Category: Top Stories
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‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah
Former Chairman of the Finance Committee of Parliament Dr. Mark Assibey Yeboah is asking the government to reconsider its decision not to go back to the International Monetary Fund (IMF) in the face of the country’s dwindling revenues. He maintains that the government’s insistence on passing the Electronic Transfer Levy (E-levy) to shore up its…
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Airport workers call for sanctioning of operators who flout regulations
The Divisional Union of the Public Services Workers Union (PSWU) at the Ghana Airport Company Limited (GACL) has called for the sanctioning of operators who violate the standards and regulations of the airport. This follows the directive by the GACL for McDan Aviation to suspend its use of Terminal One at the Kotoka International Airport…
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Hospitality industry players confident of a rebound in business this year
Players in the tourism and hospitality industry are confident of a good business year in 2022. President of the Ghana Hotels Association, Dr Edward Ackah-Nyamike, stated they had, despite the impact of the pandemic, begun to record significant progress late last year. “Well, if we look at the base year as 2020 when Covid struck,…
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Tema ECG invests over GH¢3M into system improvement efforts
The Tema branch of the Electricity Company of Ghana Limited has invested a total of GH¢3,262,795.98 in seven major system improvement works from July to December 2021. The system improvement projects in the region form part of a grand corporate plan of ensuring reliable power supply and delivery of safe and quality electricity services to…
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Mobile money association of Ghana petitions minority to reject E-levy
The Mobile Money Association of Ghana has petitioned the minority in parliament to reject the Electronic Transfer Levy. According to the association, its implementation will result in many job losses in the country. Following the controversy surrounding the levy, the government has decided to present an amended rate for the levy reducing it from 1.75…
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Fuel prices to go up as Price Stabilisation and Recovery levy is restored
Fuel prices at the pumps are expected to go up effective today, February 1, 2022, as the temporary removal of the Price Stabilisation and Recovery Levy (PSRL) by the National Petroleum Authority (NPA) comes to an end. Head of Pricing at the NPA, Abass Ibrahim Tasunti, spoke on the development. “As we speak the levies…
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Rate of increase in value of MoMo transactions dipped in 2021
The value of mobile money transactions in Ghana witnessed a significant dip in its rate of increase in 2021 when compared to the rate of increase in 2020. This is according to data from the Bank of Ghana. Whereas the value of mobile money transactions increased by over 100% from December 2019 to December 2020,…
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IEA calls for changes in current inflation targeting structure
The Institute of Economic Affairs (IEA) has asked for reform in the current inflation-targeting framework operated by the Bank of Ghana. The Director of Research at the Institute of Economic Affairs, Dr. John Kwakye believes the framework does not help the country achieve its inflation targets because it predominantly focuses on demand-side factors, while the…
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Bank of Ghana maintains policy rate at 14.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5% percent. This is the second time the Central Bank has maintained the rate after increasing it by 100 basis points in November 2021. The rate, which is of keen interest to businesses, does not only signal the…
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Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana
Former Managing Director of Fidelity Bank, Asia, Kwamina Bentsi Enchill Duker has been appointed as the first Chief Executive Officer of the Development Bank Ghana (DBG). Kwamina Bentsi Enchill Duker brings to DBG, over 30 years of experience in finance and investment across different geographies including the UK, Asia and Ghana. A statement issued by…