BUSINESS NEWS

Ghana’s currency, cedi took the title of the world’s best performer against the dollar this week. The cedi which in previous weeks performed abysmally has suddenly gained weight becoming the best performing currency in recent days.   There is strong indication that the debt distressed country is moving closer to …

The Driver and Vehicle Licensing Authority (DVLA) has announced guidelines that vehicle owners would be required to comply with in order to register next year. In a statement issued on Saturday, the DVLA said this is in accordance with the Road Traffic Regulations, 2012 (L.1 2180). It said, the new …

The Bank of Ghana (BoG) has announced an upgrade on the the One Ghana (GH¢1) coin with enhanced security features. A statement from the BoG said it will issue the upgraded GH¢1 coin into circulation from Monday,12th December 2022. The coin, according to the Central Bank, is similar to the …

Moody’s has downgraded the Government of Ghana’s long-term issuer ratings to Ca from Caa2 or further junk status and changed the outlook to stable. This concludes the review for downgrade that was initiated on September 30, 2022. “The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial …

The government has announced plans to use gold to purchase imported oil products, according to a latest Facebook post by Vice-President Dr Mahamudu Bawumia. The policy when implemented will fundamentally change Ghana’s balance of payments and significantly reduce the persistent depreciation of the cedi. Bawumia said the policy, which is …

Government has placed a ban on the use of V8 and V6 vehicles by officials effective January 2023. This was announced by the Finance Minister, Ken Ofori-Atta during the 2023 budget presentation on Thursday, November 24. However, the use of such vehicles will be permitted for travels outside Accra.   …

The government has reduced the Electronic Transfer Levy rate from 1.5% to 1%. The daily transaction threshold has also been removed. This, according to the government, will allow more Ghanaians to use the service. This was announced by the Finance Minister, Ken Ofori-Atta on Thursday, November 24, during the 2023 …

Telecommunications companies (Telcos) in the country have begun blocking SIM cards of mobile subscribers yet to register their SIM cards. The exercise is in compliance with a recent directive from the Ministry of Communications and Digitalization. The telcos are AirtelTigo, MTN, and Vodafone.   “On November 11, 2022 the Ministry …

The Deputy General-Secretary of the Trade Union Congress (TUC), Joshua Ansah, has suggested that should the government fail to meet the demands of organized labour in the ongoing wage negotiation, workers would begin to regulate their working days.   According to him, taking into consideration the prevailing harsh economic conditions …

Ghana’s total debt stock has shot up to GH¢450 billion in 2022 from a total of GH¢120 billion in 2017, Finance Minister Ken Ofori-Atta has revealed. The current debt stock means Ghana has borrowed over GH¢300 billion since the Akufo-Addo-Bawumia-led government assumed power in January 2017. Appearing before the ad-hoc …