BUSINESS NEWS

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 …

GOVERNMENT HAS been able to recoup only GH¢1.7 billionout of a total of GH¢25 billion assets belonging to banks which collapsed in 2017  under the financial sector clean-up exercise embarked upon by the Central Bank. Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), who disclosed this to journalists …

• The cedi traded against the dollar at a mid-rate of 5.7360 • It maintained its trade value against the pounds Sterling of 8.1391 mid-rate • Euro dropped down at a mid-rate of 6.9969 On the interbank board today, May 28, 2021, the Ghana Cedi is trading against the dollar …

Latest figures from the Bank of Ghana’s Summary of Economic and Financial Data, show that Ghana’s debt stock rose by GHS13 billion to hit GHS304.6 billion as of March 2021, representing 70.2% of Gross Domestic Product (GDP). The additional GHS13 billion debt came about between December 2020 and March 2021. …

The Ghanaian economy is on a rebound with a sustained momentum in pick-up in economic activity, Governor of the Bank of Ghana (BoG) Dr Ernest Addison, has said. He explained that the Bank’s updated Composite Index of Economic Activity (CIEA) recorded an annual growth of 13.9 percent in January 2021, …