BUSINESS NEWS

Consolidated Bank Ghana (CBG) has assured the public that the suspension of its Foreign Exchange License (FEL) does not impact its full banking operations. The bank stated that its normal banking operations continue as it observes the suspension by the Bank of Ghana. “We believe the concerns raised in the …

Private legal practitioner, Jonathan Amable has filed an injunction application at the Supreme Court seeking an immediate halt to government’s borrowing on the treasury bills market. The plaintiff in the writ as sighted by Citi Business News is demanding that the government and all its agents be stopped from issuing …

The National Association of Institutional Suppliers (NAIS) has announced plans to picket at the Ministry of Education on November 20 and 21 to demand a definitive plan for settling unpaid contracts. In a letter presented to the Ghana Police Service’s Regional Commander in Accra on November 12, 2024, NAIS expressed …

The Bank of Ghana has suspended Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading Licence, effective November 26, 2024, for one month. The BoG cited section 11(2) of the Foreign Exchange Act, 2006 (Act 723) as the basis for this decision. In a statement on November 12, the Central Bank clarified …

President Nana Addo Dankwa Akufo-Addo has announced an increase in the producer price of cocoa from GH₵3,000 to GH₵3,100 per 64kg bag, a 0.03% rise from the rate set in September for the 2024/2025 crop season. The president explained that the increase is intended to align cocoa prices with current …

Independent Power Producer Sunon Asogli Power Ghana Limited has reported that it has not received any part of the $30 million directed by the Ministry of Finance for release by the Controller and Accountant General’s Department (CAGD), despite government assurances. This update follows Sunon Asogli’s recent shutdown of its 560MW …

Deputy Transport Minister, Hassan Tampuli has urged the public to disregard the Concerned Drivers Association’s notice of a 15 per cent fare increase set for November 2. According to him, fare adjustments depend on factors like fuel price stability, inflation, and other economic indicators, which he says are currently stable. …

The Ministry of Finance (MoF) has once again been identified as the most fiscally reckless public institution in Ghana for the period from 2021 to 2023, retaining the same title it held from 2015 to 2020. Following the MoF in the rankings are the Ministries of Food and Agriculture, Communication …

The National Road Safety Authority (NRSA) has announced that, in collaboration with the Ghana Police Service, it will deploy officers from the Motor Transport and Traffic Directorate (MTTD) along with Road Safety Inspectors on all major roads nationwide, effective November 1, 2024. According to NRSA, this is to ensure a …

The Board Chairman of the Agricultural Development Bank (ADB), Daasebre Akuamoah Agyapong II, has resigned with immediate effect following allegations of extortion made against him by a customer of the bank. His resignation came after an emergency board meeting, during which Daasebre Akuamoah Agyapong II, who is also the Kwahumanhene, …