BUSINESS NEWS

The subsidy on Residual Fuel Oil (RFO) has been suspended following a directive by the Ministry of Energy. The suspension takes effect today, November 1, 2022, according to a statement signed by the Chief Executive Officer of the National Petroleum Authority (NPA), Mustapha Hamid. The latest measure by the government …

The umbrella body of traders, the Ghana Union of Traders Association (GUTA), has expressed some mixed feelings about President Nana Addo Dankwa Akufo-Addo’s measures to fix the economic crisis being experienced by Ghanaians. According to GUTA, the president, in his address to the nation on Sunday, October 30, 2022, failed …

ADDRESS TO THE NATION BY THE PRESIDENT OF THE REPUBLIC, NANA ADDO DANKWA AKUFO-ADDO, ON THE ECONOMY, ON SUNDAY, 30TH OCTOBER 2022. Fellow Ghanaians, good evening. Back in 2020, at the outbreak of the Corona virus pandemic, I started a regular conversation with you that came to be popularly known …

The Ministry of Finance has rejected claims that its negotiations with the International Monetary Fund (IMF) for a bailout have not been smooth as projected. A statement from the Ministry said such claims are untrue and should be disregarded. Some reports in the public domain say the negotiations are not …

The Bank of Ghana (BoG) has said the two forex bureaus whose licences were revoked on Thursday (27 October) may not be allowed back into the forex market. The BoG on Thursday revoked the licences of Airport City Forex Bureau within the Atlantic Tower Building and Trade House Forex Bureau …

President Nana Addo Dankwa Akufo-Addo will on Sunday, October 30, 2022, address the nation on the current economic situation in the country. It will come off at 8:00 pm.   “I will be addressing the nation on the economy on Sunday, 30th October, 2022 at 8pm. Watch it live on …

President Akufo-Addo has said the domination of the foreign exchange business in Ghana by the black market is unacceptable and stakeholders must find a way to stop the activities of those who operate in the space. According to the president, the initial stimulus for the creation of forex bureaux” in …

Barring any unforseen circumstances, an amount of US$1.13billion is expected by government following Ghana Cocoa Board (COCOBOD) pre-export receivables backed trade finance facility agreement with a consortium of international financial institutions to finance cocoa purchases for the 2022/2023 cocoa season. The money will hit the accounts of Bank of Ghana …

Information Minister, Kojo Oppong Nkrumah has announced that Government has outlined some immediate plans to help arrest the free fall of the Ghana cedi. According to him, Governor of Bank of Ghana (BoG), Dr. Ernest Addison has scheduled a crunch meeting tomorrow, Tuesday, October 25, 2022, with all CEOs of …

The Railway Workers Union wants government to as a matter of urgency save the Ghana Railway Company because the company is on its knees. A statement released by the union and signed by its General Secretary, Godwill Ntarmah, indicates that the company is currently unable to purchase fuel to run …