BUSINESS

A total of 5.06 billion cedis has so far been paid to customers of the non-banking financial institutions in the country which had their licences revoked by the Bank of Ghana (BoG) for being insolvent. The customers are from the 347 microfinance companies, 39 micro credit companies, 23 savings and loans as well as finance house companies whose licences were ...

Some freight forwarders in Takoradi, Western Region, have picketed the Customs division of the Ghana Revenue Authority (GRA) demanding a suspension of the UNIPASS payment system and a restoration of the GCNET system. In their view, the UNIPASS system is a disaster. An importer, Henderson McCarthy, illustrated their frustration thus: “All we are saying is that if I have a ...

Despite closure of the country’s borders to help curb spread of coronavirus (COVID-19), some foreigners have been maneuvering into the country to conduct illegal businesses through border posts with Cote d’Ivoire in the Bono Region. The situation has heightened fears and anxiety among residents in communities like Sampa, Nkrankwanta, Kofibadukrom and Gonokrom along the Ghana – Cote d’Ivoire border on ...

More than 200,000 Micro, small and medium Enterprises are expected to benefit from the GH¢600 million COVID-19 Alleviation Programme (CAP) Business Support Scheme. Mrs Kosi Yankey-Ayeh, the Executive Director of the National Board for Small Scale Industries (NBSSI), who announced this at a briefing at the Ministry of Information, on Thursday, said steps were being taken to operationalise the scheme ...

The Ghana cedi has returned to the depreciation trajectory despite a strong performance in the first three-and-a-half months of this year. As of 6 May 2020, the cedi had declined in value by 1.18% to trade at GH¢5.600 to the US dollar on the interbank forex market and 2.36% to sell at GH¢5.93 on the interbank forex market. Currency analysts ...

The Ghana Shippers Authority (GSA) has urged all shippers to expedite action to clear their cargo from the ports on time. This follows the lockdown that was lifted on April 20, this year, by President Akufo-Addo. In a statement issued recently, Benonita Bismarck, CEO of the GSA, said it was important to remind all shippers that any further delays in ...

The central bank says it is hopeful that the reduction in primary reserve requirements will broaden and expand the coverage of additional funds to support lending to all critical sectors of the economy. According to the Bank of Ghana’s latest banking sector report for March 2020, the reduction in primary reserves from an initial 10 percent to 8 percent is ...

The Bank of Ghana, BoG says it has put in place five major measures that will help mitigate the impact of the Covid-19 pandemic on the financial sector. In its latest banking sector report, the central bank says it has taken 5 major decisions that will stabilize the financial sector against any burden from the coronavirus pandemic as well as ...

Members of the National Hospitality Association of Ghana (NHAG) have called on the government to negotiate with the Social Security and National Insurance Trust (SSNIT) to pay 50% salary of their employees over a period of six-months as their businesses have been affected by the COVID-19 pandemic. Former President John Mahama made a similar suggestion that SSNIT give contributors a ...

The price of OPEC basket of thirteen crudes stood at $14.36 a barrel on Wednesday, compared with $12.41 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light ...