Business

86% bank executives confirm prioritising Environmental, Social and Governance in operations – 2022 PwC Ghana Banking Survey

October 18, 2022

The 2022 PwC Ghana Banking Survey Report has revealed that 86 % of bank executives confirmed discussing Environmental, Social and Governance (ESG) matters more than once a year. Beyond having board discussions, 62% of bank executives confirmed the existence of an approved plan to adopt and integrate ESG in the business operations. Insights from the […]Continue Reading

Business

1 dollar now goes for ¢12.45

October 17, 2022

The depreciation pressures on the Ghana cedi continued unabated as the local currency sold at ¢12.45 to the US dollar at the forex bureaus or the retail market. This translate into 2.8% depreciation of the local currency to the world’s most powerful currency, just in a single day. At the same time, the other major […]Continue Reading

Business

Dollar breaks ¢11 mark; forex bureaus sell a dollar for ¢11.2

October 10, 2022

The dollar has hit the ¢11 to $1 mark as some forex bureaus in parts of Accra are selling a dollar at an average of ¢11.2 on Saturday, October 8, 2022. Checks by Joy Business indicate that the demand for the dollar keeps surging, as there is very little dollars in circulation. Some forex bureau […]Continue Reading

Business

World Bank classifies Ghana as high debt distressed country; debt to GDP to hit 104%

October 5, 2022

The World Bank has classified Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022. According to its October 2022 Africa Pulse Report, debt is expected to jump significantly, from 76.6% a year earlier, amid a widened government deficit, massive […]Continue Reading

Business

Energy Minister promotes Ghana’s offshore oil blocks to investors

September 27, 2022

Energy Minister, Dr. Matthew Opoku Prempeh is in Houston, Texas, United States of America together with senior officials of the Petroleum Commission, Ghana National Petroleum Corporation (GNPC) and GOIL on an oil and gas roadshow. The delegation which also includes officials from Base Energy is seeking to promote 5 available oil blocks offshore Ghana. These […]Continue Reading

Business

Possible restructuring of only local debts unfair – Analyst

September 26, 2022

The government has been urged to consider restructuring external debts too if local debts are also restructured. Speaking on The Big Issue on Citi TV/FM, a financial analyst, Jerome Kuseh, said his call was “a matter of fairness.” “Now let’s say you are going to give them [local investors] a haircut, but the foreign investors who only decided […]Continue Reading

Business

BoG postpones quarterly MPC briefings over IMF team visit today

September 26, 2022

The Bank of Ghana (BoG) has postponed its quarterly Monetary Policy Committee (MPC) meeting today [ Monday, September 26]. The postponement follows the International Monetary Fund (IMF) to the country. The Central Bank in a press release issued on Thursday, September 22, stated. The Bretton Woods Institution is expected to continue rounds between today and, […]Continue Reading

Business

GPRTU increases transport fares by 30% effective September 21

September 14, 2022

Public transport commuters will from Wednesday, September 21, pay at least 30 percent more following an upward adjustment in fares. This was announced in a communique from the Ghana Private Road Transport Union (GPRTU) today, Wednesday, September 14. According to the Union, the decision follows a successful consultation with its mother body. “In consultation with […]Continue Reading

Business

Issuing fake VAT invoice, others: Directors of businesses face 5-year prison term – GRA

September 14, 2022

Beginning October, 2022, directors of registered businesses across the country issuing fake invoices, receipts and also failing to file their annual tax returns could face over five years in prison. According to the Head of Domestic Tax Revenue Division at the Ghana Revenue Authority, Edward Gyambrah, the authority has already started prosecuting some businesses and […]Continue Reading

Business

Cedi to find cushion on expected dollar inflows, but demand pressures persist

September 13, 2022

The cedi is expected to find a cushion on the back of expected foreign exchange inflows from the $1.3 billion cocoa syndicated loan. The dollar inflows is expected by October 2022. According to the Weekly Currency Report by Databank Research, the European Central Bank hike of deposit rate by 75 basis points and an impending […]Continue Reading