Business

An appeal has been made to the government of Ghana, particularly the Ministry of Finance to consider exempting pensioner Bondholders from the ongoing Domestic Debt Exchange Programme (DDEP). The proponents, Pensioner Bondholder’s Forum argue that pensioners have no source of income to support them in terms of feeding, buying regular medication, paying medical bills and meeting other critical needs, thus, ...

The Ghana Chamber of Telecommunications says it will commence the implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% from Wednesday, January 11, 2023. The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023. The reduction has also been approved by Parliament. The chamber ...

Nigeria has officially restricted massive cash withdrawals from the bank beginning Monday the 9th January in an effort to cool off inflation. Nigerians will only be allowed to withdraw 44 dollars per week per individual and $11,000 for businesses. This policy is most likely to affect millions of Nigerians especially businessmen and high cash-intensive activities. The stated goal of the ...

The Chamber of Petroleum Consumers-Ghana (COPEC) is projecting a marginal drop in the prices of fuel products effective January 1, 2023. According to the Chamber, petrol is expected to be sold at a minimum price of GH¢9.30 per litre while diesel is expected to be sold between GH¢12.80 and GH¢15 per litre at various pumps. This will be a decline ...

 Oil prices fell on Wednesday on concerns that rising COVID-19 cases in China, the world’s top oil importer, will disrupt its economic recovery and fuel demand growth as it unwinds its pandemic restrictions. Brent futures for February delivery fell 78 cents, or 0.9%, to $83.55 a barrel, by 0900 GMT. U.S. crude fell 75 cents, or 0.9%, to $78.78 per ...

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research. The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the British consultancy said ...

Rating agency, Fitch, has given an indication of a further downgrade of Ghana’s credit rating to very deeper junk status. This is coming after it downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘C’ on December 21, 2022 from ‘CC’ as well as the issue ratings on outstanding foreign-currency debt. It has also downgraded the issue rating on ...

The Ghana Revenue Authority has recovered in excess of $93 million and an additional GH¢421 million from multinational and local companies operating in the country through its informants’ reward scheme. These were hitherto taxes that the State could have lost as a result of the firms’ unwillingness to pay until the intervention of these informants who used the Informant Application ...

The Executive Chairman of the Jospong Group of Companies (JGC) has advocated homegrown solutions to address the economic challenges currently bedeviling the country. “The economic challenges that we are facing should rather bring forth our entrepreneurial spirit as we find homegrown solutions to them,” Dr. Joseph Siaw Agyepong made the call at the 2022 Annual Thanksgiving Service of the JGC ...

Newmont Africa says it looks forward to the investigation reports of the Ghana Police Service, and the National Investigation Bureau, to understand and address the root cause of the recent shootings, at Kenyasi, one of its host communities. The company’s statement follows the recent shooting and rioting incident, that unfortunately, claimed the life of one community member and injured four ...