BUSINESS NEWS

The International Monetary Fund is pushing Ghana’s cash-strapped government to stop borrowing from its central bank, according to people familiar with the matter. The IMF wants the two entities to sign a commitment to zero financing, said the people who asked not to be identified because they’re not authorized to …

The Government of Ghana and the Ghana Insurers Association (GIA) have reached an agreement on the participation of insurance companies in the Domestic Debt Exchange Programme (DDEP). Under the agreement, insurance companies will participate in the programme on similar terms as the Banks. This was contained in a joint statement …

The Institute for Energy Security (IES) has questioned the assumption used in establishing the new electricity tariffs by the Public Utility and Regulatory Commission beginning February 1, 2023. The IES in a statement described the announcement as baseless. PURC early this week announced an increment in electricity prices by about …

The National Communications Authority (NCA) has granted approval for the transfer of the 70% majority shares of Vodafone to Telecel Group, an official statement has said. NCA in January last year received an application from Vodafone Ghana for the transfer of the majority shares held by the seller to the …

Barring any government intervention, fuel prices will go up between 5% and 9% per litre from January 16, 2023 at the pumps. This will be the first time in a month that prices of petroleum products will increase. According to the Institute for Energy Security (IES), the expected surge in …

The Ghana cedi has lost about 5.01% value to the US dollar on the forex or retail market since January 1, 2023. The cedi registered significant gain of 27% in value to the American ‘greenback’ in December 2022 to reduce its year-to-date losses. This was largely due to Ghana’s Staff …

Ghana Airlines will start operations this year as the country’s national carrier after the government awarded Ashanti Airlines and its operational and financial partner Zotus Group a tender to commence business. “The time has come to return Ghana to the aviation map,” the Minister of Transport, Kwaku Ofori Asiamah said …

Finance Minister Ken Ofori-Atta has written to the President of the Ghana Insurers Association, informing the group that its industry cannot be exempted from the debt exchange programme as it had earlier requested. GIA made the request in December 2022 with the reason that 40 per cent of their total …

Inflation shot up by 3.8% to end 2022 at 54.1%, data from the Ghana Statistical Service (GSS) has revealed. Despite a strong improvement in the value of the cedi and a reduction in the prices of petroleum products, the rate of inflation still went up in December 2022. This was …

The Ghana Chamber of Telecommunications will commence the implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% from today, January 11, 2023. The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023. The reduction …