Ghana is close to signing a Memorandum of Understanding (MoU) with bilateral creditors as part of the restructuring of debts owed to these lenders. The Managing Director of the International Monetary Fund (IMF) Kristaline Georgieva revealed that “Ghana is in a good place now because it has advanced negotiations with the bilateral creditors on restructuring […]
Category: Business
Kudos, stay the course – IMF boss to Ghana
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has urged managers of the economy to stay the course after achieving “many good indicators in this short period of time” in the country’s programme with the fund. “Your growth is better than expected, your inflation is lower than expected, the progress in debt […]
Undersea fibre optic disruptions affect internet service in Ghana
There is a nationwide internet disruption in Ghana and according to the National Communications Authority (NCA), it is due to outages on multiple submarine fibre optic cables that connect Ghana. The NCA in a press statement explained that multiple undersea cable disruptions have affected Mobile and Fixed Data services nationwide in Ghana. It said the […]
Stanchart projects $1tn Africa exports by 2035
The Standard Chartered Bank has projected that Africa’s total exports would reach $1 trillion by 2035, with a potential 29 per cent increase after the full implementation of the African Continental Free Trade Area (AfCFTA). This was revealed at the launch of a comprehensive report on the AfCFTA to empower businesses and stakeholders to take […]
Trade Minister orders uniform cement prices across country
The Minister of Trade and Industry, K. T. Hammond, has directed the newly constituted Cement Manufacturing Development Committee to ensure uniformity in cement prices nationwide. Drawing a parallel between the cement and the petroleum retail sectors, where pump prices in the latter are consistent across the country, Mr Hammond emphasised the need for a similar […]
Sammi Awuku Elected Vice President of African Lotteries Association
In a significant development for the African Lotteries Association (ALA), Mr. Samuel Awuku, the Director-General of the National Lottery Authority (NLA) of Ghana, has been elected as the Vice President at the ALA’s General Meeting held in Casablanca, Morocco, on March 8, 2024. This historic election marks the first time a Director-General from an Anglophone […]
Banks wrote-off GH¢4.33bn as bad debt in 2023
Banks in Ghana wrote off GH¢4.33 billion as bad debt in 2023, a 79.2% reduction over that of 2022. In 2022, the total bad debt was estimated at GH¢20.8 billion. The bad debt was classified as loan losses, depreciation and others. According to the Bank of Ghana, banks reported lower impairments on financial assets in […]
MTN Ghana records GH¢4billion profit in 2023; company to pay GH¢0.175 per share as dividend
Despite a challenging economic environment in Ghana marked by high inflation and currency depreciation, Scancom PLC, known as MTN Ghana, reported a successful year in 2023. The company announced a profit of GH¢3.98 billion cedis and declared a dividend of GH¢0.175 per share in its audited 2023 Financial Report released yesterday. The company’s share price […]
BoG revises balance, transaction limits of mobile money wallets upwards, starting March 1
The Bank of Ghana (BoG) has revised the balance and transaction limits of customers’ mobile money wallets upward, effective March 1, 2024. A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs. On daily transaction limits, customers with a […]
President appoints John Mbroh as new CEO of NPRA
The President, Nana Addo-Dankwa Akufo-Addo has appointed Mr. John Kwaning Mbroh as the Chief Executive Officer (CEO) of the National Pensions Regulatory Authority. (NPRA). Mr. Mbroh, whose appointment takes effect from 1st February 2024, replaces Mr. Hayford Atta Krufi who proceeds on retirement after holding the position since 2017. “Mr. Mbroh, a management member of […]
E-levy generated ¢1.19bn in 2023 – Deputy Finance Minister discloses
Deputy Minister of Finance, Dr. John Kumah, has revealed that the government amassed a total of GH¢1.19 billion in revenue from the E-levy in the year 2023. This substantial sum has been strategically allocated to various initiatives aimed at addressing unemployment in the country, including the YouStart Programme by the the Ghana Enterprise Agency, and […]
Bawumia launches Tap and Go platform for the public transport sector
Ghana’s public transport sector has become the latest addition to the government’s digitalization drive, following the launch of Tap and Go, a digital service for the transport sector. Vice President, Dr. Mahamudu Bawumia, launched the Tap and Go Transport Service in Accra on Monday, February 19, 2024, at the Head Office of Metro Mass Limited, […]