Business

Source: Citi Business News Some commercial banks have begun reintroducing charges on foreign exchange accounts after they suspended these fees under regulatory pressure.  A few banks have already communicated the decision via text message and email informing clients that the new charges have been effected. The fees will vary based on currency type and account balance with some charges reaching …

Claim: Dr Mahamudu Bawumia, the 2024 flagbearer of Ghana’s governing New Patriotic Party (NPP), says industrial growth in the country had collapsed due to erratic power supply at the end of 2016. Verdict: Misleading. Data reviewed by DUBAWA showed that Ghana’s industrial subsector grew by 4.3% in 2016, representing a 3.2% growth rate from 2015. A Ghana Statistical Service report published in April …

The Bank of Ghana has responded to concerns raised by Samuel Okudzeto Ablakwa regarding a $20 million transfer, which the Member of Parliament claimed lacked consistent documentation. In a statement issued on Wednesday, August 28, the central bank criticised the legislator for his allegations, noting that the funds were intended for the Central Bank of Liberia, as previously stated. Without …

Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr. Edwin Alfred Provencal, has said it is important that Dr. Mahamudu Bawumia is voted into power in the upcoming elections. According to him, if Ghanaians fail to vote for Dr. Bawumia, the country will retrogress. “Let’s not look at the current situation and reject our gold, Dr. …

The Minister of Food and Agriculture, Bryan Acheampong, has disclosed that 435,872 farmers cultivating an estimated area of 871,745 hectares have been directly affected by the dry spell in the northern part of the country. He said crops including maize, rice, groundnut soybean, sorghum, millet and yam were the most widely affected crops across these regions. Speaking at a press briefing …

The Ghana Cocoa Board (COCOBOD) has defended its decision to move away from syndicated external borrowing, the reasons for which have sparked a heated debate. In a statement issued, COCOBOD Chief Executive Officer, Joseph Boahene Aidoo rejected claims made by the Minority in parliament which argued that the cocoa regulator had failed to get assurances for funding and has subsequently …

By: Naa Anyema Collison Minister of State at the Finance Ministry, Abena Osei-Asare, has stated that the government is committed to enhancing tax compliance and reducing inefficiencies in the country’s tax system. Speaking to the media on the sidelines of the 12th Annual International Tax Conference organised by the Chartered Institute of Taxation, Abena Osei-Asare emphasised that the government’s focus …

Joy News can confirm that Oil conglomerate Trafigura’s Ghana Power Generation Company has taken over one of the country’s most important commercial properties, the Regina House in London, following the failure of the government to pay up a $134 million judgment debt. For four years Trafiguara has been unsuccessful in getting the government of government to pay up the judgement debt …

National security is pursuing directors of 44 oil marketing companies that have disappeared with nearly GH₵60 million in levies owed to the Bulk Oil Storage and Transportation (BOST), now rebranded as Bulk Energy Storage and Transportation Limited (BEST). These companies collected levies and margins from the sale of petroleum products but failed to remit the funds to BOST. The Auditor …

Story by Naa Anyema Collison The Institute of Fiscal Studies (IFS) has recommended to government to sped up the promised review of it flagship program to reduce expenditure, this is because the IFS says that Ghana’s economy is still weak and fragile, asserting the country still has an unstable macroeconomic environment. The IFS challenged assertions by the government that it …