost half of the country’s electricity, say they could stop supply over government debt that amounted to US$1.4 billion as of June 30. The debt continues “to accumulate, compelling the IPPs to contract costly loans to sustain their generations,” the Chamber of Independent Power Producers, Distributors and Bulk Consumers said in an emailed statement ...

In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), the Finance Minister, Ken Ofori-Atta will on Thursday, July 23 present his annual mid-year budget to Parliament. The budget reading is to give an overview of the macroeconomic development of government over the past 6 months and that for the rest of the year. GhanaWeb makes ...

The further weakening of the Ghanaian Cedi against the U.S. dollar will worsen the impact of coronavirus pandemic, the International Monetary Fund has said. Since late February 2020, the Cedi has consistently depreciated against the dollar by -2.46 percent, year to date, and -7.34 percent year-on-year. The IMF in its staff policy-related analysis report on the dominance of the U.S. ...

The value of the Gold Coast Government Infrastructure Portfolio if paid today, will be enough to pay back all the Gold Coast/BlackShield/GCFM Structured Finance customers’ principal amounts PLUS all GN Bank/Savings deposits. So let’s focus on the SOLUTION and who must act. We must all encourage the government agencies and the present administration to meet their obligations to contractors involved. ...

The Databank Group on July 14 and 15, 2020 organised the 2019 Annual General Meetings for its mutual funds via Zoom. The meetings, which were organised for the first time virtually, in adherence to Government’s ban on large public gatherings, proved to be a success with over 1,200 shareholders participating. Meetings were held for EdIFund and Epack on Tuesday and ...

Six people who allegedly hacked into a bank and attempted to transfer GH¢46, 129,473 to eight individuals in different banks have been arrested by the police. They are Hudu Abdul Mumuni, Emmanuel Adams, Moro Issah, Agbenu Fefous Chrissy, Sam Acquah, a former banker and owner of Adom Sika Savings and Loans Limited and James Taylor, a web developer. Two others, ...