BUSINESS

Some of the banks that went down during the clean-up exercise undertaken by the Bank of Ghana (BoG) were obviously going through deep troubles, Financial Analyst, Mr Joe Jackson has said. He described those banks as rotten. It is recalled that some local banks collapsed when the central bank revised the minimum paid-up capital for existing banks and new entrants ...

Profit of the biggest mobile network operator (MNO) in the country, MTN Ghana slowed down in the first quarter of the year. The company’s profit went up marginally by 5.4 per cent in the period under review from GH₵‎707.5 million as at the end of March 2022 to GH₵‎745.4 million. With this development, it is not clear whether the commencement ...

Banks, following the domestic debt exchange programme, have recorded huge losses in the first quarter of the year. According to Chief Executive Officer of the Ghana Association of Banks, John Awuah, while the banks had anticipated such significant losses, they had taken a strategic position by agreeing to the DDEP. Describing the process of signing onto the programme as a ...

E-commerce and digital transactions expanded rapidly on the African continent during the outbreak of the COVID-19 pandemic as health-related restrictions limited foot traffic in malls, prompting greater levels of online retail activity. Africa led mobile internet usage as of 2021 compared to other regions. The continent led by 13 per cent above the global average, and almost five per cent ...

President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng has lamented the potential effect of the recently passed tax laws on the business community. According to him, the introduction will affect the cost of doing business in the country. The Excise Duty and the Income Tax Amendment Acts that were passed by Parliament take effect from Monday, ...

The Driver and Vehicle Licensing Authority (DVLA) says it will be impounding the vehicles of drivers without valid licenses on the road. LEARN AND TRADE FOREX WITH GOLIGFX WATCH THE VIDEO BELOW: The exercise, which is in accordance with Road Traffic Regulations 47, 158 of LI 2180 of 2012, will begin on May 1. Those to be affected by the ...

Ghana has taken the tough economic decisions needed to win a rescue package from the International Monetary Fund, once bilateral creditors sign off on assurances, said the institution’s Africa Department Director Abebe Selassie. The government has increased taxes and imposed losses on domestic investors, as authorities attempt to meet IMF demands for the $3 billion loan. Still, informal talks with ...

The Fair Wages and Salaries Commission (FWSC) has disclosed that preliminary monitoring report on 58 institutions has estimated that about 22 per cent of their wage bill is unearned salaries. This development emerged from an ongoing nationwide payroll monitoring exercise to expunge existing anomalies and fraud in the public sector payroll. The exercise is to save the country an estimated ...

Fitch Ratings has downgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘RD’ from ‘CCC’. Fitch has also downgraded to ‘CC’ from ‘CCC’ and subsequently withdrawn the issue ratings on five local-currency bonds issued prior to the domestic debt exchange. Fitch has affirmed the issue rating of local-currency bonds issued on the completion date of the domestic debt exchange ...

As Ghana’s economy continues to face significant challenges, the government recently introduced three new taxes – the Excise duty amendment bill 2022, growth and sustainability levy bill, and income tax amendment bill 2022 – to raise revenue and meet the criteria for a $3 billion IMF programme staff-level agreement. However, these new taxes come at a time when the Ghanaian ...