BUSINESS NEWS

Ghana Cocoa Board has sold a record ¢11.7 billion ($2 billion) of six months cocoa bills between January and May 2021 to finance cocoa purchases. The cocoa regulator normally borrows from abroad to fund cocoa beans purchases. But indications are that the 2020/21 production has exceeded target, stretching the $1.3 …

Government secured ¢1.86 billion from the sale of the 7-year bond yesterday, which replaced the maturing 5-year bond. The long term bond was marginally oversubscribed by 3.3% At the same time, the interest cost of the debt instrument went down by 6.4% to 18.10%, saving government some significant interest payment. …

Ghana has recorded a Gross Domestic Product (GDP) growth rate for the first quarter of 2021 at 3.1% The figure which includes Oil and Gas is lower than what was recorded in the same period last year which saw a growth rate of 7.0% making it the lowest first quarter …

The Social Security and National Insurance Trust (SSNIT) says it has prosecuted 5,344 defaulting employers in 2021 alone. Director-General of SSNIT, Dr John Ofori-Tenkorang made this known at a stakeholder sensitization workshop in Accra on Wednesday, June 16, 2021, on the merger of SSNIT numbers and NIA numbers of members …

By: Ebo Richardson Chief Enablement & Information Officer, Absa Bank Ghana There is no doubt that Covid-19 has accelerated digital and technology adoption across the Continent, driving banks and other businesses to fast-track their digital transformation efforts and expedite creation of solid platforms for innovative solutions.  One obvious manifestation of …

Some 9.1 per cent of agribusinesses were reportedly closed down and an additional 30.7 per cent , an equivalent of about 42,396 agribusiness forms, were closed down during the partial lockdowns in the country last year, according to Ghana Statistical Service report. Some 20.9 per cent of them were as …

The year-on-year inflation for May 2020 – May 2021 was 7.5%, the Ghana statistical Service (GSS) has announced on Wednesday June 9 The month-on-month – April 2021 – May 2021 – inflation was 0.8%. Year-on-year variation between food (5.4%) and non-food inflation (9.2%) was 3.8%. Month-on-month food inflation exceeds non-food …

In response to the growing menace of mistrust and scams within the online commerce space, a new Mobile Money escrow service called Move Secure by Nsano has been launched to facilitate safe and secure transactions on Mobile Money. The service operates by “holding money in trust till both vendor and buyer” confirm …

The World Bank has maintained a modest 1.4% growth rate for Ghana this year, its June 2021 Global Economic Prospects Report has revealed. In January 2021, the World Bank projected the same growth rate, citing slow growth in most sub-sectors of services and industry. This is despite expected resilience in …

Lending rates demanded by commercial banks in Ghana will begin to be cut this week in response to the Bank of Ghana’s  announcement, a week ago, of a 100 basis points cut in its key Monetary Policy Rate, bringing it down to 13.5 percent in a move that many had …