The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) effective March 18, 2024, for a period of one (1) month. This suspension is in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723). The Central Bank cites […]

Dr. John Kumah, the Deputy Minister of Finance, has reaffirmed the government’s dedication to confronting the nation’s unemployment challenge directly.   He outlined several initiatives aimed at urgently addressing the issue of job scarcity, including YouStart, the Ghana Enterprise Agency, and the National Entrepreneurship and Innovation Programme.   According to the Third Quarter Labour Statistics […]

The Bank of Ghana (BoG) has reaffirmed its dedication to addressing significant gaps in the country’s financial ecosystem to prevent a return to the EU and UK’s high-risk money laundering and terrorism financing list. Following a mutual evaluation in 2016 that revealed deficiencies in Ghana’s AML/CFT/PF regime, the country was grey-listed by the Financial Action […]

The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have reached an agreement to release the suggested distribution and retail prices for different grades of cement in their designated distribution zones. The Minister of Trade and Industry, K.T Hammond, convened the meeting to address concerns about the escalating retail […]

Fuel consumers are poised to experience a welcome respite at the fuel pumps, as diesel and Liquefied Petroleum Gas (LPG) prices are anticipated to decrease for the second consecutive time in January. The Chamber of Petroleum Consumers (COPEC) has officially announced that this adjustment will take effect on Wednesday, January 17, 2024.   While the […]

The Official Creditor Committee has reportedly granted approval to the Ghanaian government for the term agreement, allowing the IMF Executive Board to release the second tranche of the $3 billion extended credit facility, comprising $600 million. In an interview with Bloomberg, Finance Minister Ken Ofori-Atta confirmed the development, stating, “We are receiving the draft term […]

Richard Nii Armah Quaye, the Founder and Board Chairman of Quick Credit, has announced a significant change in the company’s loan recovery practices. Quick Credit will no longer engage in house-to-house recovery of loans, a move prompted by feedback from stakeholders and concerns over the confrontations between loan recovery officers and defaulting customers.   Addressing […]

The Ghana Revenue Authority (GRA) has asserted that the proper procedures were adhered to by its board and management in securing the services of Strategic Mobilisation Ghana Limited (SML). In a statement released on Wednesday, the GRA emphasized, “The Contract is for five (5) years and is performance-based and approved under Section 40 of the […]

Ghana’s Cocoa Marketing Board (COCOBOD) has successfully concluded an $800 million syndicated loan with banks, and the first tranche of $600 million is expected to be drawn down this week, according to the deputy chief executive officer. The loan, an annual tradition to finance cocoa bean purchases from farmers, faced delays this year due to […]

As of September 2023, Ghana’s public debt has shown a notable decrease, amounting to GHS 567.3 billion, reflecting a GHS 14.2 billion reduction compared to the GHS 581.5 billion reported in June 2023. According to recent data released by the Bank of Ghana, this new public debt figure represents 66.4 percent of the country’s Gross […]