BUSINESS

A new report has identified that the increasing commercial losses witnessed in the power distribution sector significantly contributes to the continuous debt accumulation in the sector. It said despite the efforts made to clear the energy sector debts under Energy Sector Levy Act (ESLA), the debt ,if left unresolved, could reach a total of US$12.5million by 2023. According to the ...

Twitter’s got its eye on Ghana. The social media giant wants to open new headquarters in Accra – the company’s first in Africa. Twitter’s also recruiting at least a dozen people to help it expand its reach across the continent. “Microsoft has been here, Facebook has been here, Amazon in South Africa”, says Linda Bonyo, a Kenyan lawyer who specialises in technology ...

PassionAir has said its Accra to Kumasi flight on Saturday ended up at the Félix Houphouët Boigny International Airport in Côte d’Ivoire (Abidjan) because of bad weather. According to the airline, bad weather made it impossible for the flight to land in Kumasi and could also not return to Accra. “On 17 April 2021, PassionAir flight OP152 departed from Accra ...

The Minister for Communications and Digitisation, Ursula Owusu-Ekulful, has revealed that telecommunications network AirtelTigo was acquired by the government of Ghana for just One dollar ($1). According to her, claims that the government acquired AirtelTigo for $20 million are untrue and must be dismissed by the public. She, however, revealed that some debts accrued by AirtelTigo amounting to $100 million ...

Africa World Airlines (AWA), a private airline operator, yesterday organised a historic test fight from the Kotoka International Airport (KIA) in Accra to the newly completed Ho Airport in the Volta Region. The 50-capacity Embraer-145 aircraft landed at the Ho Airport after 22 minutes of takeoff at the KIA. Travelling by road from Accra to Ho takes almost four hours. ...

The Ghana government has signed an agreement with AirtelTigo for transfer of ownership of the telecommunications company to the state. The government of Ghana and the parent companies of AirtelTigo, Bharti Airtel Ghana Holdings B.V., MIC Africa B.V signed the transfer after they concluded negotiations to transfer the shares of the company to the Ghana government. This followed the announcement ...

Alliance for a Green Revolution in Africa (AGRA) has launched a new platform designed to facilitate the growth and development of women-owned agribusiness enterprises in the country. Dubbed: “#VALUE4HERConnect”, the new platform seeks to help bring women entrepreneurs in agriculture together in a virtual community in order to be able to connect, network and grow their businesses. The platform, which ...

The Securities and Exchange Commission (SEC) will soon launch a 10-year strategic Capital Market Master Plan (CMMP) to deepen the country’s financial markets. The plan hinges on four main pillars; creating diversity of investment products and enhancing liquidity in the securities market; increasing the investor base (through investor education); strengthening the infrastructure and improving market services, improving regulation, enforcement and ...

THE BANK OF GHANA says it has has been admitted as a member of the Basel Consultative Group (BCG). This brings Ghana into the fold of four countries in Africa (Ghana, Tunisia, Mauritius and Nigeria), that are members of the BCG. The BCG is one of five working groups that form the internal structure of the Basel Committee for Banking ...

Absa Group Ltd., one of Africa’s largest financial services providers, today reported a 51% decline in normalized headline earnings to R8 billion [$536m] after impairments nearly trebled to R20.6 billion [$1.3b] amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions eased, particularly in ...