Business

Professor John Gatsi, the Head of Finance Department, University of Cape Coast, on Tuesday said the Bank of Ghana (BoG) failed to undertake broader stakeholder consultations before starting the indigenous banks’ recapitalisation exercise. He said the Central Bank should have engaged in transparent and active debate involving bankers, policy-makers, politicians and other key stakeholders in the banking industry to ensure ...

The Bank of Ghana has collapsed five banks into a Consolidated Bank of Ghana Limited to support government’s twin-objective of financial stability and strengthening indigenous banks. By this the BoG has revoked the licences of BEIGE, Sovereign, Construction Bank, UniBank and Royal Bank. Dr Ernest Addison, the Governor of BoG who announced this on Wednesday in Accra explained that the ...

The Minister of Energy has commenced an arrangement to make the Electricity Company of Ghana{ECG} the custodian of all Power Purchase Agreements{PPA} in the country. In this regard, the current PPAs held by the Volta River Authority (VRA) would be transferred to the ECG to allow the VRA concentrate on generations from hydro. The new arrangement forms part of the ...

The Ghana Investment Fund for Electronic Communications{GIFEC} has set a target to achieve a 95 per cent universal access to telephone services in rural communities by 2019. The target, according to the fund, is being set on the back of successes made within the unserved and underserved communities in the country through its Rural Telephony Project (RTP). The Chief Executive ...

Ghanaian Businesses have been encouraged to honour their tax obligations to propel economic development. “As difficult as it must be taken in, the way forward lies in all of us, every single adult Ghanaian putting our shoulders to the wheel and pushing forward as one. Our businesses must live up to their tax obligations, as many but not all do. ...

Ghana’s economic growth and development could be propelled by a prudent management of its natural resource endowment, Mr Henry Kerali, World Bank Country Director has observed. Mr Kerali stated, that the country is endowed with abundant natural resources that could provide the basis for its economic transformation. Thus, there is the need to harness the revenues from these natural resources ...

The Minister of Finance, Mr Ken Ofori-Atta has revealed that food imports cost the nation an average of US$2.4 billion every year. This means that about GH¢10.8 billion (one dollar to GH¢4.5) is used to import rice, sugar, sorghum, frozen chicken and meat, among other food items, for domestic and industrial consumption on annual basis. At US$2.4 billion, the cost ...

Limited educational opportunities for girls and barriers to completing 12 years of education cost countries between $15 trillion and $30 trillion in lost lifetime productivity and earnings, says a new World Bank report. According to the report ‘Missed Opportunities: The High Cost of Not Educating Girls,’ less than two thirds of girls in low-income countries complete primary school, and only ...

Dr James K. Obeng, the President of the Ghana Union of Traders Association (GUTA), said the introduction of the Common External Tariffs (CET) was affecting their business operations and they were likely to go out of business. Dr Obeng said import and export duties had doubled due to the CET, making importation difficult. The President of the Union stated that even ...

The Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Steve Manteaw, has called for the enforcement of the recommendation that seeks to introduce the payment of royalty monthly, rather than quarterly. He said the recommendation by the GHEII, which was later announced in the 2015 budget statement, had not been followed because all the companies still paid quarterly. ...