Former Goldman Sachs Group Inc. banker and former Managing Director of the Tema Oil Refinery, Asante Berko, was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank. A six-count August 2020 indictment unsealed last week in federal court in Brooklyn, New York, accuses Berko of conspiring with at...
Category: Business
Post
Post
Ghana Standards Authority to help cut down on importation
Ghana will in the short term review the standards and requirements used for the importation of goods into the country. This according to the Ghana Standards Authority is crucial to cut down on the number of goods imported into the country even as the country takes steps to scale up manufacturing and production. Ghana’s imports...
Post
Ride hailing app drivers call for fares to correspond with fuel price hikes
The Online Drivers Union is calling for an increase in their fares commensurate with the increment in fuel prices. Speaking to Citi Business News, the President of the Online Drivers Union, Francis Tenge believes their demand is critical to sustaining their livelihoods. “What we want is there should be a corresponding increment in the base...
Post
Prices of goods to soar as October inflation hits 40.4%
The continuous increases in prices of food, housing, transport, water, electricity, gas and other fuels have pushed Ghana’s inflation rate to hit 40.4 per cent for the month of October 2022. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, October 9, 2022. Per the...
Post
Ghana’s food prices highest in Sub Saharan Africa – World Bank Report
The 2022 World Bank’s Africa Pulse Report has ranked Ghana as the country with sub-Sahara Africa’s (SSA) highest food prices. The report was released at the end of last month, October 2022, which indicated that domestic food prices have gone up by 122 percent since January this year. Many Ghanaians are feeling the heat and...
Post
Cedi records no depreciation for one week
The country’s ailing currency, for the first time in weeks, has seen no weekly loss in value against the US dollar. The Bank of Ghana has given assurance that the recent appreciation will see a further improvement, given measures it has rolled out and coming of the cocoa syndicated loan that has provided the needed...
Post
BoG must impose 5% ceiling on forex bureau rates vis-a-vis interbank rates – Kwakye
The Bank of Ghana (BoG) must impose a 5% ceiling on forex bureau rates against the interbank rates in order to stem speculative depreciation, Director Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has said. The Ghana Cedi, according to Interbank forex rates from the BoG as of November 1, 2022 is...
Post
IMF engagements going well; we’ll secure deal by end of year – Nana Addo
President Nana Addo Dankwa Akufo-Addo says Ghana’s discussions with the International Monetary Fund (IMF) have advanced for a bailout. To this end, the country is eyeing conclusions for a fund support program by end of 2022 according to the President. “I am able to report to you, my fellow Ghanaians, that the negotiations to secure...
Post
$1.13bn Cocoa Syndicated Loan: First tranche expected to hit BoG account today
The first tranche of the $1.13 billion cocoa syndicated loan is expected to hit the account of the Bank of Ghana today, October 26, 2022. Sources indicate that about $790 million is expected to come in from the consortium of banks. The $790m forex to be received by the BoG, is expected to bolster the...
Post
Construction Chamber joins calls for the removal of Finance Minister
There have been recent calls for the removal of the Finance Minister, Ken Ofori Atta from office and the Ghana Chamber of Construction Industry believes his sacking has been long overdue. Chief Executive Officer of the Ghana Chamber of Construction Industry, Emmanuel Cherry, believes the top job must be handed to a more competent person....