Archive for Business

  • February 14, 2020

    Shops in...

    Shop owners in the Cape Coast Metropolis have expressed satisfaction about patronage of products ahead of this year’s Valentine’s Day celebration. Valentine’s Day, which is also known as the feast of Saint Valentine is marked on the 14th day of the second month in every year. Emanating from a western...

  • February 14, 2020

    ADB converts...

    Agricultural Development Bank Limited has announced the conversion of GHS 150 million subordinated debt into equity. The debt, owed to the Bank of Ghana, was converted at a price of GHS 3.25 per share, resulting in the issue of 46,153,846 new ordinary shares. In a circular, ADB said the shares...

  • February 13, 2020

    DVLA Innovation:...

    The introduction of improved security features into the administration of the Defective Vehicle (DV) number plate system by the Driver and Vehicle Licensing Authority (DVLA) this year has led to a significant improvement in the revenue performance of the authority. Whereas the DVLA generated less than GH¢4 million from the...

  • February 13, 2020

    Kantanka Automobile...

    As the government contemplates a framework to regulate the importation of used and salvaged vehicles to pave way for global automobile giants planning to set up assembly plants in Ghana, Ghana’s sole local carmaker, Kantanka Automobile Company Limited, is reminding the state of its promise to support them to expand....

  • February 13, 2020

    Lagos-bound flights...

    A number of international flights heading to the Murtala Mohammed Airport in Lagos, Nigeria, have been diverted to the Kotoka International Airport over poor visibility caused by harmattan. In an interview with Citi Business News, Edward Baah, Director, Air Traffic Services at Kotoka, said since the night of February 11,...

  • February 12, 2020

    Gov’t to...

    After successfully raising US$3 billion Eurobond last week which was heavily oversubscribed 5-fold, the Government of Ghana through the Bank of Ghana will rollover a 2-year Government of Ghana bond on Thursday, 13 December, 2020, which is expected to mature in 2022. It is however unclear how much the government...

  • February 10, 2020

    Barclays Bank...

    Barclays Bank has rebranded as Absa Ghana with a formal event to finalise the move, Monday. Barclays Bank is going ahead with this after completing the required internal and external rebranding to its new brand and corporate colours, that is the red and white colours of Absa. A visit to some of the...

  • February 10, 2020

    World Bank...

    The World Bank has cautioned Ghana against piling its external debt and exceeding the sustainability threshold. According to the bank, Ghana is currently rated as a moderate to high-risk debt distressed country and so must tread cautiously. The government last week raised US$3 billion on the Eurobond market. The transaction...

  • February 9, 2020

    GRA posts...

      The Ghana Revenue Authority (GRA) collected a total revenue of GH¢43.9 billion in 2019 as against a revised target of GH¢42.08 billion. This represents an actual revenue growth of 16.6 per cent, exceeding the revised target by 4.4 per cent, Mr. Ammishaddai Owusu-Amoah, the acting GRA Commissioner-General, has disclosed....

  • February 8, 2020

    Financial Sector...

    Finance Minister Ken Ofori-Atta has expressed optimism the cost of cleaning the financial sector crisis will not go beyond the estimated GHS16.8 billion. Already, GHS12.6 billion has been spent on depositors whose monies were or have been locked up following the revocation of the licences of some nine local banks,...

  • February 7, 2020

    Shareholders of...

    Government is expected to meet the management and shareholders of Neoplan Ghana Limited later today to find ways to revive the struggling company. Neoplan Ghana announced a planned shutdown last month due to lack of contracts and mounting losses. Government’s intervention helped to stop the planned shut down, with the promise of...

  • February 6, 2020

    Duffuor, Asiama,...

    The state has charged a former Finance Minister, Dr Kwabena Duffuor, and seven others with 68 counts for the roles they allegedly played in the collapse of uniBank. The seven are Dr Kwabena Duffuor II, a son of Dr Duffuor, who was the Chief Executive Officer (CEO) of uniBank; Dr...

  • February 5, 2020

    Estate company...

    Ghana on Tuesday, February 4 started receiving bids from investors all over the world for a three-tranche Eurobond sale that is expected to raise a total of $3 billion. As of 15.30 GMT Tuesday, investors from Asia and Europe had pledged to lend the country about $15 billion – five times...

  • February 4, 2020

    Ghana’s Cedi...

    Ghana’s cedi, the world’s best-performing currency against the dollar this year, extended its advance on Monday as investors await a Eurobond sale that would bolster the government’s coffers. The currency of the world’s second-biggest cocoa producer has strengthened 3.4% in 2020, the most among more than 140 currencies tracked by Bloomberg, a turnaround...

  • February 3, 2020

    UNIPASS kicks...

    Barring any last-minute change, the government will commence the implementation of the UNIPASS platform for the recording of imports and exports at the country’s ports this month. Though widely known as the UNIPASS system, a Deputy Finance Minister, Kwaku Kwarteng explains that the eventual rollout will see to the outdooring of a...

  • February 3, 2020

    President receives...

    The outgoing President of the ECOWAS Bank for Investment and Development, Mr Bashir Mamman, and some officials of the bank called on President Nana Addo Dankwa Akufo-Addo at the Jubilee House last Friday to introduce the newly elected President of the bank, Dr George Agyekum Nana Donkor, to him. Mr...

  • February 3, 2020

    Business confidence...

    Business confidence softened marginally on account of the exchange rate depreciation in November 2019. However, businesses expressed positive sentiments about industry prospects and declining interest rates, going forward. According to the Bank of Ghana’s latest confidence surveys conducted in December 2019, there was significant improvement in consumer confidence reflecting optimism...

  • February 3, 2020

    Ghana to...

    Ghana’s fiscal deficit is expected to end 2020 at 4.9%± 0.5% of Gross Domestic Product. This is against the government target of 4.7% of GDP. The 4.9%± 0.5% of GDP target excludes Bank of Ghana’s bailout funds. According to a report by Databank Research, “Against our expectations of public expenditure...

  • February 3, 2020

    Pay our...

    Members of the Coalition of Affected Savings and Loans Customers (CASLOC) in the diaspora have cast doubt on the government’s resolve to pay their locked-up funds in full following financial sector cleanup undertaken by the Bank of Ghana (BoG). President Nana Addo Dankwa Akufo-Addo, who admitted that the exercise had...

  • January 31, 2020

    Vegetables to...

    President Nana Addo Dankwa Akufo-Addo has projected that the country can rake in about $1 billion earnings from vegetable exports in seven years. Inaugurating the Akumadan Greenhouse Village in Akumadan in the Ofinso North District in the Ashanti Region yesterday, the President said estimates indicated that cultivating three selected vegetables...

  • January 30, 2020

    Cedi to...

    The Ghana cedi is projected to decline in value to the US dollar by 8.60% ± 1.50% at the end of 2020. This will be lower than the 12.9% depreciation to the American dollar in 2019. This means the cedi will hover around GHS6.05 ± GH¢0.10 by 31 December 2020.

  • January 30, 2020

    Obuasi Mine...

    AngloGold Ashanti’s Obuasi Mine redevelopment project has produced its first gold after four years of limited operation. The last four years saw the country’s flagship mine, which had been in operation for more than 100 years, placed under “care and maintenance”, in the face of its long held potential to...

  • January 29, 2020

    Neoplan closure:...

    Workers at the Assemblying Plant of Neoplan (Ghana) Limited, which faces a shutdown, have appealed for government intervention to prevent the shutdown on Friday, as announced by its management. The workers told the Daily Graphic that they believed if the government awarded the company contracts to buy coaches, it would...

  • January 28, 2020

    We’ll guard...

    The government has pledged not to backtrack on the economic gains made so far, in spite of the general election in December this year. The pledge follows the upgrade of the country’s economic outlook from stable to positive by Moody’s rating agency, an international credit rating agency. Moody’s affirmed Ghana’s...

  • January 27, 2020

    No more...

    The Ministry of Trade and Industry has placed a ban on the issuance of permits to companies that want to set up cement processing plants in the country. It is also taking steps to halt the importation of the product as part of measures to protect and encourage the growth...

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