Business

Ghana becomes member of global investment reformers

investment reformers

The World Bank has selected Ghana to be a Founding Member of the Investment Reformers Network. Ghana is part of some 15 selected countries worldwide, to participate in the Network, this year. It follows what the Bank describes as Ghana’s transformational reforms impacting Foreign Direct Investment (FDI) and its spillover effect on the domestic economy. ‘For a long time, different ...

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Agriculture average interest rate hits 31.0 percent in September- BoG report

Agric interest rate

Average interest rate on agricultural loans by banks has reached 31.00 percent as at September 2017. This is according to the Bank of Ghana’s Annual Percentage Rate and Average Interest report. The report also shows that National Investment Bank offers the highest agric loans at 37.2 percent. But Bank of Baroda and Standard Chartered Bank offer the lowest rate of ...

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Businesses to face sanction for non renewal of license

Sanction

The Registrar General’s Department (RGD) has announced it will sanction companies that default in re-registering their businesses. The caution comes even though a deadline for defaulting companies is expected to be announced by the end of October 2017. The exercise also forms part of moves by the Registrar General’s Department to improve upon its operations. Even though the law stipulates ...

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University affiliation system to be scrapped

affiliation

The Minister of State in charge of Tertiary Education, Prof. Kwesi Yankah, has revealed that the current system of mentoring and affiliation – wherein a private university college understudies a public university until the private university college becomes mature – will soon be abolished. “Indeed, sweeping reforms in tertiary education are underway and waiting to be announced,” he said at ...

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Gold hits second highest growth

gold

Gold recorded its second highest growth of about 25 percent between August 2016 and August 2017. Export revenue from the mineral went up from US$3billion to US$3.79billion within the one-year period. However, cocoa recorded the least growth in export revenue of about 16 percent. The cash crop raked in US$1.99billion in August 2017 from the US$1.72billion recorded in August 2016. ...

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Ghana clears 2007 Eurobond

bond

Ghana has cleared her first Eurobond issued in 2007. A former Finance Minister, Seth Terkper who confirmed this to Citi Business News said the government cleared the final instalment of the bond on October 4, 2017. According to him, the government resorted to about 200 million dollars from proceeds from oil and previous bonds issued to retire the debt. Reacting ...

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Cashew sector gets major boost

cashew

A trilateral agreement has been signed between Ghana, Brazil and Germany – meant to foster research capacities in the Ghanaian cashew sector as well as to develop cashew apple processing capacities and a market for cashew by-products. Ghana is experiencing a yield gap with a production of 700 kilogrammes per hectare, whereas other countries, including Brazil, are producing about 1,200 ...

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Importers shun refund on 25% VAT–GRA

Importers

The Ghana Revenue Authority (GRA) has bemoaned the low participation of exporters and importers in retrieving their VAT refund. Speaking on the issue, Revenue Officer, with the Ghana Revenue Authority, Akwesi Osei Nkrumah appealed to importers and exporters’ t0 retrieve their funds. “When you are exporting, the law empowers you to come back to us and take that VAT back, ...

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Investors neglect GAX despite improved performances

performing stock markets

Despite the continuous decline in interest rates on fixed income securities, investors looking to cash in on stocks have and continue to neglect the four listed equities on the Ghana Alternative Exchange (GAX), preferring stick to the main bourse. A 2017 half-year review of the economy and the capital market by FirstBanC Research, a subsidiary of FirstBanC Financial Services, indicates ...

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Ghanaian businesses prefer cash payment to electronic—Report

Mobile money fraud

A new report from ‘Better Than Cash Alliance’, an organization under the United Nations (UN) has shown that Ghanaian businesses prefer to pay in cash rather than make payments electronically. The report, titled, ‘Building an Inclusive Digital Payments Ecosystem’, points out that the total value of payments made in 2016 was 561 billion cedis. Out this figure, 37 percent was ...

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