BUSINESS NEWS

Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. …

The Finance Minister has revealed that the government spent GH¢143 million on the provision of free water and electricity for lifeline consumers during the Covid-19 pandemic. Ken Ofori-Atta said that even though GH¢200 million was budgeted for the policy, not all was expended. He disclosed this while delivering his statement …

Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine. The monthly fuel import bill for the West African nation jumped to $450 million in May, from $250 million in January, according to two people with knowledge of the …

Government has withdrawn the Tax Exemptions Bill from Parliament. Even though no official reason was given on the floor for the withdrawal, the  sources indicate that the withdrawal is to make way for corrections and amendments to the bill. After years of advocacy and pressure from civil society organizations and …

A private legal practitioner, Kwame Jantuah,  has suggested to the government to reintroduce the “operation feed yourself” concept to help alleviate the plight of Ghanaians. “Operation feed yourself” was an agricultural programme administered in Ghana under the late military general and head-of-state Ignatius Kutu Acheampong. The national programme sought to …

The Country Director of CUTS International, Appiah Adomako, says Parliament must invite the Minister of Finance, Ken Ofori-Atta, to render accounts on monies that have accrued to the country from the various taxes imposed on petroleum products.   He said that will ensure accountability with regard to the many taxes …

The Deputy Minister of Food and Agriculture, Yaw Frimpong Addo, has stated that it was not true that there was food crisis in the country. He said there was a clear distinction between food availability and pricing, stressing that Ghanaians were misconstruing the high prices of some foodstuff to mean …

Fuel prices will go up sharply again between 10% and 15%, beginning today, June 16th, 2022. According to the Institute for Energy Security (IES), the price of petrol will increase by about 10% to sell above GH¢11per litre and diesel by about 15% to sell above GH¢14 per litre. The …

Government has announced that the Driver and Vehicle Licensing Authority (DVLA) will begin paperless registration and licensing of vehicles from July 2022. The DVLA and the Ghana Card will also be fully integrated soon, according to government.       Paperless registration and licensing of vehicles to begin by July …

The Vice President of the 4th Republic of Ghana,  Dr. Mahamudu Bawumia has, on Wednesday June 15, 2022, launched the GhanaPay Mobile Money Service in Accra. The GhanaPay is the first bank-wide mobile money service by universal banks, rural banks as well as savings and loans companies to individuals and …