Author: Nerteley Nettey
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ADB shows impressive half-year performance despite impact of COVID-19
The Agricultural Development Bank (ADB), has posted impressive financial growth in its half year results even in the face of the Coronavirus pandemic that has wreaked havoc to all sectors of the economy including the financial sector. But the unaudited half year results published by the Bank last week showed a growth in all key…
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Zuckerberg now worth more than $100bn as Facebook stock rose due to release of TikTok rival, Instagram Reels
Facebook founder and CEO Mark Zuckerberg’s net worth surpassed $100 billion for the first time on Thursday after the company released its TikTok competitor, Reels. Optimism in Facebook Inc. hit record levels following the release of the new Instagram feature which comes as TikTok faces a possible ban in the U.S. as the Trump administration…
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Institute of Fiscal Studies criticizes ‘Talk Tax’ reduction
The Institute of Fiscal Studies, IFS, has criticized government for its decision to reduce the Communications Service Tax, from 9 to five percent. As part of efforts to mitigate the economic impact of Covid-19 on consumers and businesses, government announced the reduction in the Mid-year budget to take effect from September this year. But analyzing…
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Parliament approves suspension of Fiscal Responsibility rules for 2020
Parliament has approved government’s request to suspend the Fiscal Responsibility rules in the Fiscal Responsibility Act, 2018 (Act 982) for the 2020 financial year. The Minister of Finance, Ken Ofori-Atta, made the request in the Mid-Year Budget presented to parliament in July this year. The rules forbid the Finance Minister from borrowing to spend beyond…
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ARB Apex Bank increases operating income by 17 percent for 2019
Although falling interest rates remain a burden on the profitability of the Bank, ARB Apex Bank put up an impressive performance, increasing its total operating income by 17 percent from GHS55.5 million in 2018 to GHS64.96 million in 2019. Assets of the Bank recorded a significant growth of over 47 percent from GHS394.5 million in…
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Tamale: Customers of MyBank Financial Services demand locked-up cash
Aggrieved customers of MyBank Financial Services, one of the defunct Microfinance and Savings and Loans Companies in Tamale in the Northern Region, are demanding the payment of their locked up investments. A group of customers in a petition to the Board of Directors of the defunct company, said they are disappointed in the managers of…
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Airtel Tigo launches ‘Free Morning Offer’ with free morning calls for six months
COVID-19 is impacting nearly every part of life, with working from home becoming the norm, remote learning growing in importance for schools, and even social time shifting towards virtual “happy hours.” These social distancing policies are critical to help curtail the spread of the virus, but have led to a massive increase in demands for…
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Huawei overtakes Samsung as top handset seller in 2020 second quarter
Huawei Technologies has snatched the title of biggest smartphone seller from Samsung Electronics in the second quarter of 2020 according to results released and vetted by research firm Canalys. Huawei shipped a total of 55.8 million phones in the second quarter, beating the 53.7 million shipped by Samsung for the top spot. Huawei shipped 55.8…
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Stop issuing insurance policies to some motorcycles for commercial purposes – NIC cautions
The National Insurance Commission (NIC) has directed insurance companies to desist from issuing vehicle insurance policies to cover motorcycles and tricycles used for commercial purposes, including the carriage of fare paying passengers. According to the NIC, the issuance of vehicle insurance policies to cover motorcycles and tricycles used for commercial purposes is illegal. In a…
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World Economic Forum partners to launch Africa’s 1st Country Financing Roadmap
The World Economic Forum is partnering with the Government of Ghana to launch the first Country Financing Roadmap (CFR) initiative in Africa. This government-led project, in collaboration with the Sustainable Development Investment Partnership, a World Economic Forum and OECD/DAC joint initiative, seeks to address bottlenecks in the financing of the Sustainable Development Goals (SDGs). A…