Business

The Ghana Statistical Service (GSS) has rebased the Consumer Price Index (CPI) to reflect current expenditure patterns and consumption patterns. The rebasing has been done to meet international best practice and help regroup some products like bottled water which has same price and remove certain products like Cinnamon from the basket of goods and services, among others. Speaking at a ...

The inflation rate for July 2018 declined to 9.6% compared with the rate of 10% recorded in June this year. The monthly change rate in July 2018 was 0.4%, compared with the rate of 1.0% recorded in June 2018. The reduction can be attributed to the results recorded for the non-food subgroup which declined from 11.2% to 10.7% in July. ...

Consolidated Bank Ghana (CBG) Limited has assured its customers that it will meet their needs through its branches and channels. “However, as a new bank created out of several legacy institutions, there would of necessity, be a period of stabilization required to synchronize our operations across all our channels, the scope of which would be quite broad and cover every ...

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 ...