Category: Economy
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Breaking: Government to review luxury vehicle tax in mid-year — Ofori-Atta
The Ministry of Finance has announced plans to review the luxury vehicle tax introduced in the 2018 national budget. Under the law vehicles with engine capacity above 3.0 Litres are charged fees ranging from GHS1,000 and above. The law has been criticized by car dealers and vehicle importers, arguing that it has increased their cost…
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Banks record GH¢1.1 billion in profits; up 38.9 percent
The 24 banks, currently operating in the country, registered an after-tax profit of GH¢1.1 billion, representing year-on-year growth of 38.9 percent compared with 5.8 percent growth for the same period last year. The profit margin is remarkable growth, after the clean-up of the banking industry. Majority of the profits were recorded largely by the tier-one…
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BoG endorses merger between Access Bank and Diamond Bank, Nigeria
The Bank of Ghana has endorsed a merger between Access Bank and Diamond Bank in Nigeria. By this, Access Bank has penetrated 7 African countries and three continents including Asia, Europe and Africa. The two banks received regulatory approval to merge in April this year. Managing Director of Access Bank, Olumide Olatunji in an interview…
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Telcos record more than 2,000 fibre cuts in first half of 2019
The Mobile Industry experienced over 2,000 incidents of fibre cuts, and 600 incidents of theft at base stations affecting over 18 million subscribers within the first half of this year alone, data released from the Ghana Chamber of Telecommunications has shown. The mobile industry group observed that the prevalence of fibre cuts, cable/fuel/battery thefts, and…
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Consolidated Bank parts ways with over 2,000 workers of collapsed banks
The Consolidated Bank Ghana has said that it has had to lay off more than 2,000 workers of the collapsed Beige Bank, Royal Bank, Sovereign Bank, Construction Bank and Unibank Ghana Limited. The affected workers included both permanent and temporary staff. The workers reportedly lost their jobs after a reemployment exercise carried out by the…
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Two donors commit US$100m to boost dev’t of industrial parks
Two donors have pledged around US$100million to support the establishment and development of industrial parks across the country, government has announced. The two donors are the Department for International Development (DfID), a United Kingdom government agency that is committing US$20million, and the World Bank Group with US$75million. The funds are to be used in setting…
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Ghana-China partnership points to a balanced direction – Chinese Ambassador
The Chinese Ambassador to Ghana, Shi Ting Wang, has stated that trade relations between Ghana and China are growing in a more balanced and sustainable direction. Speaking at the opening of the 3rd China Trade Week (CTW) in Accra, he attributed the growing trade between the two countries to efforts to achieve shared growth in various…
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BoG has no plans of increasing savings & loans minimum capital requirements — Second Deputy Governor
The Bank of Ghana has said it has no immediate plans of increasing the minimum capital requirements for savings and loans companies despite a number of them facing distress times and difficulties in meeting customers’ obligations. The Second Deputy Governor of the central bank, Mrs. Elsie Awadzie, speaking at the 9th Annual General Meeting (AGM)…
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PURC approves 11.17 percent increase in cost of electricity
The Public Utilities Regulatory Commission has approved more than 11 percent increment in the electricity tariffs to take effect on July 1, 2019. A press statement issued by the commission on Friday, June 21, 2019 stated that the increment was arrived at following the consideration of proposals from stakeholders including the Volta River Authority (VRA),…
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Agric sector’s performamce in Q1 worrying — Prof. Quartey
Economist with the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has urged the government to pay more attention to the policies it has adopted for the country’s agricultural sector following a dip in the sector’s contribution to the country’s GDP figures for the first quarter of the year. The Gross Domestic…