Business

The Bank of Ghana has added over 7.70 tonnes of monetary gold to the existing 8.7 tonnes of gold reserves as of June 30, this is according to the Governor of the Bank of Ghana Dr. Ernest Addison He said this has been made possible through the domestic gold purchase program.According to him, mining firms accounted for about 80% and …

The Electricity Company of Ghana (ECG) has introduced a cashless system and PowerApp to enhance customer experience. The General Manager of External Communications at ECG, Charles Nii Ayiku Ayiku, shared details during a stakeholders’ engagement with Ghana Private Road Transport Union (GPRTU). Cash payments will no longer be accepted at ECG offices, urging customers to use digital payment options. The PowerApp enables …

The Head of Corporate and Investment Banking at Stanbic Bank, Tim Mugodi, has emphasized the need to grow the capacity of local industries if the country wants to grow the economy. Mr. Tim Mugodi said this at the 2023 second quarter edition of the Graphic Business/Stanbic Breakfast Meeting in Accra. Speaking on what corporates and individuals can do to cope …

The Bank of Ghana has taken strict action against Fidelity Bank and First National Bank Ghana Limited, imposing a combined penalty of 1000 penalty points each. The penalties have been levied due to the banks’ breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. Furthermore, as a consequence of their actions, the Bank of …

The Ministry of Food and Agriculture says it is working assiduously to make Ghana the lead exporter of Soyabean in the world by 2030. The Ministry projects to achieve this feat through the implementation of strategic measures in the soya bean production value chain ensure that the country meets its food security target through the planting for Food and Jobs. …

According to the Ghana Statistical Service, Ghana’s economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022. The key drivers of this GDP growth in the first quarter of 2023 were the sub-sectors of Public Administration, Defense & Social Security, Health, Education, and Information & Communication. Notably, these …

The Producer Price Inflation (PPI) went down by 4.0% in May 2023 to 30.3%, data from the Ghana Statistical Service revealed. The month-on-month change in the PPI between April 2023 and May 2023 was however -2.7%. The PPI in the industry-less construction sector decreased to 32.5% in May 2023, from 37.1% in April 2023. The rate in the construction sector …

The government has pledged to expand the Livelihood Empowerment against Poverty (LEAP) program to all 2.5 million extremely poor individuals by 2024. According to Finance Minister, Ken Ofori-Atta, this is in line with its tradition of compassion and care for the underprivileged. “We expect to strengthen social protection through increases in social spending to protect the most vulnerable and the …

The price of Liquefied Petroleum Gas (LPG) is expected to fall by about 7.0% from tomorrow, June 16, 2023. According to the LPG Marketers Association, the reduction will be caused by about a 10% drop in the prices of the commodity on the international market. Its Vice President, Gabriel Kumi, said, though the cedi has lost some grounds, the drop …

The Bank of Ghana has warned the public against dealing with some 97 unlicensed entities that advance loans to prospective clients through mobile apps. The central bank said in a statement that further to its notice number BG/GOV/SEC/2022/10 on Unlicensed Entities Engaged in Lending, it has observed the “persistent operation of unlicensed entities that are engaged in the provision of …