BUSINESS

Embattled founder of the defunct Capital Bank, Ato Essien, is willing to refund GH¢27.5 million back to the state, his lawyers have said. Willaim Ato Essien is standing trial for allegedly collapsing the bank. The GH¢27.5 million is what the state has accused Essien of using as business promotion and which he allegedly carried in jute bags to be distributed ...

The Managing Director and Executive Vice President for Tullow Ghana, Kweku Awotwi is set to retire at the company after reaching 60. Mr Awotwi will, therefore, leave the firm next month. He will be replaced by Wissam Al Monthiry, a Canadian, the company announced in a statement. Dr Kweku Awotwi was appointed on March 1, 2018, and took over from ...

The Integrated Customs Management Systems (ICUMS) to be deployed by UNIPASS is ready to take-off at the Tema Port. Ghana Revenue Authority (GRA) Ghana Link Network Services Limited and the Ghana Ports and Harbours Authority (GPHA) have successfully conducted a simulation exercise for the new Integrated Customs Management Systems (ICUMS) at the Port. The exercise which included the Meridian Port ...

The United Nations (UN) Department of Economic and Social Affairs (DESA) has said the gross domestic product (GDP) in developed countries will plunge 5.0 percent by mid-2020. The World Economic Situation and Prospect (WESP) report has also noted that the output of developing countries will shrink by 0.7 percent. “The global economic outlook has changed drastically since the launch of ...

Ghana’s debt stock has shot up to 236.1 billion cedis from 219.2 billion cedis for the first quarter of 2020, according to new figures by the Bank of Ghana. The increase means that Ghana has added 16.9 billion cedis between January to March of 2020. The figures contained in the Central Bank’s Summary of Economic and Financial Data represents an ...

The Ghana Tourism Authority has announced that drinking bars in the country can begin operation while observing the social distancing guidelines in the wake of COVID-19. The authority also indicated that all hotels can operate as normal “subject to the specified elevated hygiene protocols and social distancing”. It however noted that night clubs will remain closed. The GTA made this ...

The Country Representative of the International Monetary Fund (IMF) to Ghana Dr. Albert Touna Mama has said that economic figures are generated from reports and that one needs to read full reports to understand different economic figures which have been presented. Speaking on Joy FM’s news analysis programme News File on Saturday to clarify allegations of falsification of figures to ...

The total volume of cargo handled by the country’s two seaports, Tema and Takoradi, has been predicted to drop by some 0.5m metric tonnes in the first quarter compared to a year ago, as the Covid-19 pandemic continues to restrict trade and wreak havoc on global supply chains. According to the Ghana Chamber of Shipping, the figure represents a 15 ...

The data published by the IMF on the macro-fiscal situation of Ghana is the true state of the Ghanaian economy, Business School Lecturer, Professor John Gatsi has said. According to him, whiles Ghanaians know the fiscal deficit to Gross Domestic Product in 2019 to be 4.5%, the Fund knows the true state of the budget deficit in 2019 as 7.5%. ...

The Ministry of Finance has said widespread reports that it shared different figures with the International Monetary Fund (IMF) and to Parliament in the process of contracting the US$1 billion rapid loan facility are false and misleading. In a statement issued by the official website of the ministry, www.mofep.gov.gh said, “Our attention has been drawn to a publication by fact-checkghana.com ...