BUSINESS

George Mireku Duker, the Deputy Minister for Lands and Natural Resources in charge of Mining, has entrusted the Management and Staff of the Volta Aluminium Company (VALCO) with the task of ensuring the total transformation of the company to enable it assume a strategic position in government’s plans for the integrated aluminium industry which hinges on value addition. The Deputy ...

The Dean of the Business School of the University of Cape Coast (UCC), Professor John Gatsi, has challenged Bank of Ghana’s assertion that the Domestic Debt Exchange Programme (DDEP) affected its books in the year 2022. The Central Bank incurred a loss of GH¢60.8 billion in 2022 and blamed the Programme for the loss. Speaking at the launch of GCB ...

The Bank of Ghana (BoG) intentionally compromised its independence and sold its birthright to the government by exposing itself too much to provide financial assistance to the central government, a Professor at the University of Ghana Business School, Godfred Bokpin, has said. Prof Bokpin attributed the current financial difficulties that the central banks is facing to the over-exposure to the ...

The Bank of Ghana’s “staggering” loss of GHS60.8 billion, per the Auditor-General’s 2022 report, which is equivalent to $6 billion, the main opposition National Democratic Congress has computed. “This is twice the amount [$3 billion] we are to receive from our recent IMF bailout”, Minority Leader Dr Cassiel Ato Forson told journalists on Tuesday, 8 August 2023 at the party’s ...

Gold mining company AngloGold Ashanti has advised its shareholders to expect a considerable decrease in earnings for the six months ended June 30. The company, which is set to publish its interim results on August 4, expects to report an 82% to 92% year-on-year decrease in basic earnings, compared with the $298-million reported for the first half of 2022. Similarly, ...

The Director of Operations at Dalex Finance, Joe Jackson, says it is not enough for the Finance Minister to just say that government is spending less when there is still a number of arrears and debts piled up to be paid. Speaking on Joy FM’s Super Morning Show, he mentioned that government has incurred a lot of debts and arrears ...

Tricycle operators in the Ashanti Region have escalated their protest against a directive to restrict their movement in parts of the Central Business District as the Kumasi Metropolitan Assembly vows to implement the policy. The tricycle operators on Wednesday, August 2, took to the streets and blocked a major road leading to Kejetia, causing significant disruptions to traffic and daily ...

The Director of Research at the Bank of Ghana (BoG) Dr Phillip Otoo has said that he does not share in the views that the Governor of the central bank Dr Ernest Addison should resign because of the GHS60.8 billion loss. He said that the factors that accounted for the loss were not the doing of the Governor. Asked whether ...

The GUTA President, Dr Joseph Obeng has expressed disappointment at the 2023 mid-year budget. According to him, despite the fact that no new taxes were introduced, they expected some existing ones to have been scrapped or the rates reduced. “The budget did not touch on the high cost involved in doing business, no revision on taxes, high interest rate and ...

The Bank of Ghana (BoG) has rejected claims that the GH¢60 billion losses it recorded in 2022 were a result of recklessness. “What we are seeing on the balance sheets of BoG is not as a result of reckless policy, or bad decisions but the direct impact from DDEP. We can say [BoG] policy has been suboptimal. Suboptimal in the ...