Economy

Euros, Pounds Are Also Struggling Against The Dollar – Bawumia’s Spokesperson

The Spokesperson for the Vice President, Dr. Gideon Boako, has said the assessment of the depreciating Cedi should be within the context of other currencies losing value to the dollar. Besides saying the “magnitude of depreciation is not huge”, Dr. Boako insisted that Ghanaians also take into consideration the depreciation of other major currencies. “You may think that because Ghana ...

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MTN’s presence boosts stock market’s capital to GH¢65bn

The total value of the Ghana Stock Exchange has reached 65 billion cedis. It follows the successful listing of MTN on the stock market, on Wednesday [September 5, 2018]. As a result, the telecom company has started trading its shares on the Ghana Stock Exchange. MTN concluded its IPO in July which allows the public to own a stake in ...

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I Was Chased Away By Bread Sellers In the Central Region – CEO of A1 bread

The Chief Executive Officer of A1 Bread, Godfried Obeng Boateng has revealed that he was chased away from the Central region by some local bread sellers. According to Mr. Obeng Boateng, members of the Cape Coast Bakers Association and their distributors were uncomfortable with his decision to introduce A1 in Cape Coast and decided to chase his distributors away. The ...

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CURRENCY DEPRECIATION: ONE REASON WHY YOU MUST BE CONCERNED

There are many things that are of prime concern for every nation. Currency depreciation is one of such. The implications of this situation can be beneficial and, in some cases, can be detrimental for any economy. For example, the recent currency depreciation that were experienced by Turkey and Argentina has greatly disturbed these two economies. To explain further, Consumer News ...

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Draw Lessons From Elsewhere To Revamp Banking Sector — Seth Terkper

Former Finance Minister, Mr Seth Terkper, has stressed the need for a review of the country’s banking laws to incorporate same practices as used in other advanced countries. “We need to make the necessary regulatory corrections and necessary statutory corrections, insist on proper oversight resposibilities by Parliament, and explore the possibility of placing the non-bank financial sector under a financial ...

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Ghana Revenue Authority To Undertake Excise Tax Stamp Enforcement

The Ghana Revenue Authority (GRA) says its enforcement task force teams will soon conduct unannounced inspection visits to enforce compliance of the Excise Tax Stamp Act. A statement issued by the Commissioner-General of the GRA said, products without the Tax Stamp would be detained and or seized and applicable sanctions imposed. The Act requires that Excise Tax Stamp be affixed ...

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Banking consultant supports enactment of Financial Stability Act

A banking consultant, Dr. Richmond Atuahene has backed calls for the enactment of a financial stability sector act to enhance collaboration among regulators in the financial space. The calls for the crafting of such a law followed the three day probe by Parliament’s Finance Committee into the banking sector crisis, which unearthed  the lack of collaboration among regulators in the banking, ...

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Cedi to hit 5 to a dollar as external pressures soar – Analyst

Some currency analysts are projecting that the cedi will continue its losing streak against major trading currencies until external factors influencing its performance, subsidise. The local currency has been depreciating against the dollar particularly for some time now with some analysts it will hit the 5 cedis mark soon. As at close of business on Monday [September 10, 2018], some ...

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BoG caps tenure of CEOs, directors of banks – New directive takes immediate effect

BOG new directive

The Bank of Ghana (BoG) has issued a directive to cap the tenure of the office of all managing directors or chief executive officers (MD/CEO) of regulated financial institutions at four years. However, this is renewable only for two additional terms of four years each. The new directive, which takes immediate effect, also restricts the tenure of office of non-executive ...

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THE VILLAGE GIRL MAKING GLOBAL IMPACT

Hamamat

Hamamat African Beauty is making waves in the country’s business climate by being the first online-based retailer to ship freshly handmade shea butter directly from Ghana to the world. The brand, known for its collection of natural African skincare products, was founded by proud Ghanaian native and former model and beauty queen, Hamamat Montia. A dynamic individual and a source ...

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