Category: Business
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UK Chamber of Commerce reports corruption as topmost challenge for businesses in 2022
The UK Ghana Chamber of Commerce (UKGCC) has indicated that corruption appears to be the topmost challenge for businesses in 2022. The Chamber notes that taxation policies as well as the cost of power and land also pose economic challenges to doing business in Ghana. This was contained in the UKGCC 2022 Business Environment and…
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Nigeria ranks number one globally for cryptocurrency usage and ownership
A new study has revealed the countries with the highest cryptocurrency usage and ownership rate. The ranking was determined by the percentage of the population that reported using or owning cryptocurrency from 2019 to 2022. According to by Trading Browser, an online casino guide, Nigeria topped the list with 45% of its population using or owning…
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Gold-for-oil: Govt spent $40m on first consignment – NPA
The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the Gold-for-oil policy were valued at US$40 million. The clarification by the NPA comes after several calls by industry experts including the Institute of Energy Securities for the government to provide details on how much it…
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Come clean on gold-for-oil ‘fiasco’ – COPEC to govt
The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the nitty-gritty of the gold-for-oil policy to Ghanaians. He said the policy seems dead on arrival because the oil delivered seems not to have any impact on pump prices as they keep increasing. His call comes…
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Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms
The deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash instead of gold. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for the government to…
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$130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia
Vice president Dr. Mahamudu Bawumia has disclosed that Africa will need between US$130 billion and US$170 billion annually to propel a sustainable growth of 5 percent in order to bridge the infrastructural shortfalls of the continent. Addressing a high-level conference in Accra of African Ministers of State, diplomats, policymakers, and business executives, who are discussing…
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Government and Association of Banks reach agreement on DDEP
Finally, there is an agreement between the government and the Ghana Association of Banks over the Domestic Debt Exchange Program. The Association had earlier instructed commercial banks to hold off on approving the revised debt exchange offer until its members’ needs were satisfied. They claimed that the key reason for this was the lack of…
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DDE: Banks secure 5% coupon for 2023; other revisions
The government has revised some terms of its Domestic Debt Exchange Programme (DDEP) following discussions with the Ghana Association of Banks. Hitherto, the new bonds under the programs were not to accrue any interest until 2024, starting at 0% coupon in 2023 which steps up to 5% in 2024 and 10% from 2025. But after…
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Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments
Retail customers not interested in a rollover of their cocoa bills would now be paid using COCOBOD’s deposits at the banks. That’s the agreement reached among the Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks following the COCOBOD’s bills default. This comes after Government last week, defaulted in the payment of matured…
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AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation
AfriCatalyst, a leading pan-African development consultancy firm based in Dakar, Senegal, in partnership with The Center for Global Development (CGD), a nonprofit think tank based in Washington, DC, is to organize a hybrid event to discuss and share expertise on the role of SDRs in spurring Africa’s economic recovery. In August 2021, the IMF board…