BUSINESS

Inflation will ease throughout 2024 averaging 18% in 2024, Fitch Solutions has predicted. It insists the easing inflation will force the Bank of Ghana to cut the policy rate by 800 basis points this year. It disclosed this in its January 2024 Sub Saharan Africa Quarterly Update. This will be almost in line with the Bank of Ghana’s projection of ...

Another witness in the trial of Nana Appiah Mensah aka NAM1, the Chief Executive Officer of Menzgold Ghana Limited, yesterday indicated that all attempts to retrieve funds locked with the defunct company proved futile and the company used that as an advantage to extort money from customers. The prosecution called two witnesses yesterday, bringing the total number of witness to ...

A judge in the US state of Delaware has annulled a $55.8bn (£44bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla. The lawsuit was filed by a shareholder who argued that it was an overpayment. Judge Kathaleen McCormick called the compensation “an unfathomable sum” that was not fair to shareholders. In a post on ...

A prominent energy expert has strongly criticised the president’s recent push to revive the ailing Tema Oil Refinery (TOR), asserting that without proper caution, the endeavour may end in failure. Mr Benjamin Nisah emphasised that even if TOR is revitalised as per the President’s aspirations, its products may struggle to find buyers in the market. Mr Nisah highlighted the National ...

The Ministry of Finance says it has acknowledged concerns raised by Organised Labour regarding the proposed implementation of Value Added Tax (VAT) on residential customers’ electricity consumption. In a press statement released on Tuesday, January 30, the Ministry announced plans to conduct extensive meetings with Organised Labour and other key stakeholders in the coming weeks to ensure their input in ...

Parcel delivery firm UPS has said it will cut 12,000 jobs, after it was hit by a softer economy and a labour fight that scared away some customers. Chief executive Carol Tomé said 2023 was a “difficult and disappointing year”, and the firm was investing in artificial intelligence (AI) as it pushes to become more efficient. She has also called ...

ISSER has warned that the unilateral decision by mobile money operators to limit cahouts to GHS1,000 would have a detrimental impact on the gains made in financial inclusion and the transition to a cash-lite economy. The agents took the decision to ensure they get fair compensation following a decision by the telcos to cap charges at GHS10 for withdrawals from ...

In a press conference held today, Thursday, December 7, 2023, representatives of transport operators conveyed their endorsement of the 24-hour economy policy recently announced by National Democratic Congress (NDC) flagbearer John Dramani Mahama. The commercial drivers emphasised the significance of economic policies and expressed their support for initiatives aimed at transforming the country’s economic trajectory. Addressing members of the press, ...

Institute of Fiscal Studies (IFS) has advised the government to opt for debt forgiveness considering the rate of economic growth in the country. Speaking on Morning Starr with Francis Abban, Senior Research Fellow at IFS, Dr. Said Boakye stated that the government must develop the skills to engage its creditors on the move. “It is not the only way out ...

The Government has suspended the Import Restriction Legislative Instrument (L.I) that was seeking to ban the importation of some 22 products. Minister of Information Kojo Oppong Nkrumah confirmed the suspension to journalists in Parliament on Thursday, December 7. He said the suspension would allow for further engagement with stakeholders and ensure everyone is on the same page. He emphasized the ...