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Chamber of Mines appoints Micheal Akafia as new president

The Ghana Chamber of Mines has named Michael Akafia its newest president.Currently holding the position of vice president of external affairs at Gold Fields Ghana Limited, Akafia's appointment comes with a rich reservoir of...

We will not harass you with EOCO and burden you with endless tax audits – Mahama

Former President John Mahama asserts that if he emerges victorious in the presidential election on December 7, 2024, his subsequent administration will refrain from employing state institutions to intimidate businesses.Addressing attendees at the 8th...

Monetary Policy Committee maintains policy rate at 29 percent

The Bank of Ghana's (BoG) Monetary Policy Committee has maintained the policy rate at 29%.During a media briefing, Dr. Ernest Addison, the BoG Governor, highlighted that the Committee's choice aimed to maintain stable inflation.Dr....

John Mahama vows to restore cedi within 100 days when he becomes president

Presidential Candidate of the National Democratic Congress (NDC), John Dramani Mahama, has pledged to bolster the local currency's stability within his first 100 days if re-elected in the 2024 general election.He emphasized that prioritizing...

MTN Ghana phasing out scratch cards by July 2024

Commencing June 30, 2024, MTN Ghana will gradually phase out the use of scratch cards introduced in 2020.As of July 1, 2024, customers will no longer have the option to utilize these cards for...

Tullow Oil to invest $90m to combat deforestation, reduce carbon emissions in Ghana

Tullow Oil has revealed plans to invest around US$90 million over the next decade to support Ghana’s initiatives against deforestation and in reducing carbon emissions.This investment forms part of an Emissions Reduction Purchase Agreement...

Contractors in financial difficulties due to unpaid GHS15bn debt owed by government

The Ghana Chamber of Construction Industry has lamented the plight of many of its members due to an unpaid debt of GH¢15 billion owed by the government, which has accumulated since 2014.According to the...

Pay GHC7.1 billion owed GN Bank, restore my banking license – Nduom to gov’t

Founder and Chief Executive Officer of Groupe Ndoum, Dr. Paa Kwesi Nduom, is urging the government to settle a debt of GH¢7.1 billion owed to his defunct GN Bank.GN Bank became insolvent in 2017...

Desperate BoG orders Forex Bureaus to stop advertising FX rates outside their shops

Governor Addison emphasized the Bank's substantial foreign exchange reserves, advising against speculative purchases, which could lead to economic losses when corrections occur.At the 118th Monetary Policy Committee press conference on Monday, May 27, the...

Govt boosts spending on social intervention despite fiscal consolidation – Amin Adam

Minister for Finance, Dr. Mohammed Amin Adam, stated that while the government is committed to implementing fiscal consolidation, it is also dedicated to strengthening social intervention programs.He emphasized that the government is enhancing social...

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...

Reduce exchange rate from GHS15.50 to GHS10.00 – Ghana Federation of Traders to govt

The Ghana Federation of Traders, comprising all trade union associations, has urgently appealed to the government to take immediate steps to reduce the exchange rate from GH¢15.50 to GH¢10.00. This move is aimed at...

ECG fully adheres to the Cash Waterfall Mechanism

The Public Utilities Regulatory Commission (PURC) announced in its latest validation report that the Electricity Company of Ghana (ECG) has fully complied with the Cash Waterfall Mechanism (CWM) for March 2024 payments.This compliance comes...

BoG taskforce to keep an eye on compliance with forex bureaus

A team has been established by the Bank of Ghana (BoG) to oversee all foreign exchange bureaus and guarantee adherence to their regulatory policies.“The bank is fully aware of the operations of illegal operators...

Focus on economic development, not tax waiver amounts – Afenyo-Markins tells minority

The Majority Leader in Parliament, Alexander Afenyo-Markin, has argued that concerns over the tax waivers granted to certain companies are misguided.The Effutu MP believes that the emphasis should be on the economic benefits...

Ghana’s public debt reaches GHS658.6b early 2024

Ghana's public debt saw a sharp increase of GH¢46.4 billion in the first two months of 2024, soaring to GH¢658.6 billion ($53.1 billion), according to data from the Bank of Ghana. This surge pushed...

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...

Oil prices stable as OPEC+ meeting approaches

Oil prices remained stable in Asian trading on Monday as markets awaited the OPEC+ meeting on June 2, where producers are anticipated to discuss continuing voluntary output cuts for the rest of the year.As...

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...

Govt and Tullow Oil approve US$90million emissions reduction deal

Tullow Oil plc has unveiled a financial commitment of around US$90 million spread over a decade in an Emissions Reduction Purchase Agreement (ERPA) with Ghana’s Forestry Commission.The agreement is poised to affect approximately one...

CSIR-CRI unveils ACE4ES project to mitigate emissions in African maize and rice cultivation

The Crops Research Institute (CRI) has launched an innovative project aimed at promoting eco-friendly and sustainable maize and rice cultivation in Ghana and three other African countries.Dubbed the ‘Agroecology and Circular Economy for Ecosystem...

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...

Scholarship scheme now Education Trust – COCOBOD

The Ghana Cocoa Board (COCOBOD) has clarified its decision to discontinue its longstanding scholarship program, unveiling a new educational initiative in its stead.This shift comes in response to the government's implementation of free senior...

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...

Cedi has experienced a 14.2% depreciation in 2024 – Amin Adam

Finance Minister, Dr. Mohammed Amin Adam has indicated that the depreciation of the Cedi has been considerably stabilized from November 2022 to December 2023 and is showing signs of modest appreciation against the Dollar...

Cedi will be stable in medium-term after completion of DDEP – Finance minister

Finance Minister Dr. Mohammed Amin Adam has noted that the Ghana Cedi has experienced appreciation and maintained stability against the US dollar throughout 2024 compared to previous years.During a monthly briefing held by the...

Ghana’s Energy Transition Framework aims for net-zero emissions by 2070 – Deputy Energy Minister

Deputy Energy Minister, Collins Adomako-Mensah has unveiled an ambitious plan to utilize green hydrogen to transform Africa’s renewable energy landscape and aid in achieving substantial emission reduction targets.Speaking at a symposium on green hydrogen...

Govt commits GHS2.3bn to NIB restructuring and recapitalization

The government has approved GH¢2.3 billion for the restructuring and recapitalization of the National Investment Bank (NIB).The initial GH¢400 million tranche is slated to be transferred to the bank by the end of May...

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...

Finance Minister highlights fiscal achievements under IMF programme

Finance Minister, Dr. Mohammed Amin Adam, has outlined the government's successful attainment of several key fiscal targets within the framework of the International Monetary Fund-supported program.These achievements encompass significant milestones such as zero Central...

Cedi is still fairly robust – Finance Minister

Finance Minister Mohammed Amin Adam has reassured the public about the cedi's resilience despite recent depreciation trends.During the Ministry’s monthly economic update, he emphasized that the cedi has demonstrated significant stability in 2024.“The Cedi’s...

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...

Smoking, ritual killings in films, music videos, and skits banned by Nigerian govt

The National Film and Video Censors Board (NFVCB) have made an announcement on Tuesday May 21, 2024, that it would henceforth restrict the depiction of smoking, ritual killings and money rituals in movies,...

Land owners selling their lands over increasing cost of building materials

Increasing costs of building materials are forcing some aspiring homeowners in the Ashanti region to reconsider their property investments.Over the past few weeks, cement prices have surged significantly, jumping from an average of 82...

Govt receives MoU from bilateral creditors for debt restructuring

Ghana's bilateral creditors have transmitted a conclusive Memorandum of Understanding (MoU) regarding the country's debt restructuring to the government.According to sources familiar with the negotiations, JOYBUSINESS has learned about this development in the debt...

Licensing expenses posing major threat to renewable energy businesses – Study 

Although various forms of licensing exist within the sector, the survey primarily identified issues among companies holding installation and maintenance licenses.The survey findings were revealed at a Renewable Energy Licensing Forum in Accra, which...

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...

Third Made-In-Ghana Bazaar launched in Accra by Trade Minister

On Thursday, Mr. Kobina Tahir Hammond, the Minister of Trade and Industry, inaugurated the Third Made-In-Ghana Bazaar in Accra, urging the public to support locally manufactured goods.The three-day event, on the theme: "Promoting Made-In-Ghana...

Ghana’s Gross International Reserves stand at $6.2bn – Finance Minister

Finance Minister, Dr. Mohammed Amin Adam, has announced that Ghana's Gross International Reserves have reached $6.2 billion, covering 2.7 months of import cover as of the end of February 2024.This marks an improvement from...

Young entrepreneurs urged to pursue sustainable business opportunities

Entrepreneur Klenam Gakpetor Tsisah has offered advice to young entrepreneurs, urging them to develop business ventures with the potential to withstand the challenges of time.According to her, this is the only way for these...

University of Ghana to commercialize plastic-to-fuel conversion project

With the aim of combating plastic waste, contributing to sustainable energy solutions, and ensuring affordable fuel, the University of Ghana (UG) is set to commercialize its plastic-to-fuel conversion project.Professor David Dodoo-Arhin, Director of the...

Tanker drivers paid GHS700 salary on table top excluding SSNIT contributions – Report

The Tanker Drivers Association of Ghana has voiced strong discontentment regarding their working conditions.They revealed that their members receive a modest monthly salary of GH¢700, without any provisions made for their Social Security and...

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...

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