Category: Top Stories
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Go beyond the caution; enforce laws against pricing in foreign currencies – Forex analyst to BoG
A Forex Analyst is warning that the Bank of Ghana’s notice of caution to persons pricing goods and services in foreign currencies, will come to naught, if the Central Bank fails to ensure that the laws concerning the practice are enforced. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act…
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Claims BOST recorded GH¢400 million in losses inaccurate – Management
The management of the Bulk Oil Storage and Transportation Company Limited (BOST) has rejected claims that it made a loss of GH¢400 million. Insisting that BOST is profitable, management of the company explained that the firm made over GH¢9.8 million profit before tax in 2020, the first time since 2016. “The report of the GH¢400…
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Government urged to minimize interference in decision making activities of SOEs
Senior Partner at AB & David, David Ofosu-Dorte says privatization of State Owned Enterprises (SOEs) is not the only way to ensure they consistently churn out profit and help in the growth of Ghana’s economy. According to him, in spite of the high proceeds, the net direct revenue from privatization has been relatively modest, due…
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Gov’t will still struggle to meet 2022 revenue target despite E-Levy passage – Seth Terkper
Former Finance Minister, Seth Terkper has expressed doubt over government’s ability to meet the revenue target of GH¢ 100 billion, despite the approval of the Electronic Transfer Levy (E-levy) law. The implementation of the E-levy, which is expected to commence in May 2022, was originally expected to help bring in about GH¢6.9 billion this year…
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Dr. Bawumia’s speech did not address current economic challenges – Economist
Economist, Dr. Patrick Asuming has stated that Vice President Dr. Mahamudu Bawumia’s presentation on the state of the economy on Thursday, did not fully address the current economic challenges Ghanaians are facing. According to him, Dr. Mahamudu Bawumia presentation was uninspiring because it did not offer hope to the ordinary Ghanaian. The speech was necessitated…
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Bawumia defends govt’s handling of Ghana’s ailing economy
Vice President Dr. Mahamudu Bawumia, has mounted a strong defense for the government’s handling of the Ghanaian economy in light of rising criticisms from stakeholders over the last few years. In a lecture on the state of the economy on Thursday, he maintained the management of the fundamentals of the economy has been successful even…
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Ghana’s free market structure prohibits regulation of cryptocurrencies – Banking Consultant
Banking consultant Nana Otuo Acheampong has blamed Ghana’s free-market economy for the Bank of Ghana’s inability to institute punitive measures to prevent persons from introducing and operating cryptocurrency schemes in the country. The remarks follow recent press releases by the Bank of Ghana (BoG) warning the public against patronizing cryptocurrencies such as Bitcoin and the…
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Bawumia avoids commentary on E-levy during lecture on economy
The Vice President, Dr. Mahamudu Bawumia, was silent on the controversial Electronic Transfer Levy (E-levy) during his much-anticipated economic lecture on Thursday. The only time the Vice President came close to mentioning the tax policy was when he was talking about taxes and levies abolished and reduced by the Akufo-Addo government within the last five…
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COVID-19, banking sector clean-up cause of high debt stock – Bawumia
Vice President, Mahamudu Bawumia has attributed Ghana’s rising debt stock to the COVID-19 pandemic and the banking sector clean-up. Addressing a National Tertiary Students Confederacy (TESCON) Training and Orientation Conference at Kasoa in the Central Region, Dr. Bawumia said the country’s debt to GDP ratio had “increased by 17.6 percent” between 2019 and 2021. He…
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Bawumia blames negative credit ratings, chaotic budget approval, others for cedi’s woes
The Vice President, Dr. Mahamudu Bawumia, has attempted to give reasons for the troubles of the Ghana cedi. The head of the government’s economic management team blamed the woes of the cedi largely on negative credit ratings, challenges in getting the 2022 budget passed, and the refusal of investors to roll over their monies in…