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Assume responsibility and stop blaming others for cedi depreciation – Economist tells Finance Minister

Economist Prof. John Gatsi has reacted to the government's response to the decline in the value of the country's local currency.He criticized Finance Minister Mohammed Amin Adam for attributing the cedi's falling streak to...

NAPO has not diverted $150m in Tullow oil deal – Energy Ministry

The Energy Ministry has denied claims made by social media commentator Kevin Taylor regarding a contract involving Tullow, Kosmos, GNPC, and Petro SA.Mr. Taylor alleged that Energy Minister Dr. Matthew Opoku Prempeh and the...

NIB has been used to loot and share, it must be collapsed – Franklin Cudjoe

President of IMANI Africa, Franklin Cudjoe, has criticized successive governments for allegedly misappropriating funds from the National Investment Bank (NIB), arguing that the bank has failed to achieve its intended objectives and should cease...

Chinese companies in Ghana are taking over 40% of our businesses – GUTA

President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has expressed concern about the increasing presence of Chinese retail businesses in Ghana and has called for amendments to the country's labor...

COCOBOD reportedly planning to borrow up to $1.5b for cocoa purchases in 2024–2025

Ghana's cocoa regulator intends to borrow up to $1.5 billion by September in order to finance the purchases of cocoa for 2024–2025 and compensate for low output ss per two COCOBOD sources who are...

Govt to soon resume major halted projects across the country – Finance minister

The Minister of Finance, Dr. Mohammed Amin Adam, has announced that the government is poised to receive funds to recommence various stalled projects nationwide.These funds are anticipated following the signing of a Memorandum...

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday, May 24, Finance Minister Dr. Mohammed Amin Adam unveiled Ghana's Gross Domestic Product (GDP) growth of 2.9 percent in 2023.This exceeded both the World...

Govt manipulated Cedi depreciation figures for 2023 – Finance expert

Finance expert, Joe Jackson has challenged the government's reported figures concerning the depreciation of the cedi against major trading currencies in 2023.During a press briefing on May 24, 2024, Finance Minister Dr. Mohammed Amin...

Africa Energy Bank to operate by third quarter 2024 – APPO Secretary General

Preparations for the launch of the Africa Energy Bank (AEB), a collaborative project spearheaded by the Africa Petroleum Producers Organization (APPO) and Afreximbank, have reached an advanced stage.Once established, the Bank will focus on...

Govt set to introduce SME training initiatives – Finance minister

The government has announced plans to enhance support for Small and Medium Enterprises (SMEs) through comprehensive training programs designed to boost their capacity and competitiveness.Finance Minister Dr. Mohammed Amin Adam made this announcement during...

Curbing speculations on the market will positively affect Cedi – Finance Minister

Minister of Finance Dr. Mohammed Amin Adam addressed concerns over speculative activities impacting Ghana's currency, the Cedi, during his recent press briefing in Accra.He emphasized the need to curb these speculations for the country's...

NPA CEO reverses position on SML service, prepares to award contract to another company

Several months following the National Petroleum Authority's (NPA) CEO, Dr. Mustapha Abdul Hamid, voicing significant concerns regarding a revenue contract's possible duplicity between the revenue assurance company, Strategic Mobilization Limited (SML), and the Ghana...

We have enough forex to supply – Finance Minister

Minister of Finance, Dr. Mohammed Amin Adam, has provided assurance to Ghanaians regarding the availability of an adequate supply of foreign exchange in the market to sustain the progress made in improving the performance...

MTN Ghana’s scratch cards to be phased out by July

MTN Ghana will phase out the use of scratch cards introduced in 2020 starting from June 30, 2024.This means that customers holding unused MTN scratch cards will not be able to recharge them after...

Cedi depreciated by 14.2% as of May 2024

The Ghanaian cedi has depreciated by 14.2% as of May 2024, according to Finance Minister Dr. Mohammed Amin Adam.Despite this depreciation, Dr. Amin emphasized that the currency remains strong during an engagement with the...

Gov’t, Tullow sign Emissions Reductions Purchase Agreement to check deforestation

The Ministry of Lands and Natural Resources and the Forestry Commission have signed a groundbreaking Emissions Reductions Purchase Agreement (ERPA) with Tullow.This significant event, held in Accra on Thursday, 23rd May 2024, marks a...

Cancel GRA/SML deal – Manasseh Azure

Investigative journalist Manasseh Azure Awuni has called for the complete dissolution of the contentious revenue mobilisation deal between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).Speaking on Joy FM’s Super Morning...

African companies lag in digitalization beyond mobile, digital payment systems – IFC

The International Finance Corporation (IFC) of the World Bank has reported that African firms are slow to digitalize beyond mobile and digital payments.Nearly two-thirds of firms in the region that have adopted advanced digital...

SML meter data on fuel deliveries to BDC depots unreliable – KPMG

A comprehensive report by the renowned auditing and advisory firm KPMG has revealed concerning findings regarding the data provided by Strategic Mobilisation Ghana Limited (SML) to the Ghana Revenue Authority (GRA).The audit firm stated...

Collaborate effectively with relevant institutions to block revenue leakages – Amin Adam to incoming GRA Board

The Minister of Finance, Dr. Mohammed Amin Adam, has urged the newly constituted Ghana Revenue Authority Board to collaborate closely with relevant institutions and stakeholders to combat tax non-compliance and prevent revenue leakages.Dr. Adam...

It’s better to borrow from loan sharks than from banks in Ghana – Franklin Cudjoe

The savings culture of most Ghanaians has taken a hit due to ongoing economic challenges such as a depreciating local currency, high interest rates, and surging inflation.These challenges are impacting Ghanaians of all age...

Tanker drivers and AOMCs to hold urgent meeting today to avert looming fuel shortage

The Association of Oil Marketing Companies (AOMC) has announced plans to convene a crucial meeting with the Ghana National Petroleum Tanker Drivers Union (GNPTDU) today in order to prevent a potential shortage of petroleum...

CSO’s call on AG to initiate an audit on 1Village 1Dam projects in Northern Ghana

Members of Civil Society Organisations (CSOs) in Northern Ghana have presented a petition to the Auditor-General, urging an audit of all One Village One Dam (1V1D) projects in the region.Executive Director of the Northern...

Delay on tax exemptions for 42 companies, a deliberate attempt to discourage investors – Majority

The Parliament of Ghana is still pending tax exemptions for 42 selected companies under the One District, One Factory (1D1F) programme, owing to delays by the Parliament’s Finance Committee in completing the scrutiny of...

3 trucks of smuggled cooking oil impounded at Tetteh Quarshie roundabout

A collaborative effort, spearheaded by the Tree Crop Development Authority (TCDA), has seized three Man Diesel cargo trucks carrying smuggled cooking oil at the Tetteh Quarshie roundabout in Accra.This task force consists of representatives...

Ghana cedi going for GHS15.30 to a $1

Today, May 22, 2024, the Interbank forex rates provided by the Bank of Ghana reveal that the Ghana Cedi is currently valued against the dollar at a buying rate of GH13.8687 and a selling...

Cedi depreciation to increase cost of petroleum products – COPEC

The Chamber of Petroleum Consumers (COPEC) has alerted the public to anticipate higher fuel prices at the pumps in the coming weeks due to the depreciation of the cedi.This warning follows increases in fuel...

As a businessman, it’s frustrating having to apply for 35 visas to travel across the continent – Dangote

Renowned as Africa's wealthiest individual, Aliko Dangote recently spoke out against the cumbersome visa process that plagues African travelers, contrasting it with the seamless experiences enjoyed by holders of foreign passports.At the Africa CEO...

Sentuo Oil Refinery granted tax exemptions exceeding $164m under 1D1F

The newly established Sentuo Oil Refinery Limited is poised to receive the highest amount of tax exemptions, totaling $164,633,012.00, pending parliamentary approval.This refinery is among 42 companies listed in a document submitted to...

Crude oil production dwindled from 71.44m to 48.25m in 2023 – PIAC Report

Ghana's crude oil production witnessed a downturn for the fourth consecutive year in 2023, as highlighted in the report by the Public Interest and Accountability Committee.Delving into the dynamics of the upstream petroleum sector,...

400 advanced waste recycling plant commissioned by Bawumia in WA

Vice President Dr. Mahamudu Bawumia is set to inaugurate Zoomlion Ghana’s waste recycling plant in Kperisi, Wa Municipality, on Monday, May 20, 2024, as part of his visit to the Upper West Region.This inauguration...

Ghana’s policy makers to blame for cedi fall – IEA

The Institute of Economic Affairs (IEA) has sharply criticized economic managers for their repeated failure to proactively address the cedi's depreciation, resulting in unsustainable and reactive measures.According to the IEA, policymakers have consistently neglected...

Sentuo Oil Refinery set to receive largest tax exemption of $164m pending parliamentary approval

The newly established Sentuo Oil Refinery Limited is poised to receive the highest amount of tax exemptions, totaling $164,633,012.00, pending parliamentary approval.This refinery is among 42 companies listed in a document submitted to...

Former VALCO CEO, Daniel Acheampong, appointed Board Chair of PETROSOL

PETROSOL has appointed Daniel Acheampong, a distinguished corporate leader and former Chief Executive Officer of Volta Aluminium Company Ltd (VALCO), as its Board Chairman.He officially assumed the Chairmanship role on Thursday, May 16, 2024.Mr....

IMF program blamed for cedi depreciation

An economist and finance expert, Professor Godfred Bokpin, has linked some of the cedi's devaluation to the International Monetary Fund's (IMF) program with Ghana.He explained that during the IMF program, the Central Bank was...

SSNIT pays GHC441.49m to 247,975 pensioners in May

The Social Security and National Insurance Trust (SSNIT) has announced the disbursement of GH¢441.49 million to 247,975 pensioners for the month of May 2024.This payment underscores SSNIT’s commitment to ensuring that pensioners receive...

We are moving Lipton production out of Ghana but not because of Dumsor – Unilever

The Managing Director (MD) of Unilever Ghana, Mr. Chris Wulff-Caesar, has clarified that the decision to transfer its tea production operations to another company abroad was a global strategy unrelated to the economic conditions...

BoG makes no profit from high interest rates – Governor to Togbe Afede

Bank of Ghana (BoG) has denied allegations of profiting from elevated interest rates.In a statement released on its official X account, formerly Twitter, the Central Bank clarified that the increased interest rates actually escalate...

MOF set to prepare a new bailout package for investors of the defunct Gold Coast Fund- Bawumia

The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has revealed that the Ministry of Finance is preparing a new bailout package for investors of the defunct Gold Coast Fund.During his tour...

Aliko Dangote’s refinery set to buy 24 million barrels of crude oil

Dangote Refinery is seeking millions of barrels of U.S. crude oil, according to a document reviewed by Reuters.The refinery, with a capacity of 650,000 barrels per day, aims to operate at full capacity soon,...

Duties, taxes on imported vehicles determined by country of origin – GRA clarifies

The Ghana Revenue Authority (GRA) has denied assertions that it calculates customs duties in foreign currency, dismissing such accusations as unfounded and erroneous.In a press statement released on Thursday, May 16, the GRA emphasized...

Consider reducing e-levy rate – Momo agents to gov’t

The Mobile Money Agents Association of Ghana has renewed its call for the government to review the rates of the Electronic Transfer Levy (E-levy).Their concerns align with recent discussions on financial inclusion at the...

Businesses under trying times following fall of cedi – CEO of Chamber of Commerce

The Cedi’s severe depreciation against major trading currencies is severely impacting businesses, according to Dr. Mark Badu-Aboagye, Chief Executive Officer (CEO) of the Chamber of Commerce.“This is certainly not a good time for businesses...

BoG successfully conducts initial cross-border transaction with eCedi

The country has successfully completed its first cross-border trade transaction utilizing digital credentials, the eCedi central bank digital currency (CBDC), and a Singaporean stablecoin.This groundbreaking pilot was a part of Project DESFT (Digital Economy...

GRA clarifies import duties are quoted in cedis not dollars

The Ghana Revenue Authority (GRA) has strongly denied allegations that import duties are calculated in dollars.Eric Boateng, the president of the Automobile Dealers Union, raised concerns about the effects of duties, especially those imposed...

We have stopped producing Lipton in Ghana because we are low on funds – Unilever Ghana PLC

Unilever Ghana PLC has addressed reports claiming its tea production line (Lipton) is relocating to Nigeria due to unfavorable business conditions in Ghana.The company clarified that the halt in tea production is part of...

Cash Waterfall Mechanism was made to favors IPPs – VRA Senior Staff

Senior Staff Association (SSA) of the Volta River Authority (VRA) expresses concern over the impact of the revised Cash Waterfall Mechanism on the company's operations.Implemented in April 2020 and revised in 2023 under the...

Development Bank Ghana, BoG allocate $100m to MSMEs

The Bank of Ghana (BoG) and Development Bank Ghana (DBG), in partnership with digital partner Proxtera and with support from the Monetary Authority of Singapore (MAS), have announced an ambitious target of US$100 million...

Finance Minister inks deal with EBID to direct $200m funding to SMEs

On Friday, May 10, 2024, Minister for Finance, Dr. Mohammed Amin Adam, concluded a productive one-day visit to Lomé, Togo.During the visit, he formalized a strategic partnership by signing a Memorandum of Understanding...

Ghana to soon experience economic recovery – Finance minister-designate

Minister of Finance-designate, Dr. Mohammed Amin Adam, expressed optimism about the country's economic outlook, highlighting positive indicators during his speech at the Health Sector Annual Summit 2024.Dr. Adam noted a decline in inflation, signaling...

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