Business

The Northern Electricity Distribution Company (NEDCo) has recorded a GH¢3.7 million loss to illegal power connections in the Northern region. The Managing Director, Osman Ayuba disclosed this at the Public Accounts Committee of Parliament sitting on Monday. “And an estimated power loss or stolen power in the northern area was GH¢3.7 million. The whole NEDCo area was GH¢4.1 million,” he …

The Central Bank of Liberia has debunked bankruptcy reports regarding two leading commercial banks in Monrovia’s capital. One of the banks, known was SIB Liberia Limited, which is owned by Ghanaian millionaire, Dr. Papa Kwesi Nduom, was cited in a report published by frontpageafricaonline.com, with the caption “Broke Banks?” which prompted panic withdrawals from customers. In the rejoinder issued by Liberia’s …

A tech group in Ghana, led by young innovators, has developed a cutting-edge tool that uses artificial intelligence to diagnose ailments as part of efforts to improve access to quality, affordable health care in the country. The diagnostic tool, which has been certified by the Food and Drug Authority, analyses uploaded scanned images to detect and diagnose ailments. The team …

The country needs an estimated $271.7 billion to achieve its target of expanding the road network from 78,401km in 2016, to 253,000 km by 2047. The target, which was captured in the Ghana Infrastructure Plan, is also to increase paved roads to 70 per cent while linking urban areas with multi-lane carriageways and constructing long-span bridges across the Volta Lake. …

Finance Minister, Dr. Mohammed Amin Adam, has projected that Ghana’s inflation rate will reach 15% by the end of 2024. During a town hall meeting in Accra, he praised the Akufo-Addo-Bawumia administration for its efforts in managing inflation amidst economic challenges. Dr. Amin Adam noted that, since taking office in 2017, the current government has significantly reduced inflation rates. He …

The Ghana Cocoa Board (COCOBOD) has responded to claims of consistent default on its loans, clarifying its financial obligations and repayment status. According to COCOBOD, as of December 31, 2022, its total debt to the Bank of Ghana stood at GH¢8.24 billion. This includes a GHS1.99 billion 10-year loan facility and an overdrawn Cocoa Bills Retirement Account amounting to GH¢6.86 …

The Finance Minister, Dr. Mohammed Amin Adam, has reported some progress in paying investors following the completion of the Domestic Debt Exchange Programme (DDEP) in September 2023. According to the Minister, the third payment of the coupon will be in August 2024. An occurrence he noted proves government commitment to honor its financial obligations. Addressing Parliament when presenting the Mid-Year Budget Review, he …

Finance Minister Dr. Mohammed Amin Adam, has revealed that the government has invested almost GHC10 billion in the road sector since January, 2024 to enhance transportation and spur growth He made this information known to the entire country when he delivered the 2024 Mid-Year Budget Review on the floor of Parliament on Tuesday, July 2023. “I can also confirm that Government has …

Out of about 7.9 million registered taxpayers in the country, only about 1.5 million pay taxes. This was revealed by a Deputy Minister of Finance, Dr. Alex Ampaabeng at the launch of the 8th Ghana Economic Update by the World Bank. According to him, his outfit and the Ghana Revenue Authority are presently cleaning the tax database to ensure the …

Finance Minister Dr Mohammed Amin Adam has engaged members of the Arab Coordination Group to support the Government’s growth strategy which targets an investment of $12 billion.   The Government, having successfully undergone both domestic and external debt restructuring and moved onto the path of economic recovery, seeks to have investments in key sectors of the economy in the next three years.   The …