Finance

Following the successful implementation of Mobile Money Payment Interoperability by the Nana Addo Dankwa Akufo-Addo government, about 15 million Ghanaians essentially have bank accounts, Vice President Dr. Mahamudu Bawumia has said. Addressing the youth wing of the governing New Patriotic Party(NPP) in Accra on Wednesday, 12 August 2020, Dr Bawumia explained that with the triangular …

Parliament has approved a total of 598.7 million Euros loan agreement between the Government and the Deutsche Bank to finance the construction of sections of the Western railway lines. The agreement covers the proposed construction of the Standard Gauge from Takoradi Port to Huni Valley. The loan comprises a facility agreement …

The Ghana Association of Bankers (GAB) has estimated that about GH¢102million has been forfeited by commercial banks in the country through various measures they have introduced to give some relief for customers due to impact of Coronavirus pandemic on the country. According to the association, all 23 universal banks in …

The law banning the importation of salvaged vehicles into Ghana comes. into effect on November 1, 2020. Shipping agents, Importers and freight forwarders were therefore advised to properly counsel their clients on importing such vehicles to Ghana and its consequences. Parliament, in March, passed the Customs (Amendment) Bill, 2020 an …

The Institute for Energy Security (IES) has noted that figures collated by its economic indicate that the cedis appreciated against the US Dollar by 0.35 per cent. This, according to the IES, affected crude oil prices to remain fairly stable over the period. Raymond Nuwokoor, Research and Policy Analysts at …

The Electricity of Ghana (ECG), following President Nana Akufo-Addo’s announcement to absorb 100% electricity bills for lifeline residential customers (customers who consume between 0-50kVVh) per month, has released guidelines on the implementation of power. Lifeline customers on both prepaid and postpaid metering systems will realise their relief effective August 2020 …

A Deputy Finance Minister, Charles Adu Boahen, has said a big chunk of depositors locked-up funds during the banking sector clean-up have been settled. He said at least 96% of persons whose monies were locked-up in the collapsed banks and saving and loans companies have received their deposits. Mr Charles …

Finance Minister, Ken Ofori Atta has waded into Attorney General’s fight with Senior Minister, Osafo-Maafo over the Kroll contract. Senior Minister Yaw Osafo-Maafo is in a court battle with the office of the Attorney General over a $1million Kroll contract. Mr Yaw Osafo-Marfo and four other officials from the Ministry of Finance …

Finance Minister, Ken Ofori-Atta, has revealed that the government has “formally granted the Kantanka Group a licence to continue its auto assembly operations in Ghana.” The Kantanka Group, an indigenous automobile assembling company in Ghana, Mr Ofori-Atta intimated, will also be a beneficiary of the Ghana Automotive Manufacturing Development Policy, which, …

Independent Power Producers in Ghana have said if the government fails to pay some GH¢ 1.4bn owed them “as soon as possible”, they cannot promise uninterrupted power supply. The Chief Executive Officer of the Chamber of Independent Power Producers, Power Distribution Companies and Bulk Consumers, Ghana (CIPBiD), Mr Elikplim K. …