The business and financial sector recorded some big developments within the year 2024, most of these developments were up for discussion on both traditional and social media.
Below are some of the big issues discussed in the business and financial sectors.
1. Quick Credit dissolves house-to-house loan recovery department
In a significant development, Richard Nii Armah Quaye, the Founder and Board Chairman of Quick Credit, has declared that the company will cease its house-to-house loan recovery operations.
The decision, disclosed during Quick Credit's annual gathering at the Conference Center in Accra on Sunday, stems from feedback received from various stakeholders.
Mr. Quaye said: "Over the past year, we've received numerous feedbacks from our customers, the general public, and our regulator, on our activities on the field.... I am thrilled to announce that we have taken a decision to dissolve the house-to-house recovery department of the company. We will no longer be visiting clients for recovery ever again."
The decision, disclosed during Quick Credit's annual gathering at the Conference Center in Accra on Sunday, stems from feedback received from various stakeholders.
Mr. Quaye said: "Over the past year, we've received numerous feedbacks from our customers, the general public, and our regulator, on our activities on the field.... I am thrilled to announce that we have taken a decision to dissolve the house-to-house recovery department of the company. We will no longer be visiting clients for recovery ever again."
2. BoG authorizes 16 entities to undertake FX broker transactions
The Bank of Ghana has granted authorization to some 16 forex exchange (FX) broker institutions for the transaction of local and international FX on the forex market.
In a statement issued by the Central Bank, it explained that the development comes after the institutions have been granted approval per Section 3.13. 1 of the Ghana Interbank FX Market Conduct rules.
It added that they are to operate on the Ghana Interbank FX market effective January 1, 2024 to December 31, 2024.
The entities listed are; Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.
The rest include Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities and SIC Brokerage.
In a statement issued by the Central Bank, it explained that the development comes after the institutions have been granted approval per Section 3.13. 1 of the Ghana Interbank FX Market Conduct rules.
It added that they are to operate on the Ghana Interbank FX market effective January 1, 2024 to December 31, 2024.
The entities listed are; Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.
The rest include Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities and SIC Brokerage.
3. BoG’s gold programme to bolster reserves in 2024 – Governor
Bank of Ghana (BoG) Governor Dr Ernest Addison has conveyed optimism regarding prospective impacts from the domestic gold for reserves programme in strengthening reserves as the country moves into 2024.
During an interview held on the sidelines of ECCB 40th anniversary and Central Banking Autumn meetings in Saint Kitts and Nevis during November 2023, the Governor expressed confidence in the programme’s ability to fortify reserves in the upcoming year.
Dr. Addison highlighted: “This year [2023] alone, we have been ahead of our reserve target by almost US$1billion. So, we plan to continue with the domestic gold for reserves programme; and that should help in terms of building reserves going into 2024.
During an interview held on the sidelines of ECCB 40th anniversary and Central Banking Autumn meetings in Saint Kitts and Nevis during November 2023, the Governor expressed confidence in the programme’s ability to fortify reserves in the upcoming year.
Dr. Addison highlighted: “This year [2023] alone, we have been ahead of our reserve target by almost US$1billion. So, we plan to continue with the domestic gold for reserves programme; and that should help in terms of building reserves going into 2024.
4. Ghana gets debt-relief terms, enough to unlock $600m IMF cash
Ghana has received a draft term sheet on debt relief from its official creditors that is sufficient for the International Monetary Fund to disburse $600 million to the West African nation, Finance Minister Ken Ofori-Atta said.
The term sheet from the Paris Club Group of creditors and new ones including China comes after months of negotiations to restructure as much as $5.4 billion of bilateral debt. The IMF board is expected to meet in a week.
“We are reviewing the draft term sheet,” Ofori-Atta said in an interview in the capital, Accra, declining to provide details in the draft accord.
“We need to scrutinize every clause but in terms of the broad framework, all parties are in agreement so it’s kind of a clearance to the fund. I’m hoping by tomorrow we would have finished so that whatever needs to be done will be sent to the fund,” he said.
The term sheet from the Paris Club Group of creditors and new ones including China comes after months of negotiations to restructure as much as $5.4 billion of bilateral debt. The IMF board is expected to meet in a week.
“We are reviewing the draft term sheet,” Ofori-Atta said in an interview in the capital, Accra, declining to provide details in the draft accord.
“We need to scrutinize every clause but in terms of the broad framework, all parties are in agreement so it’s kind of a clearance to the fund. I’m hoping by tomorrow we would have finished so that whatever needs to be done will be sent to the fund,” he said.
5. $3bn bailout: IMF board approves second $600m for immediate disbursement to Ghana
The International Monetary Fund agreed to disburse a second tranche of $600 million to Ghana as part of a three-year bailout program.
This comes a week after Ghana reached a deal with bilateral creditors to restructure its debt.
“The Executive Board of the International Monetary Fund (IMF) completed today the First review of the $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board on May, 17, 2023 , as well as the 2023 Article IV Consultation with Ghana. The completion of the first ECF review allows for an immediate disbursement of SDR 451.4 million (about US$600 million), bringing Ghana’s total disbursements under the arrangement to about US$1.2 billion.”
This approval means Ghana has successfully passed its first review under the Fund program after receiving the initial tranche in May last year.
This comes a week after Ghana reached a deal with bilateral creditors to restructure its debt.
“The Executive Board of the International Monetary Fund (IMF) completed today the First review of the $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board on May, 17, 2023 , as well as the 2023 Article IV Consultation with Ghana. The completion of the first ECF review allows for an immediate disbursement of SDR 451.4 million (about US$600 million), bringing Ghana’s total disbursements under the arrangement to about US$1.2 billion.”
This approval means Ghana has successfully passed its first review under the Fund program after receiving the initial tranche in May last year.
6. Ghana has turned the corner, now working towards a more resilient, transformed economy - Akufo-Addo
President Akufo-Addo says after a turbulent start to the 2020s, African economies have since 2023, consolidated their recovery and demonstrated resilience and adaptability while navigating an uncertain global environment.
Putting Ghana under the spotlight, President Akufo-Addo said, economic growth in Ghana “has rebounded, with an average GDP of 3.2% for the first nine months of 2023, compared to 2.9% within the same period in 2022.
He added that, with the exchange rate becoming increasingly more stable, and interest rates softening, it is safe and right to say that “we have, indeed, turned the corner and can look forward to attaining a more resilient, transformed economy.”
Putting Ghana under the spotlight, President Akufo-Addo said, economic growth in Ghana “has rebounded, with an average GDP of 3.2% for the first nine months of 2023, compared to 2.9% within the same period in 2022.
He added that, with the exchange rate becoming increasingly more stable, and interest rates softening, it is safe and right to say that “we have, indeed, turned the corner and can look forward to attaining a more resilient, transformed economy.”
7. Apple overtakes Samsung as world’s biggest phonemaker
Apple now has the lion’s share of the global smartphone market, knocking Samsung off the top spot for the first time in 12 years.
The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC).
Samsung took 19.4% of the market share with Chinese phonemakers Xiaomi, OPPO and Transsion following behind.
The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC).
Samsung took 19.4% of the market share with Chinese phonemakers Xiaomi, OPPO and Transsion following behind.
8. Ghana agrees debt restructuring deal with official creditors
Ghana has reached an agreement with its Official Creditors under the G20 Common Framework, on a comprehensive Debt Treatment Beyond the Debt Service Suspension Initiative.
Following the successful completion of the Domestic Debt Exchange Programme (DDEP) in 2023, this development constitutes a significant positive step towards restoring Ghana’s long-term debt sustainability.
Following the successful completion of the Domestic Debt Exchange Programme (DDEP) in 2023, this development constitutes a significant positive step towards restoring Ghana’s long-term debt sustainability.
9. SSNIT increases pensions by 15%
The Social Security and National Insurance Trust (SSNIT) has increased pension benefit by fifteen per cent for pensioners on the scheme.
With the new increment, the minimum monthly pension for existing pensioners has been increased to GH¢409.10 in 2024 from GH¢300.00 in 2023.
10. BoG reduces policy rate to 29%
The Bank of Ghana (BoG) has reduced its Monetary Policy Rate by 100 basis points from 30 to 29 percent.
Governor of the Bank of Ghana, Dr. Ernest Addison said the the decision was taken following a steady decline in inflation from 54.0% in December 2022 to 23.4% in December 2023 though there are downside risks
The Governor was speaking at a press briefing after the 116th Monetary Policy Committee (MPC) meetings held from Tuesday, January 23, 2024, to Friday, January 26, 2024.
Governor of the Bank of Ghana, Dr. Ernest Addison said the the decision was taken following a steady decline in inflation from 54.0% in December 2022 to 23.4% in December 2023 though there are downside risks
The Governor was speaking at a press briefing after the 116th Monetary Policy Committee (MPC) meetings held from Tuesday, January 23, 2024, to Friday, January 26, 2024.
11. GRA begins collection of Emissions Levy effective today
The Ghana Revenue Authority (GRA) has announced that the Emissions Levy Act, 2023 (Act 1112), which imposes a levy on carbon dioxide equivalent emissions on internal combustion engine vehicles has kicked off effective today, February 1, 2024.
The implementation of the levy according to government is aimed at tackling greenhouse gas emissions, to promote the use of eco-friendly technology and green energy, and improving environmental management while controlling general levels of air and water pollution.
Under section 4(4) of Act 1112, a person required to issue a road use certificate (Driver and Vehicle Licensing Authority (DVLA) and other testing centres) shall demand evidence of payment of the levy before issuing a Road Use Certificate.
All vehicle owners have, thus, been advised to register and pay the levy on the Ghana.gov platform only.
The implementation of the levy according to government is aimed at tackling greenhouse gas emissions, to promote the use of eco-friendly technology and green energy, and improving environmental management while controlling general levels of air and water pollution.
Under section 4(4) of Act 1112, a person required to issue a road use certificate (Driver and Vehicle Licensing Authority (DVLA) and other testing centres) shall demand evidence of payment of the levy before issuing a Road Use Certificate.
All vehicle owners have, thus, been advised to register and pay the levy on the Ghana.gov platform only.
12. Mobile Money transactions hit record high of GH¢1.912 trillion
The January 2024 Summary of Economic and Financial Data by the Bank of Ghana shows that total mobile money transactions hit a record high of ₵1.912 trillion in 2023.
In the first 10 months of 2023, the total Mobile Money transactions had reached a record ₵1.527 trillion compared with ₵1.07 trillion in 2022.
The figures from the Bank of Ghana showed that December 2023 recorded the biggest mobile money transaction value of ₵199.3 billion.
In the first 10 months of 2023, the total Mobile Money transactions had reached a record ₵1.527 trillion compared with ₵1.07 trillion in 2022.
The figures from the Bank of Ghana showed that December 2023 recorded the biggest mobile money transaction value of ₵199.3 billion.
13. Bernard Arnault: Meet billionaire who has overtaken Elon Musk as world's richest man
Bernard Arnault, billionaire chairman and CEO of global luxury goods brand LVMH (Louis Vitton) has overtaken Elon Musk as the richest man in the world, according to Forbes.
The net worth of the Arnault family soared to $207.8 billion on Friday, rising by $23.6 billion, as per the magazine. on the other hand, Musk's stood at $204.5 billion, dropping by more than $18 billion.
The net worth of the Arnault family soared to $207.8 billion on Friday, rising by $23.6 billion, as per the magazine. on the other hand, Musk's stood at $204.5 billion, dropping by more than $18 billion.
14. GRA exceeds revenue target by GH¢3.9bn
The Ghana Revenue Authority (GRA) has collected a total tax revenue of GH¢113.06billion for the 2023 fiscal year as against a revised target of GH₵109.19billion.
This performance represents a nominal growth rate of 49.3 percent against an expected growth rate of 44.2 percent over the 2022 fiscal year.
Initially, the authority was tasked to collect a total tax revenue of GH₵106billion for the 2023 fiscal year. This represents a 40 percent growth over the collection of GH₵75.71billion for the 2022 fiscal year.
This performance represents a nominal growth rate of 49.3 percent against an expected growth rate of 44.2 percent over the 2022 fiscal year.
Initially, the authority was tasked to collect a total tax revenue of GH₵106billion for the 2023 fiscal year. This represents a 40 percent growth over the collection of GH₵75.71billion for the 2022 fiscal year.
15: SML deal: Akufo-Addo rejects GRA’s contract continuation request
President Akufo-Addo has insisted the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd. (SML) should remain suspended.
He has denied a request by the GRA to allow the monitoring system installed and used by SML to continue. The GRA had written to the president for the continuation of the deal.
A statement signed by Mr Eugene Arhin, Director of Communication at the Office of the President said, “the President has denied GRA’s request and has directed that the status quo, with respect to the suspension of the performance of the contract, should remain in effect until the completion of the audit and, subsequent, submission of the audit report by KPMG.”
The statement indicated that the President has extended the deadline for KPMG to audit the transaction.
He has denied a request by the GRA to allow the monitoring system installed and used by SML to continue. The GRA had written to the president for the continuation of the deal.
A statement signed by Mr Eugene Arhin, Director of Communication at the Office of the President said, “the President has denied GRA’s request and has directed that the status quo, with respect to the suspension of the performance of the contract, should remain in effect until the completion of the audit and, subsequent, submission of the audit report by KPMG.”
The statement indicated that the President has extended the deadline for KPMG to audit the transaction.
16: Bawumia launches GH₵660m BizBox project to empower 250k youth, women and PWDs
In the latest of initiatives designed to create training, employment and entrepreneurial opportunities for Ghanaian youth, women and the vulnerable, Vice President Mahamudu Bawumia has launched a multimillion cedi project designed to empower hundreds of thousands and provide skills to thousands more.
The GH₵660 million GEA/Mastercard Foundation Business in A Box (Bizbox) Project aims to empower 250,000 individuals and support 125,000 with start-up kits, as well as provide market access support to 50,000 businesses and regulatory support to 40,000 businesses.
This is the largest ever funding for such an initiative and comes less than a month after Government, through the Ghana Enterprises Agency (GEA) provided an additional Ghs31 million to 3000 youth-led startups and Micro, Small and Medium Scale Enterprises. In all, Government provided Ghs 100 million to such enterprises in 2023.
The GH₵660 million GEA/Mastercard Foundation Business in A Box (Bizbox) Project aims to empower 250,000 individuals and support 125,000 with start-up kits, as well as provide market access support to 50,000 businesses and regulatory support to 40,000 businesses.
This is the largest ever funding for such an initiative and comes less than a month after Government, through the Ghana Enterprises Agency (GEA) provided an additional Ghs31 million to 3000 youth-led startups and Micro, Small and Medium Scale Enterprises. In all, Government provided Ghs 100 million to such enterprises in 2023.
17: IMF projects 15% end-of-year inflation rate for 2024
The International Monetary Fund (IMF) is projecting a year-end inflation rate of 15% for 2024.
This comes on the heels of a substantial reduction in year-on-year inflation, plummeting from 53.6% in January 2023 to 23.2% by December 2023.
This comes on the heels of a substantial reduction in year-on-year inflation, plummeting from 53.6% in January 2023 to 23.2% by December 2023.
18: Inflation rises to 23.5% in January 2024
The inflation rate was up marginally at 23.5 percent year-on-year in January compared to 23.2 percent in December in 2023, the Ghana Statistical Service said on Wednesday.
This means that in January 2024 the general price level was 23.5 percent higher than January 2023.
Month-on-month inflation between December 2023 and January 2024 was 2.0 percent.
This means that in January 2024 the general price level was 23.5 percent higher than January 2023.
Month-on-month inflation between December 2023 and January 2024 was 2.0 percent.
19: IMF urges Ghana to stick to $3 billion loan programme
The International Monetary Fund (IMF) has urged Ghana to remain committed to the implementation of the $3 billion balance of payment support programme amid agitation by worker unions for improved conditions of service.
African Department Director at the IMF, Mr. Abebe Aemro Selassie, emphasized the importance of Ghana adhering to the programme’s objectives over the next three years.
20. Gov't drops 15% VAT on electricity
According to reports, the government has dropped the 15 percent value-added tax on electricity.
The decision was taken at a Cabinet meeting on Friday, 2 February.
The decision was taken at a Cabinet meeting on Friday, 2 February.
21. Canal Plus makes $1.7 billion offer to buy South Africa's MultiChoice
Vivendi's Canal Plus has offered to buy all the shares it does not own in South Africa's MultiChoice Group for roughly $1.7 billion to strengthen its hand in a competitive international pay TV market.
Canal Plus, the top shareholder in MultiChoice with a 31.67% stake according to LSEG data, said it would likely pay 105 rand in cash per share, a 40% premium to MultiChoice's closing share price on Wednesday.
Shares in MultiChoice surged in Thursday trade but remained below the offer price. They were last up 24.83% at 93 rand.
Canal Plus, the top shareholder in MultiChoice with a 31.67% stake according to LSEG data, said it would likely pay 105 rand in cash per share, a 40% premium to MultiChoice's closing share price on Wednesday.
Shares in MultiChoice surged in Thursday trade but remained below the offer price. They were last up 24.83% at 93 rand.
22. Gov't to establish FinTech Innovation Fund to support Start-ups
The Government has plans to set up a FinTech Innovation Fund to support Start-ups to drive Ghana’s digital revolution.
Vice President Mahamudu Bawumia announced this in Accra on Monday during the official press launch of the maiden 3i Africa Summit.
Vice President Mahamudu Bawumia announced this in Accra on Monday during the official press launch of the maiden 3i Africa Summit.
23. NPA suspends Sentuo Oil Refinery’s approval to sell finished fuel products
The National Petroleum Authority (NPA) has suspended the approval given to Chinese company, Sentuo Oil Refinery to sell some finished petroleum products on the market as a result of substandard quality.
The decision to suspend operations comes in response to appeals from the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES) to halt Sentuo Oil Refinery's activities due to purported illicit practices.
In their joint statement, COPEC and IES raised alarm over the refinery's operation without the requisite permit from the NPA, as well as allegations of supplying inferior fuel to the Ghanaian populace.
The decision to suspend operations comes in response to appeals from the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES) to halt Sentuo Oil Refinery's activities due to purported illicit practices.
In their joint statement, COPEC and IES raised alarm over the refinery's operation without the requisite permit from the NPA, as well as allegations of supplying inferior fuel to the Ghanaian populace.
24. IMF boss congratulates Ghana’s new Finance Minister Amin Adam
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has congratulated Dr. Mohammed Amin Adam after his appointment as Minister of Finance.
Georgieva also assured the Finance Minister of her full cooperation to ensure the full implementation of Ghana’s current US$3 billion bailout.
Georgieva also assured the Finance Minister of her full cooperation to ensure the full implementation of Ghana’s current US$3 billion bailout.
25. BoG raises limit on mobile money transactions effective March 1
The Bank of Ghana (BoG) has revised the balance and transaction limits of customers' mobile money wallets upward, effective March 1, 2024.
A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs.
“On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been increased to GH¢3,000. Those with a medium account with a current limit of GH¢10,000 has been increased to GH¢15,000. Furthermore, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily,” the statement noted.
“On maximum accounts, a minimum account which initially had a limit of GH¢3,000 has been revised to GH¢5,000, while medium accounts with a current limit of GH¢25,000 has been upgraded to GH¢40,000. The enhanced accounts with a GH¢50,000 threshold has been reviewed upwards to GH¢75,000,” it added.
A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs.
“On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been increased to GH¢3,000. Those with a medium account with a current limit of GH¢10,000 has been increased to GH¢15,000. Furthermore, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily,” the statement noted.
“On maximum accounts, a minimum account which initially had a limit of GH¢3,000 has been revised to GH¢5,000, while medium accounts with a current limit of GH¢25,000 has been upgraded to GH¢40,000. The enhanced accounts with a GH¢50,000 threshold has been reviewed upwards to GH¢75,000,” it added.
26. Akufo-Addo takes responsibility for economic challenges
President Akufo-Addo has taken responsibility for the current economic challenges, declaring that executive powers are ultimately vested in the president.
Delivering his message on the state of the nation in parliament yesterday, he reiterated that the accountability for challenges rests squarely with the president.
President Akufo-Addo further stressed that, as the leader, he or she assumes the blame for the difficulties faced by the nation.
“Under the Constitution, the executive power of the state is vested in the President of the Republic. He or she is the Executive.
“There is no ambiguity about where the buck stops when it comes to responsibility for what happens in the government. It stops with the President, he or she has ultimate responsibility.
Delivering his message on the state of the nation in parliament yesterday, he reiterated that the accountability for challenges rests squarely with the president.
President Akufo-Addo further stressed that, as the leader, he or she assumes the blame for the difficulties faced by the nation.
“Under the Constitution, the executive power of the state is vested in the President of the Republic. He or she is the Executive.
“There is no ambiguity about where the buck stops when it comes to responsibility for what happens in the government. It stops with the President, he or she has ultimate responsibility.
27. Telecel launches operations in Ghana
Vice President Dr Mahamudu Bawumia on March 11, 2024, joined key figures in the telecommunications sector for the official launch of operations of Telecel Ghana.
Telecel Ghana, having acquired a majority stake in the company formerly known as Vodafone Ghana, was welcomed by Dr. Bawumia with high expectations.
During the launch, Dr. Bawumia emphasized the importance of upholding ethical standards, transparency, and corporate governance.
Telecel Ghana, having acquired a majority stake in the company formerly known as Vodafone Ghana, was welcomed by Dr. Bawumia with high expectations.
During the launch, Dr. Bawumia emphasized the importance of upholding ethical standards, transparency, and corporate governance.
28. BoG suspends foreign exchange trading licenses of GT Bank, FBN Bank
The Bank of Ghana(BoG) has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective March 18, 2024.
The suspension which is to last for one month is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
In a statement, the Central Bank explained the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.
The suspension which is to last for one month is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
In a statement, the Central Bank explained the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.
29. Gov’t suspends implementation of price Stabilisation and Recovery levy on petroleum products
Government has directed the National Petroleum Authority (NPA) to suspend the implementation of price stabilization and recovery levy (PSRL) from the price build up on petroleum products.
The move is expected to cushion consumers from paying high costs of fuel at the pumps due to rising global prices.
A letter dated March 28 and signed by the deputy CEO of NPA, Perry Okudzeto to all the players in the oil and marketing distribution sector said the suspension will span from April 1 to June 30 2024.
The move is expected to cushion consumers from paying high costs of fuel at the pumps due to rising global prices.
A letter dated March 28 and signed by the deputy CEO of NPA, Perry Okudzeto to all the players in the oil and marketing distribution sector said the suspension will span from April 1 to June 30 2024.
30. Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud
Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.
The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022.
He was found to have stolen billions from customers ahead of the failure.
The 32-year-old said in court he knew "a lot of people feel really let down".
The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022.
He was found to have stolen billions from customers ahead of the failure.
The 32-year-old said in court he knew "a lot of people feel really let down".
31. GRA boss fired, board dissolved
President Akufo-Addo has fired Rev. Dr. Ammishaddai Owusu-Amoah from his role as the Commissioner-General of the Ghana Revenue Authority (GRA).
In addition, the President has also dissolved the board of the GRA.
In addition, the President has also dissolved the board of the GRA.
32.Gov’t raises cocoa farmgate price by 58.26% to GHC2,070 per bag
The Government has increased the Producer Price of cocoa by 58.26% from GHC1,308ghc to GHC 2,070 per 64kg for the rest of the 2023/24 cocoa season.
In a press release issued by the Ghana Cocoa Board (COCOBOD), it explained that the decision arrived after the Government of Ghana, in consultation with stakeholders, reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year.
“The Producer Price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season. This figure translates into GH$2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024.”
In a press release issued by the Ghana Cocoa Board (COCOBOD), it explained that the decision arrived after the Government of Ghana, in consultation with stakeholders, reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year.
“The Producer Price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season. This figure translates into GH$2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024.”
33. GNPC CEO Opoku-Ahweneeh Danquah resigns
Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) Opoku-Ahweneeh Danquah has resigned from his position as CEO.
In a letter addressed to President Akufo-Addo, the CEO expressed his respect for the office held by the President, his appointer, while announcing his decision to step down from his position at GNPC.
In a letter addressed to President Akufo-Addo, the CEO expressed his respect for the office held by the President, his appointer, while announcing his decision to step down from his position at GNPC.
34. Joseph Abuabu Dadzie appointed CEO of GNPC
President Akufo-Addo has appointed Joseph Abuabu Dadzie, as the acting Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC).
Joseph Abuabu Dadzie until last December, was the deputy chief executive (DCE) responsible for Commerce, Strategy and Business Development.
Mr Dadzie takes over from Opoku-Ahweneeh Danquah who became the CEO of GNPC in April 2022.
Joseph Abuabu Dadzie until last December, was the deputy chief executive (DCE) responsible for Commerce, Strategy and Business Development.
Mr Dadzie takes over from Opoku-Ahweneeh Danquah who became the CEO of GNPC in April 2022.
35. Herbert Krapa sworn-in as new ECG Board chairman
Energy Minister, Dr. Matthew Opoku Prempeh has sworn in the newly appointed Board Chairman of the Electricity Company of Ghana, Hon. Herbert Krapa, at the Ministry of Energy.
Hon. Krapa took the oath of office and the oath of secrecy administered by the Energy Minister.
The appointment of Herbert Krapa, according to the Minister, sends the clearest indication of the President’s renewed interest in the affairs of the company and the need for a commensurate culture of accountability, professionalism and innovation within the ECG.
Hon. Krapa took the oath of office and the oath of secrecy administered by the Energy Minister.
The appointment of Herbert Krapa, according to the Minister, sends the clearest indication of the President’s renewed interest in the affairs of the company and the need for a commensurate culture of accountability, professionalism and innovation within the ECG.
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36. NPA orders OMC to apply 16 pesewas per litre on petrol, 14 pesewas on diesel
The National Petroleum Authority (NPA) has decided to reverse the suspension of the Price Stabilization and Recovery Levy on petroleum products, as outlined in a letter dated April 3, 2024, addressed to various players in the oil marketing and distribution industry.
According to the directive, effective April 4, 2024, a levy of 16 pesewas per litre on petrol, 14 pesewas per litre on diesel, and 14 pesewas per kilogram on Liquefied Petroleum Gas (LPG) should be applied.
According to the directive, effective April 4, 2024, a levy of 16 pesewas per litre on petrol, 14 pesewas per litre on diesel, and 14 pesewas per kilogram on Liquefied Petroleum Gas (LPG) should be applied.
37. Gov’t to tax foreign incomes of Ghanaian residents as electricity VAT replacement
To address the revenue gap caused by discontinuing the VAT on electricity, the Government aims to implement a tax on the foreign incomes of resident Ghanaians.
Earlier this year, the government introduced a value-added tax on electricity but had to retract it due to public opposition, resulting in a revenue shortfall of approximately GHc 1.8 billion.
The government had initially intended to introduce the VAT on electricity as a revenue measure within the IMF deal.
However, due to public resistance, the initiative was scrapped, resulting in a revenue deficit.
The government is optimistic that enforcing compliance with the tax on foreign incomes will bridge the revenue gap.
Earlier this year, the government introduced a value-added tax on electricity but had to retract it due to public opposition, resulting in a revenue shortfall of approximately GHc 1.8 billion.
The government had initially intended to introduce the VAT on electricity as a revenue measure within the IMF deal.
However, due to public resistance, the initiative was scrapped, resulting in a revenue deficit.
The government is optimistic that enforcing compliance with the tax on foreign incomes will bridge the revenue gap.
38. We're not exiting Ghana — Société Générale dimisses reports
French-based multinational financial services company, Société Générale, has dismissed rumours suggesting it’s pulling out of the Ghanaian banking sector.
It has described the rumour as unfounded speculation, clarifying that it’s undergoing restructuring to better adapt to global market dynamics.
Addressing concerns raised by shareholders at the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, stressed that the reports did not come from the bank.
“Some rumours have indeed taken root regarding SG Ghana. But it’s important to mention and to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana,” he said.
It has described the rumour as unfounded speculation, clarifying that it’s undergoing restructuring to better adapt to global market dynamics.
Addressing concerns raised by shareholders at the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, stressed that the reports did not come from the bank.
“Some rumours have indeed taken root regarding SG Ghana. But it’s important to mention and to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana,” he said.
39. GRA terminates 2 SML contracts, suspends upstream and minerals audit deal
The Ghana Revenue Authority (GRA) in compliance with the recent directives given by President Akufo-Addo on its deal with Strategic Mobilization Ghana Limited (SML), has terminated the transaction Audit and External Verification Service Contract (AEVS) with SML.
The GRA has further directed that the Upstream Petroleum and Minerals Revenue Audit portions of the contract be suspended pending further review of the contract details.
GRA has also decided to amend the measurement Audit for the Downstream Petroleum Products Contract by revising the fee structure to a fixed fee structure. The Authority also says it will thoroughly review other provisions such as service delivery expectations, termination, and intellectual property rights.
The GRA disclosed this in a letter entitled “Compliance with Presidential Directives on Recommendations in KPMG Report on the Transactions Between GRA and SML,” dated Friday, 3 May 2024, signed by its Commissioner General, Ms Julie Essiam, and addressed to the Managing Director of Strategic Mobilization Ghana Limited (SML)
The GRA has further directed that the Upstream Petroleum and Minerals Revenue Audit portions of the contract be suspended pending further review of the contract details.
GRA has also decided to amend the measurement Audit for the Downstream Petroleum Products Contract by revising the fee structure to a fixed fee structure. The Authority also says it will thoroughly review other provisions such as service delivery expectations, termination, and intellectual property rights.
The GRA disclosed this in a letter entitled “Compliance with Presidential Directives on Recommendations in KPMG Report on the Transactions Between GRA and SML,” dated Friday, 3 May 2024, signed by its Commissioner General, Ms Julie Essiam, and addressed to the Managing Director of Strategic Mobilization Ghana Limited (SML)
40. Glovo to cease operations in Ghana on May 10
Glovo, a popular delivery service provider, has announced its decision to cease operations in Ghana effective May 10.
The announcement conveyed through a notice to one of its clients, indicates that Glovo's official customer app will become inaccessible for orders from that date onwards.
This decision comes two years after the company's investment of €3.5 million ($3.7 million) to expand its services in the region.
Regional General Manager Glovo Africa, Dima Rasnovsky, said the development stems from the reassessment of the company’s investment priorities.
The announcement conveyed through a notice to one of its clients, indicates that Glovo's official customer app will become inaccessible for orders from that date onwards.
This decision comes two years after the company's investment of €3.5 million ($3.7 million) to expand its services in the region.
Regional General Manager Glovo Africa, Dima Rasnovsky, said the development stems from the reassessment of the company’s investment priorities.
41. ECOWAS Bank offers $200m support to SMEs
THE ECOWAS Bank for Investment and Development (EBID) and the Government of Ghana have signed a Memorandum of Understanding (MoU) to inject some $200 million into the Ghanaian economy.
It is intended to stimulate the growth of small and medium enterprises (SMEs) and other critical sectors of the economy, foster job creation, innovation and sustainable development.
This brings to $600 million EBID’s total commitment to Ghana’s economy.
It is to be disbursed through strategic alliances with the Ghana EXIM Bank and GCB Bank PLC. The support is further demonstration of EBID’s commitment to support economies of member states.
It is intended to stimulate the growth of small and medium enterprises (SMEs) and other critical sectors of the economy, foster job creation, innovation and sustainable development.
This brings to $600 million EBID’s total commitment to Ghana’s economy.
It is to be disbursed through strategic alliances with the Ghana EXIM Bank and GCB Bank PLC. The support is further demonstration of EBID’s commitment to support economies of member states.
41. Atlantic Lithium listing on Ghana Stock Exchange historic – Lands Minister
The Minister of Lands and Natural Resources, Samuel A. Jinapor, has hailed the listing of Atlantic Lithium’s shares on the Ghana Stock Exchange (GSE) as a landmark event, signaling a paradigm shift in the exploitation of Ghana’s mineral wealth.
Atlantic Lithium, the entity overseeing the Ewoyaa Lithium project in the Central Region, marked its official entry onto the Ghana Stock Exchange on Monday, May 13, 2024, by offering shares valued at GH¢649,669,053.
Atlantic Lithium, the entity overseeing the Ewoyaa Lithium project in the Central Region, marked its official entry onto the Ghana Stock Exchange on Monday, May 13, 2024, by offering shares valued at GH¢649,669,053.
42. BoG vows to tackle FX market headwinds
The Bank of Ghana (BoG) has moved to calm the forex markets, with Governor Dr. Ernest Addison assuring that the central bank has built up “enough reserves to tackle the pressures” battering the cedi in recent weeks.
Speaking at the launch of the new commercial paper market, Dr. Addison acknowledged the cedi has faced “some headwinds” after a period of relative stability. However, he indicated that the BoG is “giving much attention” to the issue and has the firepower to intervene.
Speaking at the launch of the new commercial paper market, Dr. Addison acknowledged the cedi has faced “some headwinds” after a period of relative stability. However, he indicated that the BoG is “giving much attention” to the issue and has the firepower to intervene.
43. Togbe Afede XIV calls for overhaul of Bank of Ghana operations
The Agbogbomefia of the Asogli State, Togbe Afede XIV, has made a call for a significant restructuring of the Bank of Ghana (BoG), aimed at realigning its operations with the overarching objectives of the state and fostering a genuine pursuit of monetary stability.
In a recent article, Togbe Afede XIV minced no words as he underscored the imperative need for BoG to undergo a profound transformation, arguing that its current practices, characterized by high interest rates, have adverse repercussions on vital sectors of the economy.
Highlighting the adverse effects of maintaining an environment of elevated interest rates, Togbe Afede XIV emphasized the detrimental impact on the real sectors, decrying a system that prioritizes abnormal profits for banks, including BoG, at the expense of broader economic stability.
In a recent article, Togbe Afede XIV minced no words as he underscored the imperative need for BoG to undergo a profound transformation, arguing that its current practices, characterized by high interest rates, have adverse repercussions on vital sectors of the economy.
Highlighting the adverse effects of maintaining an environment of elevated interest rates, Togbe Afede XIV emphasized the detrimental impact on the real sectors, decrying a system that prioritizes abnormal profits for banks, including BoG, at the expense of broader economic stability.
44. Belgium bans exports of ‘dirty fuels’ to Ghana, other West African countries
The Belgium government banned the export of toxic motor fuels that are highly harmful to public health and the environment.
Belgium’s Minister of Environment Zakia Khattabi announced the country has banned the exports of toxic fuels that are domestically prohibited but continue to be shipped to West African nations including Nigeria, Ghana, and Cameroon.
This comes following the Royal assent of a new legislation that seeks to tighten the quality of exported fuels.
The ban targets oil companies that export motor fuels, primarily from the port of Antwerp, with excessively high sulfur or benzene content that have long been banned in Europe due to their harmful effects.
Belgium’s Minister of Environment Zakia Khattabi announced the country has banned the exports of toxic fuels that are domestically prohibited but continue to be shipped to West African nations including Nigeria, Ghana, and Cameroon.
This comes following the Royal assent of a new legislation that seeks to tighten the quality of exported fuels.
The ban targets oil companies that export motor fuels, primarily from the port of Antwerp, with excessively high sulfur or benzene content that have long been banned in Europe due to their harmful effects.
45. COCOBOD will borrow up to $1.5bn for 2024-25 cocoa purchases, sources say
Ghana's cocoa regulator will borrow up to $1.5 billion by September to finance 2024/25 cocoa purchases and compensate for low output, two COCOBOD sources with knowledge of the arrangement said on Sunday.
The world's second-largest cocoa producer after neighbouring Ivory Coast uses an annual syndicated loan to finance bean purchases from farmers. It is usually agreed at the start of the season in September.
But this year's $800 million loan faced delays due to low cocoa output so far this season.
COCOBOD has since withdrawn $600 million and cancelled the remainder as the season's cocoa output is seen almost 40% below forecast – unable to guarantee the full loan.
The world's second-largest cocoa producer after neighbouring Ivory Coast uses an annual syndicated loan to finance bean purchases from farmers. It is usually agreed at the start of the season in September.
But this year's $800 million loan faced delays due to low cocoa output so far this season.
COCOBOD has since withdrawn $600 million and cancelled the remainder as the season's cocoa output is seen almost 40% below forecast – unable to guarantee the full loan.
46. Akufo-Addo appoints Joe Ghartey as GRA board chair
Former Railways Minister, Joe Ghartey has been appointed by President Akufo-Addo to chair the re-constituted Board of the Ghana Revenue Authority (GRA).
Other members of the 9-Member Board, which is chaired by the Member of Parliament for Essikado Ketan Constituency include: Dr. Alex Ampaabeng a tax and fiscal policy enthusiast, who is the representative of the Finance Ministry, Second Deputy Governor of the Bank of Ghana Elsie Addo Awadzi, and Commissioner General of the GRA, Julie Essiam.
The rest are the Deputy Minister of Trade and Industry Micheal Okyere Baafi who is on the board as the representative of the Trade Ministry, Immediate Past Municipal Chief Executive of Asante Akim, Madam Susan Akomea, who is on the board as a representative of the President , Madam Araba Bosomtwe Another representative of the President. Mr. Kwabena Abankwah Yeboah, a fellow of the Ghana College of Pharmacist is also joining the board.
Other members of the 9-Member Board, which is chaired by the Member of Parliament for Essikado Ketan Constituency include: Dr. Alex Ampaabeng a tax and fiscal policy enthusiast, who is the representative of the Finance Ministry, Second Deputy Governor of the Bank of Ghana Elsie Addo Awadzi, and Commissioner General of the GRA, Julie Essiam.
The rest are the Deputy Minister of Trade and Industry Micheal Okyere Baafi who is on the board as the representative of the Trade Ministry, Immediate Past Municipal Chief Executive of Asante Akim, Madam Susan Akomea, who is on the board as a representative of the President , Madam Araba Bosomtwe Another representative of the President. Mr. Kwabena Abankwah Yeboah, a fellow of the Ghana College of Pharmacist is also joining the board.
47. Ghana, Korea sign $2bn deal to drive development agenda
Ghana has secured a major financial boost for its development aspirations, inking a US$2 billion framework arrangement with South Korea’s Economic Development Cooperation Fund (EDCF).
The deal, signed at the 2024 Korea-Africa Summit, will bolster the implementation of Ghana’s key priority programs spanning infrastructure, agriculture, health, education, energy, roads and transport as well as ICT over the next five years.
The deal, signed at the 2024 Korea-Africa Summit, will bolster the implementation of Ghana’s key priority programs spanning infrastructure, agriculture, health, education, energy, roads and transport as well as ICT over the next five years.
48. Ghana Stock Exchange soars past GH¢400bn
The value of securities listed on the Ghana Stock Exchange (GSE) has soared past the GH¢400billion mark, equivalent to approximately US$27billion according to latest data from the bourse.
Consequently, market capitalisation represents around 39 percent of GDP as of March 2024 – which was GH¢1.05trillion.
The breakdown shows equities listed on the GSE were valued at GH¢84billion, while the larger fixed income market came in at a substantial GH¢328billion. However, corporate issuances made up just a meagre 0.77 percent of the total value.
Consequently, market capitalisation represents around 39 percent of GDP as of March 2024 – which was GH¢1.05trillion.
The breakdown shows equities listed on the GSE were valued at GH¢84billion, while the larger fixed income market came in at a substantial GH¢328billion. However, corporate issuances made up just a meagre 0.77 percent of the total value.
49. Gold for oil: BoG spends GH¢2.43bn on petroleum import finance
The Bank of Ghana (BOG) has disclosed that as of December 31, 2023, the consolidated capitalised cost incurred on the Gold for Oil (G40) operations was GH¢2.43 billion.
The bank, in its annual financial report for the year 2023, said the carrying amount represented a cash balance worth GH¢520 million, dore gold holdings in the vault worth GH¢410 million, outstanding oil value of stock worth GH¢1.72 billion, and oil proceeds receivable worth GH¢460 million.
The report disclosed that the gold holding purchases yet to be paid by the central bank for the year 2023 were GHS 680 million.
The bank, in its annual financial report for the year 2023, said the carrying amount represented a cash balance worth GH¢520 million, dore gold holdings in the vault worth GH¢410 million, outstanding oil value of stock worth GH¢1.72 billion, and oil proceeds receivable worth GH¢460 million.
The report disclosed that the gold holding purchases yet to be paid by the central bank for the year 2023 were GHS 680 million.
50. Registrar of Companies to strike out 508,000 companies for failing to comply with notices
Five hundred and eight thousand (508,000) public and private business entities are to be struck off the register of the Office of the Registrar of Companies (ORC) by the end of June 2024.
This follows the failure of the companies to file their annual returns in order to be in good standing.
This follows the failure of the companies to file their annual returns in order to be in good standing.
51. Bank of Ghana reports GHS 65.3bn deficit in 2023
In its 2023 Annual Report, the Bank of Ghana reveals a significant deficit, with total liabilities surpassing assets by GH₵65.36 billion, representing an increase from the previous year’s GH₵54.52 billion deficit.
Despite this concerning shortfall, the Bank managed to navigate through operational complexities, demonstrating resilience and adaptability in its financial management.
Despite this concerning shortfall, the Bank managed to navigate through operational complexities, demonstrating resilience and adaptability in its financial management.
52. Electricity, water tariffs to go up from July 1
The Public Utility Regulatory Commission (PURC) has announced increases in electricity and water tariffs effective July 1, 2024.
According to the commission, residential electricity consumers will experience an upward adjustment of 5.84%.
The May 31 statement specified that lifeline consumers using between 0-30kWh will see a 3.45% increase.
According to the commission, residential electricity consumers will experience an upward adjustment of 5.84%.
The May 31 statement specified that lifeline consumers using between 0-30kWh will see a 3.45% increase.
53. Nvidia becomes world's most valuable company
Nvidia became the world’s most valuable company after its share price climbed to an all-time high on Tuesday.
The stock ended the trading day at nearly $136, up 3.5%, making it more valuable than Microsoft. It overtook Apple earlier this month.
The stock ended the trading day at nearly $136, up 3.5%, making it more valuable than Microsoft. It overtook Apple earlier this month.
54. Ghana's economic recovery on course — Akufo-Addo
President Akufo-Addo has reassured Ghanaians and the international community that the country's economy is on a strong recovery path.
During the presentation of credentials to nine newly appointed diplomats at the Jubilee House, the President highlighted significant economic strides and the resilience shown by Ghanaians in overcoming recent global adversities.
During the presentation of credentials to nine newly appointed diplomats at the Jubilee House, the President highlighted significant economic strides and the resilience shown by Ghanaians in overcoming recent global adversities.
55. Finance Ministry to disburse GHS 1.5bn in bailout package to banking sector clean-up victims
President Akufo-Addo has directed the Finance Ministry to disburse GHS 1.5 billion to customers affected by the banking sector clean-up.
This adds up to the already GHS 25bn spent by the Government in the banking sector clean-up exercise which took place in 2017.
The directive by the President was revealed by Finance Minister Dr. Mohammed Amin Adam over the weekend during a UK Town Hall meeting, where Dr. Amin Adam emphasized the urgency of the disbursement, which is to be completed between June and October.
This adds up to the already GHS 25bn spent by the Government in the banking sector clean-up exercise which took place in 2017.
The directive by the President was revealed by Finance Minister Dr. Mohammed Amin Adam over the weekend during a UK Town Hall meeting, where Dr. Amin Adam emphasized the urgency of the disbursement, which is to be completed between June and October.
56. Ghana's economy grew 4.7% in the first quarter of 2024
Ghana's economy grew by 4.7 per cent year-on-year in the first quarter of this year, compared to the 3.8 per cent recorded in the same period last year, the Ghana Statistical Service (GSS) has revealed.
Mining and quarrying, information and communications as well as the crops sub-sectors witnessed enormous activities that pushed growth in productivity in the economy in the first quarter of the year over the same period last year.
Other contributors to the growth in total productivity, measured by Gross Domestic Product (GDP), for the first quarter of this year, are the construction sub-sector as well as accommodation and food service activities sub-sectors.
Mining and quarrying, information and communications as well as the crops sub-sectors witnessed enormous activities that pushed growth in productivity in the economy in the first quarter of the year over the same period last year.
Other contributors to the growth in total productivity, measured by Gross Domestic Product (GDP), for the first quarter of this year, are the construction sub-sector as well as accommodation and food service activities sub-sectors.
57. Akufo-Addo launches GHc8.2 Billion SME Programme
President Akufo-Addo has unveiled the SME Growth and Opportunity (GO) Programme at the SME Growth and Opportunity Summit held at the Kempinski Hotel, Accra, in a landmark initiative aimed at boosting Ghana's economic landscape.
The comprehensive programme is backed by a substantial GHS 8.2 billion funding package and aims to support small and medium-sized enterprises (SMEs), which are pivotal to the nation's economic prosperity.
President Akufo-Addo emphasized the critical role SMEs play in Ghana’s economy, highlighting that they constitute 92% of businesses and contribute 70% to the GDP. Despite their significant contributions, SMEs face numerous challenges, particularly in accessing finance, which hinders their potential for growth and innovation.
The comprehensive programme is backed by a substantial GHS 8.2 billion funding package and aims to support small and medium-sized enterprises (SMEs), which are pivotal to the nation's economic prosperity.
President Akufo-Addo emphasized the critical role SMEs play in Ghana’s economy, highlighting that they constitute 92% of businesses and contribute 70% to the GDP. Despite their significant contributions, SMEs face numerous challenges, particularly in accessing finance, which hinders their potential for growth and innovation.
58. SSNIT terminates sale of 60% shares in four hotels
The Social Security and National Insurance Trust (SSNIT) has terminated the sale of 60 per cent of its stake in four hotels.
This follows agitations and pressure by the Organised Labour to embark on a nationwide industrial strike on Monday, July 15 following approval by the National Pensions and Regulatory Authority (NPRA) for SSNIT to proceed with selling 60% shares in the four hotels.
A statement released by SSNIT on Friday, July 12 announced to the public the termination of the controversial sale of hotel shares.
This follows agitations and pressure by the Organised Labour to embark on a nationwide industrial strike on Monday, July 15 following approval by the National Pensions and Regulatory Authority (NPRA) for SSNIT to proceed with selling 60% shares in the four hotels.
A statement released by SSNIT on Friday, July 12 announced to the public the termination of the controversial sale of hotel shares.
59. BoG shuts down Dek-Nock Investments for unauthorised deposit-taking
The Bank of Ghana (BoG), in collaboration with the Ghana Police Service, has closed down Dek-Nock Investments for engaging in unauthorised deposit-taking activities.
This action was taken in accordance with Section 20(2)(g) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
Dek-Nock Investments operated in Nungua and Ashaiman in the Greater Accra Region.
This action was taken in accordance with Section 20(2)(g) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
Dek-Nock Investments operated in Nungua and Ashaiman in the Greater Accra Region.
60. Global IT outages hit airlines and businesses worldwide
Mass tech outages worldwide have caused IT systems to shut down, sparking delays and issues at European airports as well as affecting other transport links.
London’s Gatwick Airport said it is “affected by the global Microsoft issues” and that passengers may experience delays checking in and going through security.
Germany’s Berlin Airport said that it is experiencing delays to check-in due to a “technical fault.”
Amsterdam’s Schiphol Airport said the “global system failure” had affected “flights to and from Schiphol” and the impact is “now being mapped.” KLM Royal Dutch Airlines said the outages are “making flight handling impossible.”
London’s Gatwick Airport said it is “affected by the global Microsoft issues” and that passengers may experience delays checking in and going through security.
Germany’s Berlin Airport said that it is experiencing delays to check-in due to a “technical fault.”
Amsterdam’s Schiphol Airport said the “global system failure” had affected “flights to and from Schiphol” and the impact is “now being mapped.” KLM Royal Dutch Airlines said the outages are “making flight handling impossible.”
61. Energy Minister Commissions Africa’s largest rooftop solar
The Minister of State at the Ministry of Energy, Herbert Krapa, has commissioned Africa’s largest rooftop photovoltaic solar plant, producing 16.8 megawatts of electricity, at the Tema Free Zones Enclave.
62. 450 MSMEs get YouStart support
Some 450 Micro, Small and Medium Enterprises (MSMEs) and emerging start-ups across Ghana have received government support.
This initiative aligns with the Government’s commitment to advancing business skills, enhancing capacity, and fostering economic growth.
The Chief of Staff Chief, Madam Akosua Fremah Osei-Opare, made the announcement in her keynote address at the Grant Award Signing ceremony held on the campus of the University of Ghana, Legon, Accra, on Tuesday, August 6, 2024.
This initiative aligns with the Government’s commitment to advancing business skills, enhancing capacity, and fostering economic growth.
The Chief of Staff Chief, Madam Akosua Fremah Osei-Opare, made the announcement in her keynote address at the Grant Award Signing ceremony held on the campus of the University of Ghana, Legon, Accra, on Tuesday, August 6, 2024.
63. Bank of Ghana sanctions 292 entities for repeated issuance of dud cheques
The Bank of Ghana (BoG) has announced sanctions against 292 individuals and businesses for persistently issuing dud cheques.
In a statement dated August 6, the central bank said the offenders comprise - 47 unnamed individuals and 245 unnamed business entities - that issued dud cheques on at least three occasions between January 2022 and January 2024, despite prior warnings.
The sanctions include a three-year ban on issuing cheques in Ghana and accessing new credit facilities from any bank or specialized deposit-taking institution (SDI) in the country. The ban comes into effect on June 28, 2024.
In a statement dated August 6, the central bank said the offenders comprise - 47 unnamed individuals and 245 unnamed business entities - that issued dud cheques on at least three occasions between January 2022 and January 2024, despite prior warnings.
The sanctions include a three-year ban on issuing cheques in Ghana and accessing new credit facilities from any bank or specialized deposit-taking institution (SDI) in the country. The ban comes into effect on June 28, 2024.
64. Ghana’s gold export to hit $10 billion by end of 2024
Ghana’s gold export jumped to a record high in the first-half of 2024, Mr Martin Ayisi, the Chief Executive Officer (CEO) of the Minerals Commission, has said.
According to him, the total mineral exports for the first half of the year stood at $9.2 billion, with gold alone accounting for 54%, amounting to five billion dollars.
He said, it was because of the surge in gold prices globally, especially in the second quarter of the year, coupled with an increase in local production for both small and large-scale operations
According to him, the total mineral exports for the first half of the year stood at $9.2 billion, with gold alone accounting for 54%, amounting to five billion dollars.
He said, it was because of the surge in gold prices globally, especially in the second quarter of the year, coupled with an increase in local production for both small and large-scale operations
65. Ghana Card mandatory for all foreign currency transactions effective August 1 – BoG
The Bank of Ghana (BoG) has announced a centralised foreign exchange trading platform, which requires that all persons seeking to buy or sell foreign currencies provide a Ghana Card or passport for foreign nationals and undergo biometric verification.
The move is a futher effort to ensure safe and sound operations of the foreign exchange business and is set to go live today, August 1, 2024.
It mandates all licenced foreign exchange bureaux to conduct their buying and selling of foreign currencies through this platform.
The move is a futher effort to ensure safe and sound operations of the foreign exchange business and is set to go live today, August 1, 2024.
It mandates all licenced foreign exchange bureaux to conduct their buying and selling of foreign currencies through this platform.
66. Road maintenance equipment commissioned to create 10,000 jobs
The Government has handed over some 2,240 units of earth-moving equipment and ancillary tools to the 261 Metropolitan, Municipal and District Assemblies (MMDAs) for road construction, upgrading and rehabilitation works.
The equipment, comprising bulldozers, rollers, graders, tipper trucks and water tankers, would create 10,000 jobs for artisans including auto mechanics, operators, technicians and drivers across the country.
The initiative, christened the District Road Network Improvement Programme (DRIP), is under the Ministry of Local Government, Decentralisation and Rural Development, in collaboration with the ministries of Finance, Roads and Highways and the District Assemblies Common Fund.
The equipment, comprising bulldozers, rollers, graders, tipper trucks and water tankers, would create 10,000 jobs for artisans including auto mechanics, operators, technicians and drivers across the country.
The initiative, christened the District Road Network Improvement Programme (DRIP), is under the Ministry of Local Government, Decentralisation and Rural Development, in collaboration with the ministries of Finance, Roads and Highways and the District Assemblies Common Fund.