BUSINESS

A former Director General of the National Development Planning Commission (NDPC) Dr Nii Moi Thompson has called for the amendment of the Bank of Ghana Act in order to make economic growth and job creation the main objectives of the monetary policy. In his view, the current approach to monetary policy is anti-growth and anti-jobs therefore, the Act must be ...

The Institute for Energy Security (IES) has admonished the government to revive the Tema Oil Refinery (TOR) to help curb increasing fuel prices. The IES in a statement described the government’s decision to import fuel to address cost-related issues as “reactionary, morally indefensible” and a misplaced priority that will not address the rampant fuel price increases in the long term. ...

The Government of Ghana has been told to tell Ghanaians how much has been accrued from higher-than-budgeted oil prices. The government has also been asked to explain why it is not using part of it to subsidise pump prices that threaten the economy and livelihoods. Tus comes at a time the Minority in Parliament has sked the government to cushion ...

Ranking Member on Parliament’s Energy and Mines Committee, John Jinapor, has cautioned government to apply petroleum sector revenues for their intended purpose. According to him, 500 million of energy sector levies which could not be accounted for by the Ministry of Energy had been used to pay for pensions and other non-petroleum related activities. The money, he said could have ...

A financial analyst Michael Dawson has indicated that the banking sector reforms undertaken by government, have strengthened local banks and made them more resilient to shocks. Dr. Dawson was responding to a statement by the Speaker of Parliament, Alban Bagbin that the Government erred in not supporting local banks to succeed. “I think clearly, the Speaker doesn’t understand the essence ...

The Ghana Revenue Authority (GRA) has explained that customs valuation primarily relies on the first (1st) out of the six (6) methods of valuation provided under the WTO valuation methods, which is the Transactional value. A statement issued by GRA, said, “Goods are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics ...

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has unanimously increased the Bank’s authorised capital from $1.5 billion to $3.5 billion with effect from January 2023. The Governors also called for the third tranche of the capital of the bank which is in the sum of $438 million. The Board of Governors which comprises the ...

Jumia Ghana has said it will complement government’s efforts to ensure a stable inflation by providing exclusive offers on all of its product to consumers. This, according to Head of Customer Experience, Abigail Ayisi Oforiwaa, is a strategic vision to reduce the burden on citizens through offering high quality products and goods at competitive prices. Speaking to Joy Business at ...

Abuakwa South Member of Parliament, Samuel Atta Akyea has said that the Ghana National Petroleum Corporation can be a major source of revenue for Ghana’s economy if it should have proper alignment. Mr Atta Akeya said this in Parliament while agreeing with a comment by his colleague lawmaker for Pru East Dr Kwabena Donkor who made same comment in Parliament ...

Pru East Member of Parliament, Dr Kwabena Donkor has said the Ghana National Petroleum Corporation (GNPC) risks going bankrupt. He attributed this to the decision by the management of the GNPC to engage in activities outside of its mandate. Dr Donkor said this while supporting a motion to adopt he report of the Committee on Employment, Social Welfare and State ...