BUSINESS

Ghana is to transform and diversify its economy by promoting private investment and firm growth in the non-resource base sectors through an integrated program to build the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation Project (GETP). The $200 million funded project from the International Development Association (IDA)* was approved by the World Bank Board of Executive ...

Over eighty ICT and Telecom experts were honoured at the 9th edition of the Ghana Information Technology and Telecom Awards (GITTA) 2019 which was held at the Movenpick Ambassador hotel on Friday, June 28, 2019. The event which was themed “Celebrating Innovation and Excellence in the ICT Sector”, attracted key stakeholders in the telecom and information communication technology industry from ...

An Accra High Court presided over by Justice Jennifer Dadzie, has dismissed an application instituted by the receiver of uniBank, Nii Amanor Dodoo, which sought to retrieve from the 17 shareholders of the defunct bank, the repayment of a GHC 5.7 billion debt owed the bank. It was the contention of the Receiver, that the Defendants (Shareholders of uniBank) “have ...

Two international oil exploration companies have been declared winners two oil blocks of the first licensing round of oil exploration. First Exploration and Petroleum Development Company, in partnership with Elandel Energy (Ghana) Limited as local partner, won the bid for block GH_WB_02. Similarly, Eni Ghana Exploration and Production Limited, in partnership with Vitol Upstream Tano Limited, emerged winner of block ...

Cement Manufacturers in the country want government to reduce the number of taxes and levies imposed on their operations. According to the Cement Manufacturers Association of Ghana, the increasing number of taxes and levies imposed on them is putting a pressure on them. Among the numerous taxes and levies is the recently added fumigation levy of 0.5 dollars. The association ...

The Minister for Business Development, Dr Ibrahim Mohammed Awal, has expressed worry over the recurring incident of Ghanaian companies collapsing after the death of their CEO’s or founders. He consented that not up to twenty companies in the country can be handpicked, which have blossomed after the exit or death of their founders. The minister made this submission at the ...

Only 18 percent of consumable goods sold in Ghana’s leading supermarkets originate from the country. This was captured in a report produced by a diversified international advisory firm known as Konfidants. The report is the first in a series of Africa-wide surveys aimed at monitoring local content to help adopt a periodic framework to track progress on this agenda. It ...

Government says it will make some changes to the Vehicle Luxury Tax in the mid-year budget review to be presented to Parliament in July. Finance Minister, Mr Ken Ofori-Atta, who announced this at a press briefing, said while the fundamental need for the law was unequivocal, some appropriate changes would be made to enhance its effectiveness. The luxury vehicle tax ...

Beginning in January 2020, countries within the West African sub-region will be able to use a single currency called ECO. The currency was adopted by the Authority of ECOWAS Heads of State and Government on Saturday in Nigeria’s capital Abuja. The West African leaders endorsed the currency at their 55th Ordinary Session and approved a road map towards the currency’s ...

Tullow Oil has announced five hundred million dollars in profits for the first half of this year [2019]. The company’s revenue also recorded 900 million dollars. Tullow is however hopeful that the figure will inch up when production levels increase to expected levels. Tullow, in its trading statement, said the increase in production in West Africa from 95,000 to 100,000 ...