Consolidated Bank Ghana (CBG) has assured customers that the suspension of its foreign exchange license will not disrupt its core banking operations. The bank confirmed that all branches and digital platforms remain fully operational, urging customers to remain calm. The Bank of Ghana (BoG) imposed a one-month suspension of CBG’s forex license, effective November 26,...
Category: Business
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Value of trading activity dropped by 45% in 2023
The Ghana Commodity Exchange (GCX) has reported a substantial decline in trading activity for 2023, with total trade value falling to GH₵11.3 million — a 45% decrease from GH₵20.7 million in 2022. This downturn, detailed in the 2023 Financial Stability Review, underscores the economic and environmental challenges facing Ghana’s agricultural market. GCX’s traded commodities include...
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No Payment Received: Sunon Asogli Claims $30M from Controller Still Unpaid
Independent Power Producer Sunon Asogli Power Ghana Limited has reported that it has not received any part of the 30 million dollars directed by the Ministry of Finance for release by the Controller and Accountant General’s Department (CAGD), despite government assurances. This update follows Sunon Asogli’s recent shutdown of its 560MW power plant due to...
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ECG’s Financial Fix: Government Turns to Private Sector Partnerships
Government is intensifying its efforts to bring private sector engagement into the operations of the Electricity Company of Ghana (ECG) as part of a major reform to stabilise the sector’s finances and ensure long-term sustainability. Finance Minister Dr Mohammed Amin Adam highlighted the urgency of these reforms at the recent IMF/World Bank meetings, pointing out...
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Transport Ministry Dismisses Fake Fare Hike Notice
Deputy Transport Minister, Hassan Tampuli has urged the public to disregard the Concerned Drivers Association’s notice of a 15 per cent fare increase set for November 2. According to him, fare adjustments depend on factors like fuel price stability, inflation, and other economic indicators, which he says are currently stable. Speaking to the media in...
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Ivory Coast cocoa pod counters lower main crop forecasts after rain
Following heavy rain in much of Ivory Coast, pod counters and exporters are starting to lower their production forecasts for the main cocoa crop due to high flower and cherelle mortality after the October counts, they said Friday. Four pod counters and six exporters whose teams carry out monthly technical surveys on the growth of...
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Amin Adam: Ghana’s growing economy drawing companies back to the market
Finance Minister Dr Mohammed Amin Adam has expressed confidence in the growing momentum of Ghana’s economy, asserting that it is now well-positioned to attract companies that previously exited due to the economic challenges during the COVID-19 pandemic. Highlighting the return of Virgin Atlantic Airlines to Ghana’s business landscape, Dr Amin Adam emphasised that this marks...
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Bawumia launches CitizenApp to enhance public services
Vice President Dr Mahamudu Bawumia has launched the CitizenApp, a groundbreaking mobile application designed to improve public service delivery and citizen engagement in Accra. The CitizenApp aims to provide a one-stop platform for accessing various government services, reporting issues, and receiving real-time updates on public matters. It is designed to be a personalised platform for...
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“NDC’s Vision for Affordable Housing Wins Over Tenants Union
The National Tenants Union of Ghana (NATUG) has given its seal of approval to the National Democratic Congress’ (NDC) housing policies, citing alignment with its own goals . After reviewing proposals from various political parties, NATUG praised the NDC’s plans to transform the Rent Control Department into an independent Rent Authority and introduce other tenant-friendly...
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‘We have lost it’ – Ace Ankomah declares on galamsey fight
Ace Anan Ankomah, Convener of Occupy Ghana, has declared that the fight against illegal mining, commonly known as galamsey, has been effectively lost. In a candid assessment, he emphasised that the government’s failure to take decisive action and heed multiple warnings regarding the rampant illegal mining activities has contributed significantly to this dire situation. Speaking...