BUSINESS NEWS

The Management of Ghana Revenue Authority has refuted allegations that its officials have been constantly harassing the Member of Parliament for Assin Central, Kennedy Agyapong, through unwarranted audits of his company. In a press statement, it explained that its officials have merely been carrying out their mandate in line with …

An oil tanker loaded with Russian crude has been idling off the coast of Ghana for more than two weeks after arriving, according to Bloomberg. The tanker christened Theseus arrived in Ghana’s territorial waters on February 24, 2023, and was supposed to be discharged into storage tanks at the Tema …

The bond market declined by about 52.50% year-on-year in market turnover in the month of February 2023. According to the Ghana Stock Exchange’s Summary of February 2023 Market Activities, the month closed with a total volume trade of 9.17 billion. This however represented a decline of 9.48% compared to the …

The Institute for Energy Security (IES) is calling on government to come clear on the 600,000 barrels of Russian crude oil aboard MT Theseus. According to the energy think tank, government must also let Ghanaians know why it failed to block the vessel as suggested by the boss of the …

So where is the 600,000 barrels of crude oil from Russia that arrived at the Tema harbour? And who procured that cargo and for what purpose? Three central questions have emerged since Bloomberg broke the story that “a cargo of Russian oil is heading for storage tanks in Ghana”. The …

International business news network, Bloomberg says about 600,000 tonnes of fuel from Russia have been shipped and stored in Ghanaian tanks. Following Russia’s invasion of Ukraine, the European Union and US barred fuel imports from the former Soviet leader. Bloomberg reports that its tanker tracking data show that “The last …

The government has once again promised to pay matured coupons and principal of old bonds beginning March 13, 2023, after reneging on its promise of paying coupons that matured on February 6-20, 2023. This follows the conclusion of the Domestic Debt Exchange Programme (DDEP). In view of this, the government …

Former Managing Director of the Ghana Cylinder Manufacturing Company Limited, Frances Awurabena Essiam has accused Energy Minister, Dr. Matthew Opoku Prempeh, of being behind her decision to resign from the company. Madam Essiam said the Energy Minister has made it difficult for her to run the company.   She also …

The German Ambassador to Ghana says Ghana’s talks with the International Monetary Fund (IMF) for a bailout is in danger. This, Daniel Krull attributes to China’s unwillingness to engage in possible debt relief. “The biggest elephant in the room is China. China is the largest creditor to Ghana and so …

Ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’ after the country missed the grace period to make a coupon payment ($40.6 million) on one of its Eurobonds. Fitch typically does not assign Outlooks to sovereigns with a rating of …