Category: Economy
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Ghana among 22 countries blacklisted by EU over money laundering breaches
Ghana has been cited as one of four African countries listed by the European Union (EU) for money laundering breaches. The new list also contains eight other countries named by the EU for the same infraction. According to the EU, the issue puts the financial transactions of the said countries under greater scrutiny. The other…
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Supreme Court dismisses suit against Ofori-Atta over $2.25bn Eurobond issuance
The Supreme Court has in a unanimous decision dismissed the case filed against the Minister of Finance, Ken Ofori-Atta, in the issuance of the $2.25 billion Eurobond in 2017. The Chief Justice, Kwasi Annin-Yeboah, who announced the decision said the details of the ruling will be made available on Wednesday, May 6, 2020. Dynamic Youth…
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Efficacy of UNIPASS questioned by Freight Forwarders ahead of official outdooring
As government prepares to officially outdoor the UNIPASS system at the country’s ports on Tuesday, April 28, 2020, the Ghana Institute of Freight Forwarders is questioning the efficacy of system. The system is to take over the implementation of the single window platform from GCNET and West Blue Consult. However, a report signed by the…
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World Bank predicts global remittances may drop by 20% in 2020 due to COVID-19
The World Bank is projecting that global remittances may decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers,…
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Ghana records 2nd highest GDP growth of 6.5% in 2019 after rebasing economy
Ghana’s economy grew by an estimated 6.5% for 2019. This is the second highest figure recorded after the economy was rebased in 2017. The country’s economy grew by 8.1% and 6.3% in 2017 and 2018 respectively. According to the Ghana Statistical Service, the total value of all goods and services for last year also reached…
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Lifestyle and fashion businesses lament low sales amid COVID-19
Local producers in the lifestyle and fashion industry say they have recorded low sales since Ghana recorded its first COVID-19 case in March. Most producers in the fashion business say they started seeing a dip in online sales and direct shop purchases because most of their products don’t fall under essential items needed around this…
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BoG directs banks, SDIs not to declare dividends to shareholders amid COVID-19 troubles
The Bank of Ghana has directed all banks and Specialized Deposit Institutions (SDIs), to desist from declaring and paying any dividends or distributing reserves to shareholders as the country fights the COVID-19 pandemic. By this, shareholders are not expected to receive dividend from banks and SDIs for the 2019/2020 financial year. A press statement issued…
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Ghana Association of Bankers contributes GHS2m to COVID-19 Fund
The Ghana Association of Bankers in a bid to mitigate the impact of COVID-19 on individuals and businesses in Ghana, has contributed two million Ghana cedis to the Ghana COVID-19 Private Sector Fund. The amount is GAB’s contribution towards the construction of a 100-bed COVID-19 Infectious Disease and Isolation Facility, located at the Ga East…
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IPPs call for removal of ‘unnecessary’ taxes on electricity tariffs
Independent Power Producers (IPPs) in the country have called on government to review taxes and levies imposed on electricity to bring some relief to consumers. According to the IPPs, the numerous levies slapped on electricity tariffs in Ghana has made the industry uncompetitive, over-burdening industry and households. In a statement sighted by Citi Business News,…
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BoG offers $25 million to forex dealers in April auction
The Bank of Ghana in its latest auction of forex, accepted $25 million in bids. This represents 31.74% of the total amount of $78.75 million that forex dealers bid for. In a report published by the central bank in controlling the supply of dollars, the BoG said a total of 108 bids were submitted in the…