Business

The Bank of Ghana (BoG) has announced that it will gradually phase out the Gold for Oil policy, implemented in February 2023 to stabilize fuel prices. The Central Bank believes that the programme has achieved its purpose and is no longer necessary. “The Gold for Oil policy was a crisis management policy. We came in at the time in 2022 ...

Businesses and individuals want the government to scrap the E-levy and review some tax laws, a survey of businesses’ expectations in the 2024 budget statement has revealed. The businesses also expect a review of the COVID-19 levy, petroleum levy, and the growth and sustainability levy which was recently introduced as part of the government’s conditions to access the IMF bailout. The ...

The Member of Parliament for Tamale South, Haruna Iddrisu, is demanding answers from the government regarding the purported sale of Vodafone Ghana for less than $100 million. The immediate past Minority Leader says his sources reveal that, although the telecommunication firm is worth $1 billion, it has been sold on credit at a cheaper price. Speaking in Parliament, the MP ...

The Minister of Energy, Dr Mathew Opoku Prempeh, has taken the responsibility to brief Parliament on the spillage of water from the Akosombo Dam that caused the flood in parts of the Volta Region. He said that even though there is an inter-ministerial advisory committee set up to investigate the matter, he is prepared to inform the House on the ...

Former Botswana Trade Minister and Special Advisor of UN Climate Change Champions, Bogolo Kenewendo, has raised concerns about the trade agreements between Africa and the Western world. She, therefore, called for advocacy among Africans on the trade negotiations, lamenting the trade agreements that were “unfairly tailored” for Africans. In an interview on The Point of View, Madam Bogolo Kenewendo emphasized the ...

A new report by the International Monetary Fund (IMF) has found that China is not the main cause of debt distress in Sub-Saharan Africa. The report, titled Regional Economic Outlook for Africa, found that Chinese loans account for just 6% of Sub-Saharan Africa’s public debt. According to the report, some 60.9 per cent of the region’s public debt is now domestic commercial borrowing with higher ...

Cabinet has approved further economic measures to sustain Ghana’s progress towards economic recovery. The decision was aimed at further consolidating the stability of growth and tightening of spending. President Nana Addo Dankwa Akufo-Addo and his Cabinet on October 20, began a three-day retreat to deliberate on the country’s economy and the humanitarian crisis that has hit many parts of Lower ...

The government has granted Barari DV Ghana Limited, a subsidiary of Atlantic Lithium Limited, a fifteen (15) year Mining Lease to commence the construction and mining of lithium at Ewoyaa in the Mfantseman Municipality of the Central Region. The Lease incorporates new and enhanced terms intended to ensure that the country benefits, optimally, from this mineral. This includes an increase ...

Jubilee Oil Holding Limited (JOHL) has once again failed to pay proceeds amounting to over US$70 million dollars from liftings into the petroleum holding fund for the first half of 2023. This is the fourth consecutive time the company has reportedly not paid proceeds into the Petroleum Fund contrary to the advice of the Ghana National Petroleum Corporation. This was ...

The Minister of Energy, Dr Matthew Opoku Prempeh, has urged his ECOWAS colleagues to support the development of a regional Energy Transition Policy.  He said that the policy was crucial in achieving net-zero targets to ensure the socio-economic growth of member countries. Dr Prempeh was speaking at a meeting of ECOWAS Ministers of Energy in Cotonou, Benin, last Saturday. Discussions ...