Business

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 ...

John Peter Amewu, the Minister of Energy, has advised indigenous Ghanaian companies to stop becoming frontiers for other international companies in the oil industry. He said fronting for international companies had become “so common that the bases of Ghanaians becoming participants of the industry had been denied and the international Oil companies see us as people who are joking”. Mr. ...

Three thousand workers in different media organizations in the country have over the past few weeks been laid off and additional 5,000 workers in different sectors of the economy are also on their way home due to serious liquidity challenges facing most of these businesses. The mass layoffs come barely a month after the collapse of seven (7) indigenous banks ...

It is frequently said that new businesses and Small and medium-sized enterprises (SMEs) are the backbone of every economy especially in developing countries. This assertion is true. SMEs have over the years powered economic growth, innovation and more significantly job creation. According towww.statsghana.gov.gh  -SMEs lead job creation, with a 71% share of workforce. This is encouraging development but there is ...

Fraud cases in the banking industry have increased by 41.66 per cent from 1002 cases in 2016 to 1418 cases in 2017, the Bank of Ghana {BoG} has disclosed. According to the BoG, the total value reported for fraud or attempted fraud amounted to approximately Gh¢190.4 million. Of the total value, 84 per cent, i.e Gh¢160.30 million was recovered while ...

Vice President of IMANI Africa Bright Simons has described as “fanciful” the $10 billion bauxite deal between the government of Ghana and Asian giants China. According to him, the deal “will go nowhere.” In a detailed analysis of the transaction, which is beyond the loan or barter, controversy engineered by the political class, Simons said the claim that Ghana’s bauxite ...

The Tema LNG Terminal Company Limited on Sunday signed an Agreement with the China Harbour Engineering Company for the construction of the Tema Liquified Natural Gas Terminal to be sited in Tema The LNG Terminal is being constructed on the back of a 12-year gas supply agreement that was executed between the Ghana National Petroleum Corporation (GNPC) and Rosneft, a ...

Africa holds 60 percent of the world’s arable land and yet, imports $35 billion worth of food annually. Ghana on the other hand, imports some $2.4 million of food annually. Mr. Ken Ofori-Atta, Minister of Finance, quoting the AFDB Group President, said this when he commissioned the Multi-Purpose building of the West Africa Centre for Crop Improvement(WACCI) of the University ...

The Petroleum Commission (PC) says the Petroleum Local Content and Local Participation Petroleum, 2013 (Legislative Instrument 2204) will be reviewed next year to make it more pragmatic and practical. Mr Kwadwo Asare Kyei, Manager of Local Content, PC, said proposals made towards the making of the new LI bothered on the Joint Venture Formation and some other interpretations of the ...