Business

After the 2008 financial crisis, global regulators required banks to increase their prudential buffers of high-quality capital and liquidity. That significantly strengthened the resilience of the financial system. Many observers now cite those buffers as a bulwark against the adverse effects of the Covid-19 pandemic. But as we brace ourselves for a deep recession in 2020, and only partial recovery ...

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has asked world economies to prepare for  deep rescission this year following the impact of the COVID-19 on the economy. In an article, she suggested that having in place strong capital and liquidity positions to support fresh credit will be essential part of the economic recovery process. “After the ...

The European Commission (EC) has added Ghana to the countries that pose money-laundering risks to the commission. The revised money-laundering list, expanded to include 22 from 16 states, is set to take effect from October. The Commission added Panama, the Bahamas, Mauritius, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe to its list of countries that “pose significant ...

Canada shed three million jobs in the last two months due to the coronavirus lockdown, causing the unemployment rate to shoot up to 13% in April, the government reported Friday. That rate more than doubled, following a relatively small increase the previous month when restrictions started to be put in place, its statistical agency said. The new rate is second ...

AngloGold Ashanti’s Obuasi mine is expected to ramp-up its mining rate from 2,000 tonnes per day to 4,000 tonnes per day in the first quarter of next year. This is due to slower shipments of certain equipment to Ghana and difficulties in ensuring key, skilled employees can travel to the site amidst COVID-19-related border closures. The project, it stated, remains ...

The management of the West African Gas Pipeline Company Limited (WAPCo), has served notice that it will, on Sunday May 10 embark on a coordinated and planned 10-hour shutdown of its Tema Regulating and Metering Station (RMS). According to the company, this is intended to help complete outstanding works under the Takoradi Tema Interconnection Project (TTIP). WAPCo said in a ...

A seven-member panel of the Supreme Court presided over by Chief Justice Anin Yeboah has unanimously dismissed the suit against the Finance Minister, Ken Ofori-Atta, on the issuance of a $2.25 billion bond. The court said the suit is dismissed as without merit. The CJ said the reasons of the court would be filed by close of day at the registry ...

The Vice President, Dr. Mahamudu Bawumia has urged Ghanaians to adopt online payment systems, especially the newly launched Universal QR Code payment system which was launched in Accra today, in order to help curb the spread of the Coronavirus. The innovative universal digital payment system, the first to be introduced by any African country, allows customers to make direct payments ...

Parliament Friday evening passed the Narcotics Control Commission Bill, 2019, to treat drug dependence as a public health issue rather than focusing on law enforcement, incarceration, punishment and repression. “The fundamental goal of drug policies should be to improve the health, safety, security and socio-economic well-being of people by adopting appropriate measures to combat illicit crop cultivation and use of ...

The Chamber of Petroleum Consumers Ghana (COPEC) wants Ghana’s Price Stabilization and Recovery levy (PSRL) scrapped. COPEC said the continuous imposition of the PSRL is inimical to consumers. “The PSRL must be immediately scrapped from the Price Build Up and a more sustainable source of funding be instituted for premix in order that the whooping 16p/litre charge on fuel prices ...