As part of its initiative to enhance financial literacy, the Bank of Ghana is advising the public to exercise caution when acting as guarantors for loans. The Central Bank emphasizes that guarantors may be obligated to repay the loan, including accrued interest, in the event of the borrower defaulting on their repayment obligations. In a […]

During a presidential breakfast meeting on agriculture and agribusiness financing held at Kempinski Hotel in Accra on Monday, the Minister for Food and Agriculture, Dr. Bryan Acheampong, emphasized the opportunities available for the participation of financial institutions in the PFJ 2 program. He highlighted the sector’s potential to significantly contribute to the country’s development goals. […]

Starting from November 1, 2023, members of the Abossey Okai Spare Parts Dealers Association will stage a three-day shop closure in protest against the government’s new tax compliance system. The association has expressed its displeasure with the government’s decision to implement a compliance task force responsible for monitoring tax compliance within their industry. They argue […]

Fitch Solution has forecasted that Ghana’s economy will experience an acceleration in growth, reaching 3.7 percent in 2024. This prediction signals a positive trajectory for the country’s economic recovery.   According to Fitch’s report, the expected increase in consumer activity will contribute to this growth by alleviating pricing pressures, driven in part by more favorable […]

This week, the US dollar has seen a modest uptick, gaining a few pesewas against the official rate set by the Bank of Ghana. As of Monday, October 2, 2023, the Ghanaian cedi is trading at GHS 11.13 to the US dollar, as per the interbank forex rates provided by the Central Bank.   Despite […]

It appears that petroleum product prices are expected to stay steady throughout the month of October. Projections made by the Chamber of Petroleum Consumers (COPEC) suggest a possible one percent increase in pump prices, but due to competitive pressures among oil marketing companies, it is anticipated that this additional cost will not be passed on […]

The Domestic Tax Compliance Taskforce of the Ghana Revenue Authority (GRA) has summoned eleven shop managers to undergo thorough investigations into their business operations.   These shop owners are facing allegations of issuing selective VAT invoices and failing to comply with tax regulations, resulting in significant revenue losses for the state. The GRA taskforce conducted […]

Ghana’s total export earnings have experienced a notable decline of nine percentage points. As of August 2023, the total exports amounted to US$10.76 billion, a reduction from the US$11.81 billion recorded in August 2022. Despite maintaining a trade surplus for the year in review, there was a substantial decrease in total exports, amounting to approximately […]