BUSINESS

The Alliance for Social Equity and Public Accountability [ASEPA] has accused the government of discriminating against customers who have their funds locked up after banks and other financial institutions were collapsed. In a brief statement, the executive director of ASEPA, Mensah Thompson said: “Why is the Government discriminating against customers in the payment of the locked up funds on the ...

The culture of saving and investment is still a grey area in developing countries across the world including Ghana. Due to the high unemployment rates and the meagre salaries of a lot of workers in Ghana, investments are privilege for a little few. However, in recent times, there has been an increase in education on the benefits of investments and ...

Of the GH¢21 billion used to ensure depositors’ funds are protected after the Bank of Ghana introduced reforms which led to the collapse of some financial institutions, just about one-tenth of that amount, or GH¢2 billion, has been recovered so far, leaving an astronomical GH¢19 billion yet to be retrieved, Governor of the central bank, Dr. Ernest Addison has said. ...

The Minority in Parliament has tagged the mid-year review and supplementary budget statement as hopeless. Ken Ofori-Atta in his presentation announced measures aimed stimulating the country’s economy amidst Covid-19. The minister announced a reduction in CST from 9% to 5% and an insurance scheme for workers who have been laid off as a result of the pandemic. Government has also ...

Government has established a Guarantee Scheme of up to GH¢2 billion to enable businesses to borrow from banks at more affordable rates and at a longer tenor. This was announced by the Minister for Finance, Ken Ofori-Atta during the mid-year budget review and supplementary estimates on Thursday, July 23, 2020. Speaking on the floor of Parliament, the Minister noted that ...

Standard Chartered has announced the completion of an agreement for a EUR 78 million UKEF (UK Export Finance) support financing to the Ministry of Finance, for the purpose of designing, constructing and equipping the new Eastern Regional Hospital at Koforidua in Ghana. The transaction provides significant contribution to the Government’s commitment for major investments in healthcare infrastructure and aligns with ...

The collapse of Heritage Bank by the Bank of Ghana was “painful”, Editor-in-Chief of the New Crusading Guide newspaper, Abdul-Malik Kweku Baako, has said. The bank had Mr Seidu Agongo as its majority shareholder. Similarly, Kweku Baako expressed qualms about the central bank’s collapse of uniBank and GN Bank, which, respectively belonged to the former Governor of the Bank of ...

Ghana’s independent power producers, which produce almost half of the country’s electricity, say they could stop supply over government debt that amounted to US$1.4 billion as of June 30. The debt continues “to accumulate, compelling the IPPs to contract costly loans to sustain their generations,” the Chamber of Independent Power Producers, Distributors and Bulk Consumers said in an emailed statement ...

In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), the Finance Minister, Ken Ofori-Atta will on Thursday, July 23 present his annual mid-year budget to Parliament. The budget reading is to give an overview of the macroeconomic development of government over the past 6 months and that for the rest of the year. GhanaWeb makes ...

The further weakening of the Ghanaian Cedi against the U.S. dollar will worsen the impact of coronavirus pandemic, the International Monetary Fund has said. Since late February 2020, the Cedi has consistently depreciated against the dollar by -2.46 percent, year to date, and -7.34 percent year-on-year. The IMF in its staff policy-related analysis report on the dominance of the U.S. ...