BUSINESS NEWS

Covid-19 Pandemic Costs Ghana GH¢ 25.3 Billion – Akufo-Add   President Akufo-Addo on Tuesday said the country lost more than GH¢13.5 billion in revenue in 2020 because of the economic shocks induced by the Covid-19 pandemic. In his state of the nation address to Parliament, the President said with additional …

Ghana’s debt will ‘plateau’ at approximately 75% of Gross Domestic Product (total value of goods and services produced in an economy within a period) from 2024, international ratings agency, Fitch, has said in its latest paper on “Energy Sector Debt a Risk to Ghana’s Post-Pandemic Debt Trajectory”. Accordingly, the debt …

Trade and Industry Minister Designate Alan Kyeremanteng is now expected to present the 2021 Budget. This is what Joy Business has picked up from government sources. It follows the inability of Finance Minister Designate, Ken Ofori Atta to return to Ghana on time, from his medical leave. Even if Mr. …

The Food and Drugs Authority has failed to confirm three of the six suspicious rice brands on the market. Facebook rice, Valentino Rice and Versace Rice were the brands that were confirmed to Joy Buisness by the authority as authentic. This leaves My Google rice, Gucci Best Choice and Premium …

International Ratings agency, Fitch, says Ghanaian banks are well-positioned to absorb the increased asset quality risk from borrowers pressured by the economic effects of the coronavirus pandemic. According to the UK based firm, the covid-19 pandemic-induced defaults will add to legacy asset quality issues, but strong operating profitability and improved …

The UK has signed a trade partnership agreement with Ghana that secures tariff-free trade and provides a platform for greater economic and cultural cooperation. The agreement was signed by Secretary of State for International Trade, Liz Truss and Ghana’s Acting High Commissioner to the UK, Peprah Ampratwum, at the Department …

Senior Vice President of IMANI Africa, Kofi Bentil, says Ghana will lose the $55million case Chinese company Beijing Everyway has filed against it in the Court of International Arbitration. Speaking on Newsfile, he said that Ghana wrongfully breached the contract it signed with the company which was expected to handle …

Investment and brokerage firm, Databank has withdrawn its services as a financial advisor in the Agyapa royalties deal. The firm together with Imara Holding Limited jointly served as transaction advisors for the monetization of Ghana’s gold royalties through the dual listing of the Agyapa Gold Royalties Company on the Ghana …

Among five sub-Saharan African countries that Standard Bank, parent company of Stanbic Bank Ghana undertook a Consumer Insight Report, Ghana was ranked 4th with the highest prices of consumer goods. The nation surveyed were South Africa, Nigeria, Ethiopia, Kenya and Ghana. The country placed 4th ahead of Kenya, which was …

Britain has secured a trade deal worth £1.2 billion with Ghana, International Trade Secretary Liz Truss has announced. A joint statement from the two countries said: “Today Ghana and the UK are pleased to announce that they have finalised negotiations on a new Interim Ghana-UK Trade Partnership Agreement. This Agreement will provide for …