Category: Business
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Govt, Organised Labour base pay meeting ends inconclusively for 7th time
A meeting between Organized Labour and government over the demand for a 60% increment in base pay on the single spine salary structure has ended inconclusively for the seventh time. This is a result of the failure of both parties to reach a consensus on the proposed percentage. Organized Labour explains that the demand for…
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BCM anticipates steady growth in international operations in 2023
Ghana based, international contract mining and civil earthworks contractor, BCM, is expecting steady improvement over the next two years. This comes after the company had a sluggish and problematic 2020/21, along with many in the industry, though it stabilized itself in 2022 and was able to bounce back in the third quarter. Chief Executive Officer,…
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Vehicle users not changing worn out tyres due to high cost
Some dealers in vehicle tyres and vulcanisers have expressed worry about high import duties on new tyres. According to them, the high import duties have made it impossible for them to acquire materials for their work. ‘Rim 14 car tyre’ increased from GHȻ 70 to GHȻ 150 The dealers in the tyre industry indicated that…
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Capital Bank case: Fitzgerald Odonkor, Tetteh Nettey acquitted and discharged
An Accra High Court has acquitted and discharged the Second and Third accused persons in the Capital Bank case, Tetteh Nettey and Rev Fitzgerald Odonkor. The two were both charged alongside the founder of the defunct bank Ato Essien. In April this year, Rev. Odonkor revealed that he was against the bank’s payment of GH¢27.5…
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Court accepts Ato Essien’s GH¢90m repayment terms
An Accra High Court has changed its position and accepted the GH¢90 million repayment terms on Ato Essien’s restitution deal. The Court presided over by Justice Eric Kyei Baffour last week rejected the settlement deal between state prosecutors and the embattled founder of now-defunct Capital Bank, Ato Essien. Justice Eric Kyei Baffour, a Justice of…
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Don’t take loans from these 19 unlicensed firms – BoG warns
The Bank of Ghana (BoG) has warned the public to desist from receiving loans from unlicensed loan providers and thus issued a list containing the names of such entities. The BoG says the activities of these unauthorised loan providers are in contravention with the Banks and Specialised Deposit-Taking Institutions Act. The list of the unlicensed…
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Ghana oil, gas and energy summit shines spotlight on exploration potential and latest midstream openings
Ghana’s vast hydrocarbon potential and the opportunities for investors to participate in the broader energy sector’s development were highlighted by Harry van Schaick, Managing Editor for Africa, Oxford Business Group (OBG), together with other economic analysts and industry experts recently at the Ghana Oil, Gas and Energy Summit 2022, which took place in Accra between…
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Debt exchange programme: BoG announces relief packages for banks
In its quest to strengthen the banking sector and help manage the possible impacts of government’s proposed debt exchange programme on banks in the country, the Bank of Ghana has outlined a number of policy and regulatory relief packages for these institutions. The move is to help preserve the financial stability of these financial institutions…
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E-commerce in Ghana – statistics & facts
Online purchases in Ghana have experienced continuous growth over the last few years. This development has been facilitated by several factors, such as the nationwide provision and accessibility of internet and payment services. As of 2022, the penetration rate of the e-commerce market in Ghana stood at 27.41 percent. This share increased from nearly 12 percent in…
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Nigeria set to stop importation of refined oil and refine its own oil by 2023
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector. Fortunately, the Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed that Nigeria is a year away from refining its own crude oil. This report is according to Reuters, which stated that the minister had made the…