Category: Business
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Banks decrease minimum deposit required to open current accounts – BoG report
A survey of bank charges by the Bank of Ghana for the first quarter 2021 has revealed that the individuals would need at least GHS10 and not more than GHS100 to open a current account with a bank in Ghana. Analysis conducted by Citi Business News on banks’ charges for the second quarter of 2020,…
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DBG will fail if politicians, others interfere in its operations – Prof. Aryeetey
Secretary-General of the African Research Universities Alliance and a former Vice-Chancellor of the University of Ghana, Prof. Ernest Aryeetey, has cautioned the government against the establishment of another development bank that lends itself to unnecessary influence from politicians and civil servants. Professor Arteetey, a Development Economist, said the failure of previously established Development banks can…
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Government supports GNPC’s decision to acquire stakes in Aker Energy, AGM Petroleum deal – NAPO
Government says it fully backs the decision by the Ghana National Petroleum Corporation, GNPC, to acquire stakes in Aker Energy and AGM Petroleum Ghana Limited. This is according to the Energy Minister, Dr. Mathew Opoku Prempeh. The 1.65 billion loan billion dollar deal has been met with stiff opposition from civil society organizations who say…
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BOST to take delivery of pipelines from US after 12-year delay
After a twelve-year delay, Ghana through the Bulk Oil Storage and Transportation Company Limited (BOST) will take delivery of some pipelines from the United States of America. The equipment cost the country a total of $63 million dollars, but an additional $8 million has already been used to repair some of the yet-to-be shipped pipelines…
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Parliament must ensure Aker Energy, AGM deal is value for money – ASEPA
The Alliance of Social Equity and Public Accountability (ASEPA) is urging Parliament to thoroughly scrutinise the deal by the Ghana National Petroleum Commission (GPNC) to increase its shares in Aker Energy and AGM Petroleum. Speaking during a press conference, Executive Director of ASEPA, Mensah Thompson, said the legislative arm of government must work to ensure…
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Freddie Blay maintained as Board Chair of GNPC
The President, Nana Akufo-Addo, has re-appointed Freddie Blay as the Board Chair of the newly re-constituted seven-member board of the Ghana National Petroleum Corporation, (GNPC). Freddie Blay who has served as Board Chair for the past four years will continue in the same capacity. Mr. Blay is expected to support the management of GNPC, led…
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GRA to reject companies’ expenses without VAT invoice from October 1
The Ghana Revenue Authority (GRA) says it will reject any expenditure incurred by any company in Ghana without a Value Added Tax (VAT) invoice starting from October. This, according to the Authority, forms part of moves to, among other things, ensure that all tax revenue leakages are sealed. Over the years, the Ghana Revenue Authority…
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ADB to revamp Ghana’s citrus industry
The Agricultural Development Bank (ADB), one of the leading universal banks in the country has recently partnered the OVCF with the aim of revamping the citrus industry. Through this partnership, ADB is giving financial support to the Central Citrus Limited to develop and cultivate the over 3000 acres of abandon citrus farms located in the…
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South Africa’s Massmart to sell 14 Game stores in East and West Africa
Massmart (MSMJ.J) is disposing of all its general merchandise Game stores in West and East Africa to stem losses in that struggling business. Reuters reports that the decision comes after the second-largest distributor of consumer goods in Africa reported a narrower half-year loss. Like its peer Shoprite Holdings (SHPJ.J), forays into African markets including Nigeria…
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CalBank has lowest average lending rate in Ghana – BoG
As average lending rates across Universal Banks continue to drop in the country, albeit marginally, some banks appear to have far lower average lending rates compared to their peers. In the past year, the country’s monetary policy rate, which informs the rate at which financial institutions lend to consumers and businesses, dropped from 14.5% in…