Ghana’s FinTech boom: Foreign Exchange Act requires overhaul — Dr Atuahene
Ghana’s Foreign Exchange Act needs urgent revision to account for the growing influence of financial technology companies in the currency market, banking expert, Dr Richmond Atuahene has advised. Speaking against the backdrop of recent foreign exchange violations by traditional banks, Dr Atuahene said the current regulatory framework was outdated, having been drafted before the emergence […]
Cocoa, shea sectors undergo transformation
Ghanaian cocoa farmers will soon power their farm equipment with fuel from shea nuts as the Ghana Cocoa Board (COCOBOD) unveils ground-breaking research that promises to revolutionise both the shea and cocoa industries. In a major scientific breakthrough, the board has reportedly reduced shea trees’ maturation time from 35 years to just 3 years, paving the way for commercial […]
Agric Ministry launches $227m Tree Crop Diversification Project
The Ministry of Food and Agriculture has secured a US$227 million credit from the World Bank to undertake the Ghana Tree Crop Diversification Project aimed at improving the tree crop sector. According to the Minister of Food and Agriculture Bryan Acheampong, the project will enhance the capacity of stakeholders in the tree crop sector and […]
Industrialisation drive starved of oil funds — PIAC report reveals
It has emerged that no transfer of funds from the annual budget funding amount (ABFA) was made to support industrialisation development for the first half of this year. This is surprising, given that the country received a record-breaking $840.77 million in petroleum revenue for the same period, the highest since crude oil production began in 2010. The […]
AGI awaits tax reforms next year
The Association of Ghana Industries (AGI) wants the next government to use its first budget and economic policy to introduce comprehensive tax reforms and other interventions to help grow industries and generally improve the country’s business environment. Specifically, the association was seeking a review of the value-added tax (VAT), imposition of the flat tax rate, […]
T-bills: Government records another marginal oversubscription but interest rates surge
The government recorded another marginal oversubscription of treasury bills but at the expense of rising interest rates. According to auction results from the Bank of Ghana, the government bagged GH¢4.078 billion as against a target of GH¢4.01 billion. All the bids tendered were oversubscribed. About GH¢3.32 billion representing 82.97% came from the 91-day bill. A […]
Labadi Beach Hotel shines with another record-breaking dividend payout of GH¢16.5m to SSNIT
Ghana’s top five-star destination, Labadi Beach Hotel, proudly announced a milestone dividend payment of GH¢16,509,000 to its shareholder, the Social Security and National Insurance Trust (SSNIT), at its recent Annual General Meeting (AGM). This remarkable achievement underscores the hotel’s unwavering commitment to excellence and solidifies its position as the flagship of Ghana’s hospitality industry. “Our […]
Ghana rakes $840m in oil revenue in first half of 2024
Ghana’s crude oil revenue experienced a substantial increase in the first half of the year, showing a 55.6% rise compared to the same period last year, according to the Public Interest and Accountability Committee (PIAC). In its semi-annual report, PIAC attributes this growth to higher production volumes, especially from the newly operational Jubilee South East […]
Intra-Africa trade could double in next five years, says Secretary General of African Continental Free Trade Area
Africa is home to the world’s largest free trade agreement, in terms of number of countries, territory, and population – the African Continental Free Trade Area (AfCFTA). Fifty-four of 55 African Union member countries have signed up to the deal which covers a market of 1.3 billion people and a combined GDP of $3.4 trillion. It aims to boost […]
We will continue to inspect goods in transit – GRA to GUTA
Commissioner-Customs Division, Ghana Revenue Authority (GRA), Brigadier General Zibrim Ayorrogo has stated that Customs will continue to inspect already-cleared goods in transit when necessary. Over the years, some importers and manufacturers – including members of the Ghana Union of Traders Association (GUTA) in Ashanti Region – have expressed concern about the re-examination of cleared imported […]