BUSINESS NEWS

Moody’s has downgraded the Government of Ghana’s long-term issuer ratings to Ca from Caa2 or further junk status and changed the outlook to stable. This concludes the review for downgrade that was initiated on September 30, 2022. “The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial …

The government has announced plans to use gold to purchase imported oil products, according to a latest Facebook post by Vice-President Dr Mahamudu Bawumia. The policy when implemented will fundamentally change Ghana’s balance of payments and significantly reduce the persistent depreciation of the cedi. Bawumia said the policy, which is …

Government has placed a ban on the use of V8 and V6 vehicles by officials effective January 2023. This was announced by the Finance Minister, Ken Ofori-Atta during the 2023 budget presentation on Thursday, November 24. However, the use of such vehicles will be permitted for travels outside Accra.   …

The government has reduced the Electronic Transfer Levy rate from 1.5% to 1%. The daily transaction threshold has also been removed. This, according to the government, will allow more Ghanaians to use the service. This was announced by the Finance Minister, Ken Ofori-Atta on Thursday, November 24, during the 2023 …

Telecommunications companies (Telcos) in the country have begun blocking SIM cards of mobile subscribers yet to register their SIM cards. The exercise is in compliance with a recent directive from the Ministry of Communications and Digitalization. The telcos are AirtelTigo, MTN, and Vodafone.   “On November 11, 2022 the Ministry …

The Deputy General-Secretary of the Trade Union Congress (TUC), Joshua Ansah, has suggested that should the government fail to meet the demands of organized labour in the ongoing wage negotiation, workers would begin to regulate their working days.   According to him, taking into consideration the prevailing harsh economic conditions …

Ghana’s total debt stock has shot up to GH¢450 billion in 2022 from a total of GH¢120 billion in 2017, Finance Minister Ken Ofori-Atta has revealed. The current debt stock means Ghana has borrowed over GH¢300 billion since the Akufo-Addo-Bawumia-led government assumed power in January 2017. Appearing before the ad-hoc …

The Kumasi Metropolitan Assembly (KMA) has said its attention has been drawn to the activities of some faceless individuals allegedly collecting money from unsuspecting victims under the pretext of allocating them shops in phase II of the Kejetia Redevelopment Project while the project is still under construction. In a statement …

Member of Parliament for Tamale Central, Ibrahim Murtala Mohammed, has said the One District One Factory (1D1F) initiative will be abolished if the National Democratic Congress (NDC) takes over power from the governing New Patriotic Party (NPP) in the 2024 elections. He described the initiative as mere slogan that is …

The National Communications Authority (NCA) has said the Ghana Card remains the only identification document for the ongoing SIM card registration exercise. “There is currently no medium for registration with Voter’s ID in the current SIM registration exercise; Ghana Card remains the only ID,” it has clarified. This is in …