BUSINESS NEWS

Ghana has been ranked 2nd in Sub-Saharan Africa by the World Bank in an Open Budget Survey.     The country’s score of 53% follows South Africa which is ranked first in the region with a score of 85%. The World Bank in its World Development Report said Ghana was …

The Economic and Organized Crime Office (EOCO) has warned that fraudsters are taking undue advantage of the exercise to link the Ghana Card to bank accounts. EOCO said these fraudsters send messages to suspecting customers demanding their bank account details, Mobile App PIN and Mobile numbers. A statement by EOCO …

Consumers of petroleum products can heave a sigh of relief as the price of petrol is expected to go down by about 4 per cent per litre at the various pumps in the 1st pricing window of July. This is according to a recent analysis by the Institute for Energy …

Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy, according to a report from Google and the International Finance Corporation (IFC). The report titled e-Conomy Africa 2020, pointed out that the internet economy in …

A leading member of the governing New Patriotic Party (NPP), Gabby Otchere Darko has said in principle, he is not against the International Monetary Fund (IMF) programme. He explained that he is not for an IMF programme that gives the country peanuts but imposes conditions that will end up hurting …

An Aviation Expert based in the United States, Mr Sean Mendis, has said that Ghana’s presidential jet, the Falcon, is not the ideal jet for long journeys. He said it may embark on such journeys however, that will require a higher technical support and also with less luggage and passengers …

Former Finance Minister, Dr Kwabena Duffuor has said the country is in a more perilous debt situation today than at any time between 2009–2016. In a statement backed with figures, Dr Duffuor noted that the country’s total debt stock of GH¢351.8 billion as at end-2021, GH¢112.5 billion, representing 32%, was …

The Tema Oil Refinery (TOR) has begun processes to refine crude oil in the country. This follows a lease agreement with a private investor, Decimal Capital Limited, a leading Kenya-based oil investor. Decimal Capital Ltd is a private limited liability company offering financial solutions to wide variety of individuals and …

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 …