Archive for Business

  • April 2, 2020

    COVID-19: FBNBank...

    Management of FBNBank Ghana Limited has assured the public that notwithstanding the outbreak of COVID-19 as a result of which movement has been restricted in parts of the country, all its branches remain open to provide services. According to a statement on the bank’s website, the Bank noted that “following...

  • April 2, 2020

    July’s budget...

    The Minister of Finance, Ken Ofori-Atta is hopeful that the new budget to be presented in Parliament in July 2020, will reposition Ghana’s economy to meet the global impact of the COVID-19 outbreak. He says discussions are already underway among Finance Ministers in Africa to find mechanisms to restore the...

  • April 2, 2020

    Standard Chartered...

    Standard Chartered Bank Ghana Limited has announced a relief package for its clients across the Corporate, Commercial, Business, Priority and Personal Banking segments in the wake of the COVID-19 pandemic. The Bank has designed relief programmes including tenor extensions and interest rate reductions on eligible local currency loans for clients in vulnerable sectors...

  • April 2, 2020

    COVID-19: British...

    British Airways will today suspend around 36,000 of its 45,000 staff as coronavirus left the airline on its knees. The airline has reached a broad deal with the Unite union that will include the suspension of 80 per cent of its cabin crew, ground staff, engineers and those working at the head...

  • April 2, 2020

    GUTA wants...

    The Ghana Union Traders Association (GUTA) wants the Bank of Ghana to compel all financial institutions to waive loan repayments for businesses as directed by the government. The Finance Minister announced in Parliament on Monday, 30 March 2020 some fiscal measures to mitigate the impact of the coronavirus pandemic. They...

  • April 1, 2020

    Star Assurance...

    After 35 years of being Ghana’s market leader in the Insurance Sector, Star Assurance is celebrating the company’s milestone of playing a pioneering role in the development of the country’s insurance space. Starting off as a composite company, Star Assurance hived off its Life operation by setting up a company,...

  • April 1, 2020

    Cut down...

    An outspoken expert on revenue management in the extractive sector has joined the many voices kicking against government’s plan to draw from the Heritage Fund to mitigate the economic impact of the coronavirus pandemic. Dr Steve Manteaw, currently a co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), said although...

  • April 1, 2020

    V/R: Transport...

    Transport business in the Volta region has greatly been affected following the shutdown of Accra and Kumasi by Presiden Akufo-Addo. President Nana Akufo-Addo on Friday, March 27, announced a partial lockdown of the two cities including Obuasi and Tema, which took effect on Monday -in bid to curb the spread...

  • March 31, 2020

    Fuel prices...

    The Institute for Energy Security (IES) is forecasting between 16 and 24% drop in prices of fuel on the local market in the first Pricing-window for April 2020. This is due to the significant fall of 33.36% in price of Brent crude, coupled with the considerable drop in the prices...

  • March 31, 2020

    Government considering...

    The Minister of Finance, Ken Ofori-Atta, has said the government is considering the option of cash transfers to the most vulnerable groups in society in the wake of the coronavirus pandemic. “All of those things are under consideration,” the Minister said in response to a question on the matter when...

  • March 31, 2020

    Ofori-Atta Predicts...

    Minister of Finance, Ken Ofori-Atta has said Ghana has begun experiencing slowdown in the various sectors of the economy as a result of the coronavirus pandemic. The slowdown he explained will affect economic growth, and that the impact of the coronavirus menace on the real sector shows that the 2020...

  • March 30, 2020

    Prudential Life...

    In response to the COVID-19 pandemic, which is impacting the world and threatening the lives and wellbeing of Ghanaians, Prudential Life Insurance Ghana has introduced the free Pru Covered-19 to support new and existing customers. The innovative Pru Covered-19 benefit takes effect from March 30, 2020, for existing customers and...

  • March 30, 2020

    China not...

    The Chinese Ambassador to Ghana, Shi Ting Wang, has debunked assertions that the novel coronavirus (Covid-19) originated from China. He said although the COVID-19 first broke out in China, it “does not mean that the origin of the virus is China.” Speaking at a short ceremony in Accra to present...

  • March 29, 2020

    More companies...

    Olam Ghana, a leading food and agri-business and one of Ghana’s biggest cocoa buying agencies reaching over 180,000 cocoa farmers, has donated a consignment of medical supplies to the Greater Accra Regional Hospital and the Kumasi Centre for Collaborative Research (KCCR) in support of the government’s efforts to curb the...

  • March 28, 2020

    COVID-19 Alleviation...

    President Nana Akufo-Addo has instituted a Coronavirus Alleviation Programme intended to lessen the economic burden on businesses and households as the virus ravages on. In his fourth address to the nation on Friday night, through which he announced a partial shutdown of the Greater Accra and Greater Kumasi as part...

  • March 24, 2020

    V/R: Salt...

    Salt miners in Anlo-Afiadenyigba along the Keta lagoon have complained over the lack of market for their product; a situation that has culminated into low pricing of their salt by buyers who travel long distances to purchase from them. The miners told our reporter on Saturday that, due to unavailability...

  • March 24, 2020

    Federation of...

    The Ghana Federation of Forest and Farm Producers (GhaFFaP) has said it acknowledges the central role of the forest in ensuring sustainable biodiversity for all forms of life on the planet. The Federation notes that the threats to biodiversity due to deforestation, forest degradation, climate change and most importantly the...

  • March 24, 2020

    GhIPSS Waives...

    THE GHANA Interbank Payment and Settlement Systems Ltd (GhIPSS), in partnership with all banks, Fintechs and mobile money operators, has waived off fees on electronic payments services used by its partner financial service providers. According to GhIPSS, “This waiver is regardless of the volume and value of transactions, until further...

  • March 23, 2020

    BoG asks...

    The Bank of Ghana (BoG) has asked banks and Specialised Deposit-Taking Institutions (SDIs) to seek its approval in writing before the declaration and payment of dividends. The move is to prevent banks from using funds from the reduction in the Bank’s reserve requirements and the conservation buffer. The BoG, as...

  • March 23, 2020

    COVID 19:...

    Beginning tomorrow 24 March, 2020, any electronic payments done via the Ghana Interbank Payment and Settlement Systems (GhIPSS) platform will not be charged any fee. This comes in the wake of the COVID-19 pandemic. An agreement has already been reached between GhIPSS, all banks, Fintechs and mobile money operators. The...

  • March 23, 2020

    AWA waives...

    A Ghanaian private airline operator, Africa World Airlines (AWA) has waived all penalty fees on the change of flight schedules for both domestic and international travels. As a move to help reduce the impact of the COVID-19 outbreak on its customers, the airline operator said the penalty waiver would be...

  • March 22, 2020

    COVID-19: KIA’s...

    The government of Ghana has announced the closure of the Kotoka International Airport’s VIP lounge to all diplomatic missions, international organisations and honorary consulates, as part of measures to control the spread of the coronavirus. The announcement was made in a circular by the Ministry of Foreign Affairs and Regional...

  • March 21, 2020

    BoG threatens...

    The Bank of Ghana (BoG) has indicated that it would not hesitate to sanction banks that fail to comply with rules governing the recent liquidity capital released to improve funding for some critical sectors of the economy. The central bank said it will monitor financial dealings of banks and Special...

  • March 20, 2020

    IMF announces...

    The IMF Executive Board has approved the expedited appointment of Geoffrey Okamoto as First Deputy Managing Director, effective March 19, 2020. IMF Managing Director Kristalina Georgieva originally proposed his appointment on March 12, 2020 with an effective start date of March 30. “Given the exceptional challenges that our member countries...

  • March 20, 2020

    Coronavirus: AfDB...

    The African Development Bank has announced health and safety measures to help prevent the spread of the coronavirus in countries where it has a presence, including its headquarters in Abidjan. The measures include telecommuting, video conferencing in lieu of physical meetings, the suspension of visits to Bank buildings, and the...

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