Business

The Ivory Coast’s government and representatives from the opposition have met for a National Dialogue to discuss ways to end the political unrest that has gripped the West African country for months. Discussions started on Monday in Abidjan and focused on the recommendations of the Economic Community of West African States, which called for reforming the country’s electoral commission before ...

At a time when Africa is mobilizing resources for pandemic recovery and sustainable development, illicit financial flows (IFFs) are robbing the continent of $50 billion annually, UN Deputy Secretary-General Amina Mohammed told a high-level virtual meeting held under the African Union’s (AU) ‘Silencing the Guns’ initiative.  These “staggering losses” would be enough to bridge nearly 75 per cent of Africa’s ...

In Ghana, Cocoa has historically been a key cash crop and a major source of export and financial earnings. The cocoa industry has played a crucial role in the economic development of the country by contributing significantly to the Gross Domestic Product (GDP). The Cocoa sector is one of the critical sectors of the Ghanaian economy and source of livelihood ...

A new study conducted by a network of NGOs, including the Global Tax Justice Alliance, revealed that Tax evasion costs Africa more than $25 billion a year. As African countries are grappling with the Covid-19 pandemic, tax evasion is considered “unacceptable”, as it reduces revenues that could be spent on citizens’ health. Twenty-three billion dollars is the estimated amount that ...

Ghana, the host country of the African Development Bank Group’s 2021 Annual Meetings signed a Memorandum of Understanding with the institution on last Friday, marking an important milestone in preparations for the event. The 56th Annual Meetings of the African Development Bank and the 47th Annual Meeting of the African Development Fund are scheduled to take place from 24 to ...

According to the World Economic Forum, China is expected to have the largest economy in the world by 2030, just 10 years from now. Despite the undeniably negative toll that COVID-19 has had on the global economy, China’s diverse economy remains a huge global hub of profitable business opportunities and potential, especially for foreigners. How can you take advantage of ...

The Executive Board of the World Bank has approved an aid package of 250 million U.S. dollars to help Ghana set up a development bank, said a release on Friday.The establishment of the Development Bank of Ghana (DBG) would increase access to long-term finance to boost job creation for 10,000 enterprises in critical sectors of the economy, it said.Sectors to ...

The International Monetary Fund (IMF) is predicting that Ghana’s fiscal deficit will reach 16.4 per cent of GDP this year, the largest in the country’s history. The record deficit projection comes on the back of the devastating effect of the coronavirus pandemic, which caused a huge shortfall in government’s revenues amidst bigger-than-expected spending in a frantic effort to contain the ...

The government, through the Minerals Development Fund (MDF) and Stool Lands Administration, received and disbursed GH¢310 million mineral royalties to traditional authorities and to fund legacy projects. Kwaku Asomah-Cheremeh, the Minister of Lands and Natural Resources announced this at the Meet-the-Press series in Accra on Wednesday. The Minister said GH¢240 million of the amount came from ground and farm rents ...

The Principal Revenue Officer in Charge of Customs Auctions, Mr. Prince Akwaboah has hinted that the Customs Division of the Ghana Revenue Authority is considering online means of auctioning general goods and vehicles in order to broaden its reach. The head of auctions of Customs revealed that, the procurement plans are advanced to select the technology partner for that service. ...