BUSINESS

Auditor-General (A-G) Daniel Yaw Domelevo has condemned the Ministry of Finance (MoF) for concealing four major contracts signed in 2018. “Our review of the Ministry’s procurements showed that a number of awards for goods, services and consultancy were undertaken without its publication on the Public Procurement Authority (PPA) website,” the annual report on Public Accounts of Ghana (PAG) as of ...

The country’s total debt stock has now hit GHS200 billion as at the end of May 2019. This was contained in the Bank of Ghana’s summary of financial and economic data that reviewed the health of the economy. Details of the debt numbers   The new debt stock figure means that since May 2018 the total debt stock has gone up by ...

Ghana and Cote D’Ivoire have lifted the suspension of cocoa sales for the 2020/2021 season, effective July 16. The decision was contained in a joint communique issued and signed by Mr. Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board, and the Chief of Cote d’Ivoire’s Coffee and Cocoa Council, Yves Kone-Brahima. The two countries, at a two-day ...

Ghana has pumped 800 million cedis ($150 million) into a special purpose vehicle created to bail out banks that don’t have enough capital, according to four people with knowledge of the matter. Ghana Amalgamated Trust (GAT) will be getting the funds from the Finance Ministry after dropping a plan to raise the money through a bond sale, said the people, ...

The French businessman leapfrogged the Microsoft co-founder after seeing his own personal fortune grow by $39 billion in 2019. There’s still money left in luxury goods. Lots of it, in fact. Need proof? LVMH Chairman and CEO Bernard Arnault just dethroned Bill Gates as the second-richest person in the world with a total net worth of $108 billion. On Tuesday, Arnault supplanted ...

The Chief Executive Officer of Ghana Integrated Aluminium Development Corporation (GIADEC), Mr. Michael Ansah, has made a positive impact in ensuring that matters are put to rest at the Ghana Bauxite Company Ltd. (GBC), in Awaso, in the newly created Western North Region. The GIADEC CEO led a delegation to pay a working visit to Ghana Bauxite Company Ltd. (GBC), ...

Arguments by former Chief Executive Officer (CEO) of Ghana National Petroleum Corporation (GNPC) Alex Mould that he did not cause financial loss to the state through the oil deals he negotiated on behalf of the country during his tenure have been challenged. Sources within GNPC have indicated that Mr. Mould left behind a ‘questionable legacy’ or ‘track record’, especially as ...

The International Monetary Fund (IMF) says its bailout program has helped restored Ghana to a rising star in Africa. In its latest analysis of the Ghanaian economy, IMF seriously indicted Mr. Mahama during whose tenure Ghana opted for the bailout for grossly mismanaging the Ghanaian economy. Analysis According to the IMF, “Ghana has been hailed as one of sub-Saharan Africa’s ...

Management of the McDan Group of Companies has debunked assertions of receiving money from the government as judgement debt. A statement signed by Dzifa Hanyabui, Human Resource Manager of the Company and copied to the Ghanaian Times yesterday also insisted that “neither the Group Chairman nor any of its subsidiary Companies has taken the government to court and for which ...

There has been a major increase in imports in Ghana three months after the government reduced import duties, Ghana Union of Traders’ Association (GUTA) has said. The government in April slashed the benchmark value for imports by 50 per cent, while the benchmark value for vehicles was also reduced by 30 per cent. Some importers including spare parts dealers hailed ...