BUSINESS NEWS

The Ministry of Finance in 2021, began processes to secure approximately $335,072,712.13 tax exemptions for some 42 companies under the government’s One District One Factory initiative. The Exemptions Act, 2022 (Act 1083) was laid in Parliament by the former Minister for Finance, Ken Ofori-Atta, in 2022. The Chinese-owned company, Sentuo …

Dr. Ernest Addison, Governor of the Bank of Ghana, underscores the pressing issue of insufficient investment hindering fintech innovation across Africa. At the 3i Africa Summit in Accra, Dr. Addison emphasizes the pivotal role of investment in fueling innovation and advancing the continent’s digital finance agenda. Despite Africa’s promising fintech …

The Minister for Trade and Industry, K. T. Hammond, has directed the Cement Manufacturing Development Committee (CMDC) to instruct cement manufacturing companies in Ghana to immediately reverse the recent increase in cement prices. The Minister, recalling his directive to the CMDC at its inauguration on 8th March 2024, further requested …

Tensions escalated as members of the Locked-Up Investment Holders Forum clashed with a Deputy Finance Minister, Dr Stephen Amoah when they resumed their picketing at the Finance Ministry on Wednesday, May 15. The protest, which is not the first of its kind by the group, sought to pile pressure on …

The Ghana Union of Traders Association (GUTA) has called on the government to take urgent measures to ensure the cedi appreciates against major trading currencies, especially the dollar. “GUTA expresses its readiness to collaborate with the government and other stakeholders on this issue,” it added in a statement dated May …

Vice President, Dr. Mahamudu Bawumia’s accusations of sabotage involving ransomware attacks and resistance to the Electricity Company of Ghana’s (ECG) digitalization project have been refuted by employees of the company. In a press release issued by the Public Utilities Workers Union (PUWU) of the Trades Union Congress (Ghana), ECG employees …

The President of the Ghana Journalists Association (GJA), Albert Kwabena Dwumfour, has revealed that approximately 60% to 70% of Ghanaian media houses are owned by politicians. He raised concerns about the majority of media ownership being held by politicians, expressing unease over the secrecy surrounding media financiers. According to the …

Glovo will at 10:00 pm this evening shut down its operations in Ghana. This is after it made a stunning announcement of its decision to withdraw from the Ghanaian market to stakeholders. High operational costs and revenue shortfalls have been cited as some of the reasons why the company decided …

The Vice President and flagbearer of the New Patriotic Party (NPP) Dr Mahamudu Bawumia has disclosed that officials of the Electricity Company of Ghana (ECG) sabotaged the government’s efforts to digitalise revenue collection. The Akufo-Addo government has been pursuing the digitalisation agenda with the Vice President leading the charge. During …

The Ghana cedi’s troubles are far from over, as it continues to lose value in relation to the US dollar and other major international currencies. Its year-to-date depreciation stood at15.16% to one American greenback, making it one of the worst-performing currencies in Africa in 2024. Most forex bureaus, according to …