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Fraud loss to banks, special-deposit institutions up by 144%

The total value of attempted fraud reported by Banks and Specialised Deposit–Taking Institutions (SDI) for the year 2021 has amounted to GH¢113 million, as compared to GH¢1billion reported in 2020. Out of this amount, a loss of GH¢61million was recorded, as compared to a loss of GH¢25 million in 2020, …

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US$50 million Judgement debt looms as Chinese company sues Ghana in London

Chinese company sues Ghana government in London court Company reportedly demanding in excess of US$50 million Government abrogates Beijin Everyday contract and hands it over to Huawei Member of Parliament for Adaklu, Kwame Governs Agbodza, has cautioned that government risks attracting a judgment debt over the abrogation of an international contract involving a …

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UK regulator fines Ghana International Bank £5.8 million

The FCA said the breaches concerned the GIB’s anti-money laundering and counter-terrorist financing controls over its correspondent banking activities in the period between January 1, 2012, and December 31, 2016, (the “Relevant Period”). “During the Relevant Period, the monetary value of funds flowing between GIB and its respondent banking customers, …

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Government withdraws Tax Exemptions Bills from Parliament

Government has withdrawn the Tax Exemptions Bill 2021, which seeks to prevent a significant loss of government revenue from Parliament. This is after Deputy Finance Minister John Kuma has sought the leave of the House to withdraw the bill and to re-laid it later in the House. The Exemptions Bill …

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Akufo-Addo launches $750 million Dev’t Bank Ghana

President Nana Addo Dankwa Akufo-Addo, on Tuesday, 14th June 2022, launched formally the Development Bank Ghana, which will help spearhead the vision of a Ghana Beyond Aid, which involves positioning the private sector to take the lead in the socio-economic transformation of our country, and create quality jobs for our …

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Here are the 15 items driving inflation in Ghana

  Inflation for May hits 27.6 per cent Grapes the most driver of inflation in Ghana Diesel among drivers of Ghana’s inflation The Ghana Statistical Service (GSS) on Wednesday, June 9 announced that inflation for May hit 27.6 per cent. This represents a four percentage points increase compared to the …

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Government to get US$1 billion from foreign banks

The Government of Ghana will get US$1 billion from some international banks for budget purposes and to boost the Central Bank reserves as the country seeks to cut its fiscal deficit and stabilise the cedi. Details of the loan is yet to be laid before Parliament is actually a US$2Billion syndicated loan …

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