BUSINESS NEWS

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 …

Fund management company Databank will reopen its independent branches on 10 January, the first time since 22 December following a shutdown resulting from physical and verbal attacks on its staff by some of its clients.   The staff of the fund management company have been working remotely and engaging clients …

Some leading Oil Marketing Companies (OMCs) have begun reducing prices of some petroleum products at the pumps. Market leader, GOIL, has announced more than 8% reduction in fuel prices. It has slashed the the price of diesel by ¢1.50 to now sell at ¢14.60 per litre. On the other hand, …

The Ghana Revenue Authority (GRA) has announced a complete reversal of the discount on the Free on Board (FOB) value of general goods and Home Delivery Value (HDV) on vehicles from January 1, 2023. This means importers will not enjoy anymore 10% discount on vehicles and 30% discount on all …

Investment and fund management firm Databank has not shut down its operations, the chief executive Kojo Addae-Mensah has said. Addae-Mensah said staff of the company are being attacked and threatened by some clients and in order to preserve their lives they have been asked to work remotely, effective Thursday (22 …

The much-applauded Gold for Oil Policy will be implemented beginning next month, Vice President Dr. Mahamudu Bawumia has announced. The Oil for Gold initiative, announced by the Vice President last month, will see Ghana pay for imported oil products with gold, in a move which the Vice President explained will …

Some disgruntled clients of Databank have threatened to attack the company for failing to honour withdrawal requests. Chief Executive Officer of the firm, Kojo Addae-Mensah who disclosed this to JoyNews on Thursday, said the situation is serious and could get out of hand. “It is a very serious matter. We …

The Investment and fund management firm Databank has announced the closure of its offices effective Thursday, December 22, and to work remotely following attacks and threats on its staff. A statement issued Wednesday by the company said it has not been spared the liquidity challenges that have beset the fund …