Business

Despite the depreciation of the cedi, foreign currency deposits with banks grew by 18.3 percent in August 2018 compared with 6.4 percent and 6.2 percent growth respectively in June and May 2018. According to the latest Bank of Ghana’s Summary of Macroeconomic and Financial Data, foreign currency deposits also grew by 15.4 percent in July 2018. The recent growth might ...

The Trades Union Congress (TUC) is set to continue processes to demand Living Wage for workers. The National Living Wage will ensure that the daily wage of an average worker in Ghana caters for at least four people in a family instead of the current minimum wage which caters for only one person. Ghana’s Minimum wage is one of the ...

The Ministry of Communications, in collaboration with StarTimes, will on September 26 launch the nationwide ‘300 Village Satellite TV’ project. The ceremony to officially announce the start of the project will be held at Akweibu Basic School in Dansoman, the first beneficiary village in the Greater Accra Region. In line with the Government of Ghana’s commitment to bridging the digital ...

The Kingdom of Spain has pledged to train 2,000 young Ghanaian entrepreneurs to achieve the ‘Ghana Beyond Aid’ vision. On Tuesday, Ministry of Business Development signed an agreement worth GH¢30 million with the Chamber Institute for Business Creation and Development of Enterprise (INCYDE) of Spain, in Accra to develop a training programme to support and promote entrepreneurship in Ghana. From ...

The Security and Exchange Commission (SEC) Thursday cautioned the public against patronising unlicensed financial investment schemes and products, which are being marketed through various media forms, including electronic, outdoor and mass media advertising. “Operators of these unlicensed financial investment schemes are in serious breach of various provisions of the Securities Industry Act, 2016 (Act 929) and are warned to close ...

Ghana and Mexico are working towards opening a direct flight route between Accra and Mexico City in order to boost their aviation cooperation. This came to light when the Mrs Maria de los Angeles Arriola Aguirre, Mexico’s Ambassador to Ghana, paid a courtesy call on Mr Joseph Kofi Adda, the Minister of Aviation in Accra. The establishment of direct flight ...

The Public Utilities and Regulatory Commission (PURC) has directed the Ghana Water Company Limited (GWCL) to reduce water tariff by 10.08 percent. A release issued by the Executive Secretary to the Commission, Mami Dufie Ofori, said GWCL was in breach of Section 11 of the PURC Law (Act 538, 1997). According to the release, the water company has recently been ...

The Minister of Planning, Prof George Gyan-Baffour, has reiterated government’s commitment to increasing the country’s per capita income to $3,500 by the year 2024. The move, according to him, forms part of the national development programme as captured under the seven-year Coordinated Programme of Economic and Social Development Policies (CPESDP) of government. Speaking at the regional dissemination event in Kumasi, ...

Inflation for the month of August inched up to 9.9 per cent, 0.3 percentage points higher than the 9.6 per cent recorded for July 2018, the Ghana Statistical Service (GSS) has announced. The increases were informed by rising prices of food and non-food items used for measuring changes in prices, relative to the same period the previous year. In spite ...

A sluggish Ghana Cedi coupled with an apparent weak foreign exchange law is a potentially calamitous combination, traders worry. The Ghana Cedi trades on the interbank market at ȼ4.94 to $1, and sells at ȼ5 on the black market eating away the capital of exporters, importers and automobile spare parts traders. It is becoming increasingly difficult to do business because ...