BUSINESS

More than 200,000 Micro, small and medium Enterprises are expected to benefit from the GH¢600 million COVID-19 Alleviation Programme (CAP) Business Support Scheme. Mrs Kosi Yankey-Ayeh, the Executive Director of the National Board for Small Scale Industries (NBSSI), who announced this at a briefing at the Ministry of Information, on Thursday, said steps were being taken to operationalise the scheme ...

The Ghana cedi has returned to the depreciation trajectory despite a strong performance in the first three-and-a-half months of this year. As of 6 May 2020, the cedi had declined in value by 1.18% to trade at GH¢5.600 to the US dollar on the interbank forex market and 2.36% to sell at GH¢5.93 on the interbank forex market. Currency analysts ...

The Ghana Shippers Authority (GSA) has urged all shippers to expedite action to clear their cargo from the ports on time. This follows the lockdown that was lifted on April 20, this year, by President Akufo-Addo. In a statement issued recently, Benonita Bismarck, CEO of the GSA, said it was important to remind all shippers that any further delays in ...

The central bank says it is hopeful that the reduction in primary reserve requirements will broaden and expand the coverage of additional funds to support lending to all critical sectors of the economy. According to the Bank of Ghana’s latest banking sector report for March 2020, the reduction in primary reserves from an initial 10 percent to 8 percent is ...

The Bank of Ghana, BoG says it has put in place five major measures that will help mitigate the impact of the Covid-19 pandemic on the financial sector. In its latest banking sector report, the central bank says it has taken 5 major decisions that will stabilize the financial sector against any burden from the coronavirus pandemic as well as ...

Members of the National Hospitality Association of Ghana (NHAG) have called on the government to negotiate with the Social Security and National Insurance Trust (SSNIT) to pay 50% salary of their employees over a period of six-months as their businesses have been affected by the COVID-19 pandemic. Former President John Mahama made a similar suggestion that SSNIT give contributors a ...

The price of OPEC basket of thirteen crudes stood at $14.36 a barrel on Wednesday, compared with $12.41 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light ...

The Ghana Revenue Authority (GRA) is running back to GCNet to restore its systems following challenges witnessed at the ports with the newly introduced Integrated Customs Management System (ICUMS), otherwise known as UNIPASS. A statement signed by the Acting Commissioner-General of GRA, Ammishaddai Owusu-Amoah expressed regret over inconveniences caused importers. According to the GRA, the discussions with GCNET have been ...

“Illiquidity leads to insolvency” This was volunteered by the Minister of Finance Ken Ofori-Atta during a discussion about the impact of COVID-19 on government finances and why the administration had appealed to the IMF and the World Bank for financial support. This means that the Minister and the administration understand what happens when an organization through no fault of theirs ...

The Secretary-General of the Trades Union Congress, (TUC) Dr. Yaw Baah, has noted that the GH¢600 million stimulus package the government has earmarked to assist small and medium scale enterprises (SMEs) is woefully inadequate. He said the amount will not be able to restore the economy to where it was before the COVID-19, therefore the government must increase the amount. Government ...