Category: Top Stories
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Banks will lose 60% revenue under Debt Exchange programme – Alex Mould
A former Executive Director of Standard Chartered Bank, Mr. Alexander Kofi-Mensah Mould, popularly called Alex Mould, has warned that the Akufo-Addo government’s debt exchange programme will have dire implications on the Ghanaian economy. According to him, if the debt exchange programme is carried out in its current form, it would result in many banks losing…
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COPEC raises concerns over ‘high rates’ charged by major OMCS
The Chamber of Petroleum Consumers Ghana (COPEC) has expressed concern over what it describes as overcharging by the three major Oil Marketing Companies in the country. According to COPEC per data available to it for the first pricing window of the month, Petrol should retail at GHS 10.59 per litre and Diesel at GHS12.84 a…
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Ghana Gas granted Genser discounted gas price in 2019 – Energy Ministry clarifies
The Ministry of Energy says record available shows that the Ghana National Gas Company (GNGC) granted Genser a discounted gas price of $6.50MMBtu as far back as 2019. According to the Ministry, there is enough documentary evidence to also support the fact that in April 2018, Ghana Gas entered into a Gas Sales Agreement with…
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Govt can’t be trusted to tame inflation – Bokpin
Economist, Prof. Godfred Bokpin has faulted government for its lack of credibility in controlling the country’s persistent increase in the rate of inflation. He makes the point that despite several policy directives, managers of the economy have failed to significantly improve general price levels over the years. “It’s very difficult to trust government’s policy prescription…
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Inflation for December jumps to 54.1%
The Ghana Statistical Service has pegged the inflation rate for December 2022 at 54.1 percent. This means that in the month of December 2022, the general price level was 54.1% higher than in the same period in 2021. At 59.7%, food inflation was the highest inflation rate for December 2022, soaring past the 55.3% recorded…
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Benchmark discount reversal: Govt can rake in GH¢9bn at ports – Tax analyst
Tax analyst, Geoffrey Ocansey is projecting that government could generate about GH¢9 billion with the implementation of the withdrawal of the discount values at the ports. He explains that the amount was lost at the ports annually due to the application for a markdown of benchmark value and other customs rulings. The Ghana Revenue Authority…
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We can’t exempt insurance industry from debt exchange – Finance Ministry
The Ministry of Finance has categorically stated that it cannot exempt the insurance industry from the Debt Exchange Programme. The Ghana Insurers Association in December 2022 called for the exemption of insurance companies from the domestic debt exchange programme. According to the association, 40 percent of its total assets for the third quarter of 2022…
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Telcos to implement 1% E-Levy charge from today
The Ghana Chamber of Telecommunications says it will commence the implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% from today, Wednesday, January 11, 2023. The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023. The reduction has also…
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Databank’s liquidity challenges being resolved – Kojo Addae-Mensah
Chief Executive Officer (CEO) of Databank, Kojo Addae-Mensah has disclosed that the fund management company is almost through with resolving its liquidity challenges. The firm had told its cherished clients that it is reeling under the impact of difficulties that have rocked the fund management industry owing to the macroeconomic crisis bedevilling the country. It…
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First National Bank collaborates with payment partners to resolve transaction debit issues
First National Bank is collaborating with its international payment partners to resolve transactional differentials on some accounts. About a week ago, First National Bank embarked on an exercise to resolve and reconcile debit card transactions carried out in December 2022 and early January 2023. This exercise required some exchange rate adjustments to customer balances with…