Business

BoG freezes US$1bn Sibton deal

Bank of Ghana

The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country, following public outcry over whether such an intermediary was necessary, given the cost implications for consumers. Sources close to the central bank told the B&FT that the Governor, Dr Abdul Nashiru Issahaku, ...

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Mining sector contributes GH¢1.6b to Ghana’s revenue in 2016

mining

The mining sector operators in Ghana say the industry contributed some GH¢1.6 billion to the country’s revenue. The amount represents a growth rate of 23 per cent from that of 2015. Except in 2015, the mining industry has been the leading contributor to the nation’s fiscal purse. Its contribution to direct domestic revenue improved from GH¢1.3 billion in 2015 to ...

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Trade Ministry begins promotion process of NTEs

non traditional exports

The Ministry of Trade and Industry has put in stringent measures to ensure that non-traditional exports contributed significantly to sustainable economic growth. The Ministry of Trade and Industry has consistently pursued an export diversification drive to ensure that non-traditional exports can contribute substantially towards a sustainable Gross Domestic Product growth and economic development. Mr Kodwo Blay, Acting Upper West Regional ...

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Gov’t to address high import charges at the ports- Nana-Addo

charges at the ports

President Nana Akufo-Addo has stated that government will address the high import charges at the ports to encourage Ghanaian businesses to contribute to the economy. He added that the details of the move will be published in the first budget presentation, which will be laid before parliament by the Finance minister, Ken Ofori Atta. According to him, the issue of ...

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GNCC courts investors for “One District, One Factory”

one factory one district

The Ghana National Chamber of Commerce (GNCC) has said it is repositioning itself strongly to partner government in bringing the much anticipated “One District, One Factory” programme to fruition. “We have had discussions with the presidency and the new trade minister on how our members can partner the government. We are going to sell the idea to local and foreign ...

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UK to push for free trade deal with Ghana

free trade

The Foreign Secretary of the United Kingdom, Boris Johnson has stated that bilateral trade relations with Ghana will not be affected as the UK prepares to finally exit the EU. According to him, the UK intends to strengthen its trade ties with Ghana to help establish a free trade deal for mutual benefit. Speaking to some selected journalists at the ...

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E-zwich usage hits over 5 million transactions in 2016

e-zwich

The use of the biometric smart card, e-zwich, experienced exponential growth last year after series of mechanisms were put in place to drive usage, reaching 5.3 million transactions in 2016. The volume of transactions within the period recorded an impressive growth of 138.3% over the performance in 2015, according to a performance report released by the Ghana Interbank Payment and ...

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IMF extension may delay disbursements – Dr. Assibey

imf - Ivory Coast

Ghana risks a likely delay in the disbursement of funds from the International Monetary Fund from this year, following plans to extend the deal. This is the caution from Economist, Dr Eric Osei Assibey. According to him, the Fund will grant the request upon satisfying itself of the government’s ability to meet set targets. “I am not too sure whether ...

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Ghana must tighten its consumer protection standards- World Bank

Sub-Saharan Africa

The World Bank Group has called on the government of Ghana to, as a matter of urgency, tighten its consumer protection standards to promote the health, safety, and security of consumers. According to the World Bank Group’s Senior Director of Global Practice on Trade and Competitiveness, Anabel Gonzalez, Ghanaian authorities must dedicate serious attention to clearing the country’s market of ...

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Ghana open for business – Akufo-Addo tells Arab investors

Business

President Nana Akufo-Addo has indicated to investors that Ghana is open for business, assuring of the creation of a conducive business environment which will ensure that businesses flourish, thereby creating prosperity for the Ghanaian people. Mr Akufo-Addo made this known on Friday, February 10, 2017, when the Chairman of the Al Serkal Group, Mr. Eisa Bin Nasser Alserkal, together with ...

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