Category: Business

Four major factors, namely, impact of COVID-19 pandemic, the banking sector clean-up, excess capacity charges, and the effect of the Russia-Ukraine war, drove Ghana to seek assistance from the International Monetary Fund (IMF) to correct its fiscals, Vice President Dr. Mahamudu Bawumia has said. According to the Vice President, direct COVID-19 expenditure in two years, 2020 and...

To ensure the quality of petroleum products sold at the pumps is not compromised, players in the oil and gas services sector are demanding the strict enforcement of standards and protocols across the value chain. The National Petroleum Authority was established by law to regulate the petroleum downstream industry in Ghana and Benjamin Armstrong, the...

The Chief Executive Officer of the Ghana Chamber of Telecommunications, Dr. Ing. Kenneth Ashigbey, has backed calls for transparency in the manner in which funds accrued from the Electronic Transfer Levy (E-Levy) are used. One of the sources the government was hoping would help it raise much-needed revenue is the E-Levy, but information from government’s...

The Ghana Revenue Authority (GRA) has served notice of the full implementation of the Electronic Transfer Levy. A statement signed by the Commisioner of the Support Services Division of the Ghana Revenue Authority (GRA) indicates that the implementation will start on 1st July 2022. According to the statement, all charging entities are expected to integrate...

The Liquefied Petroleum Gas (LPG) Marketers Association has hinted that consumption of LPG will decline by 20 percent by the end of the year if the government fails to scrap taxes on the commodity. Vice president of LPG Marketers Association, Gabriel Kumi says there has been about a 14 percent reduction in consumption in the...

President Nana Addo Dankwa Akufo-Addo has urged the newly-launched Development Bank Ghana (DBG) to partner with the private sector, and work with them to provide access to long term funds, access to markets both domestic and foreign, and skills developments. Speaking during the launch of the bank on Tuesday June 14 the Bank will support all banks...

In the last 5 months, the Central Bank has constantly increased interest rate from 14.5% to 19% as means of managing high inflation rate. The May 2022 rate (19%) was the second consecutive rate increase this year, raising borrowing costs to their highest level since February 2018. It can be recalled that, Government Statistician, Professor...

A consortium of nine banks is collaborating with government to provide credit to existing youth-led companies and, in the process, create one million jobs in the next three years. Under the commercial programme of the YouStart initiative, the government will provide support for existing youth-led businesses with between ¢100,000 working capital and ¢500,000 for those...

Ghana has been ranked 1st in West Africa and 2nd in Sub Saharan Africa by Fitch Solutions, research arm of ratings agency Fitch, as the best destination for investments and trade. With a Trade and Investment Risk score of 50.9%, the country outperformed the West Africa average of 36.4%. The country also placed 88th out...