Category: Business
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British International Investment launches pioneering investment platform to boost SME funding in Ghana
Growth Investment Partners (GIP) Ghana is a first-of-its-kind company that will provide patient, flexible local currency financing to SMEs. It is supported with an anchor capital commitment of up to US$50 million from BII. GIP aims to establish itself as a new alternative investment option for long-term capital from local institutional investors in Ghana. GIP…
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Menzgold to pay customers after completion of validation exercise
Defunct gold trading company, Menzgold has announced that it has successfully completed the transaction validation process assuring to make payments to its customers soon. This was contained in a statement issued by the management of Menzgold dated July 29. “Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy…
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BoG posts GH¢60.81bn losses in 2022
The Bank of Ghana has posted losses totalling GH¢60.81 billion for the 2022 financial year. This compares to a profit of GH¢1.23 billion recorded in the 2021 financial year. The losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others. The BoG’s audited financial statement…
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IPPs considering shut down of plants as govt fails to settle $2bn debt
The Independent Power Producers (IPPs) in Ghana are facing an imminent crisis as they contemplate shutting down their power plants in the coming days if the government fails to settle their debt, which now stands at over $2 billion. The IPPs had initially decided against shutting down their plants following discussions with the Electricity Company…
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Ghana’s oil revenue drops to US$540m in first half of 2023
Ghana has recorded a total of US$540 million in petroleum receipts during the first half of 2023, as reported by the Petroleum Holding Fund report released by the Bank of Ghana, which provides insights into the Fund’s performance. However, this amount represents a decrease compared to the US$731 million recorded during the same period in…
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No license granted for lithium exploitation, production – Lands Ministry
The Ministry of Lands and Natural Resources has denied reports that it had granted mining licences for lithium exploitation and production in the country. The Ministry in a statement disclosed that though there are ongoing explorations for the mineral, the Ministry or any government agency is yet to issue either a lease or permit for…
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Senyo Hosi explains why he resigned as Convener of Individual Bondholders Forum
Finance and Economic Policy Analyst and Entrepreneur Senyo Hosi has disclosed his reasons for resigning from his position as the Convener of the Individual Bondholders Forum. Senyo Hosi resigned as Convener of the Individual Bondholders Forum on Tuesday, July 25, 2023. In a statement signed and issued in Accra on Tuesday, Mr. Hosi said that…
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Standard Chartered posts strong income growth in 2022; affirms commitment to Ghana
Standard Chartered Bank Ghana PLC has held its 53rd Annual General meeting to present the Annual Report and Financial Statements for the year ended 31 December 2022 to its shareholders. The Bank reiterates its ongoing commitment to Ghana, whiles supporting its clients in the market to achieve their ambitions. The Bank’s annual report highlighted a…
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah kept over One million dollars…