Business

The Ghana Revenue Authority (GRA) has dismissed claims by Imani Ghana that port operations in the country have reverted to pre-2002 manual system due to the introduction of the Integrated Customs Management System (ICUMS). According to GRA in a statement signed by Florence Asante, Assistant Commissioner, Communication and Public Affairs, in reaction to Imani’s claims, all transactions from 1st June ...

Aker Energy Ghana has reaffirmed its commitment to finding a solution that will allow for the commencement of a phased development of the Pecan field offshore Ghana. “In a time when most other E&P companies are putting development projects on the shelf due to the COVID-19 situation and historic low oil prices, Aker Energy and our partners, Lukoil, Fueltrade and GNPC, working ...

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 ...