Joy Business News

April 08, 2024 06:15 - 7 minutes - 6.88 MB

News from the world of business.

Price Stabilization and Recovery Levy

April 04, 2024 18:15 - 9 minutes - 8.75 MB

The National Petroleum Authority (NPA) has reversed the suspension of the Price Stabilization and Recovery Levy on the price build-up of petroleum products.

3rd Tranche of IMF Deal

April 01, 2024 18:15 - 10 minutes - 9.47 MB

Staff of the International Monetary Fund (IMF), have landed in Ghana to conduct the second review of the three-year $3 billion IMF-backed Programme for Economic Growth (PC-PEG) post-COVID-19.

The National Petroleum Authority (NPA), will from April 2024 set the “floor” for pricing of petroleum products in Ghana, which will prevent any industry player including the Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Marketing (LPGMC) Firms from pricing below that value or benchmark.

IMF Bailout

March 25, 2024 18:15 - 8 minutes - 7.96 MB

Governor of the bank of Ghana hints of another round of bailout to deal with remaining claims.

2024 Interest Rates

March 24, 2024 18:15 - 9 minutes - 8.53 MB

Interest rates tumbled for the 12th consecutive week in 2024 in line with most analysts forecasts. The 91-day bill fell by 50 basis points to 25.99%.

Damaged Internet Cables

March 21, 2024 18:15 - 10 minutes - 9.27 MB

The Subsea cable landing Service providers have set sail for their vessels to commence work on cut subsea cables.

Ghana's Debt Situation

March 18, 2024 06:15 - 7 minutes - 6.6 MB

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is advising Ghana to reach a better deal with its Eurobond holders, saying, failure to do so risks prolonging Ghana’s debt situation.

Free Mobile Roaming Services

March 12, 2024 06:15 - 10 minutes - 9.16 MB

The Ghana government through the National Communications Authority is in talks with The Gambia and Benin to roll out free mobile roaming services for their citizens.

Dr. John Kumah's Demise

March 08, 2024 06:15 - 10 minutes - 9.96 MB

The Minister of Finance, Dr Mohammed Amin Adam, has expressed profound sadness following the passing of Dr John Ampontuah Kumah, the late Deputy Finance Minister. The 45-year-old Ejisu MP passed on after he reportedly succumbed to a brief illness on Thursday, March 7, according to sources close to his family.

Anti LGBTQ Bill

March 06, 2024 06:15 - 9 minutes - 8.5 MB

Economist, and Dean of the University of Cape Coast (UCC) Business School, Prof John Gatsi has argued that the Bretton Wood institutions cannot penalize Ghana, and consequently withdraw financial assistance to the country based on factors such as passing a law against LGBTQ+.

IPP Debt Restructuring Agreement

February 29, 2024 06:15 - 10 minutes - 9.3 MB

Government is targeting the end of March this year to sign off debt restructuring agreement reached with Independent Power Producers (IPPs). Government has also stated that the debt owed the power producers has been reduced to about $700 million.

Cedi Depreciation

February 27, 2024 06:15 - 9 minutes - 8.73 MB

The Ghana cedi has lost about 4.44% in value to the US dollar since the beginning of the year. Last week, the local currency weakened 1.37% to the American greenback week-on-week, as a result of immense corporate demand and cedi-funded foreign exchange pressure.

Interest Rate

February 19, 2024 06:15 - 11 minutes - 10.3 MB

Interest rates fell for the seventh consecutive week despite a marginal increase in the January 2024 inflation. According to the auction results by the Bank of Ghana, the government exceeded its target once again.

Interest Rate

February 19, 2024 06:15 - 11 minutes - 10.3 MB

Interest rates fell for the seventh consecutive week despite a marginal increase in the January 2024 inflation. According to the auction results by the Bank of Ghana, the government exceeded its target once again.

Local Currency Depreciation

February 13, 2024 18:15 - 8 minutes - 8.2 MB

The persistent demand pressures for the dollar would continue to weigh negatively on the cedi's performance this week. This follows a marginal depreciation of the local currency last week, taking its year-to-date loss to about 3.0%.

Ghana's Treasury Bills Sale

February 12, 2024 06:15 - 9 minutes - 8.86 MB

Government raised GH¢6.86 billion via treasury bills, the biggest so far this year. According to the latest T-bills auction by the Bank of Ghana, the government recorded 51.8% oversubscription of the T-bills sale. The target for the auction was GH¢4.58 billion.

Ghana’s Revenue Growth

February 08, 2024 06:15 - 10 minutes - 9.61 MB

Government under Pressure to explore new options to improve Ghanas Revenue position after abolishing VAT on domestic electricity consumption.

Ghana’s Debt Restructuring

February 07, 2024 06:15 - 7 minutes - 6.92 MB

Government aims to conclude debt restructuring negotiations with commercial creditors by end of February

Interest Rates

February 04, 2024 18:15 - 10 minutes - 9.58 MB

Interest rates fell for the fifth consecutive week on the yield curve, according to results of treasury bills auction by the Bank of Ghana.

Tax Rates

February 01, 2024 18:15 - 10 minutes - 10 MB

Tax Partner at PwC Ghana, Abeku Gyan-Quansah has revealed that the current high tax levels in the country has resulted in some multinational companies relocating to friendlier business environment outside Ghana.

Treasury Bill Auction

January 28, 2024 18:15 - 11 minutes - 10.1 MB

The government recorded 121.4% oversubscription of Treasury bills to the tune of GH¢5.606 billion.

15% VAT Increment

January 26, 2024 06:15 - 9 minutes - 8.96 MB

The Vice Chairman of the Trade Union Congress, Ken Koduah, has urged the government to prove its financial capability to the International Monetary Fund (IMF) through other means beyond the imposition of VAT on electricity consumption.

Gross Domestic Product in 2024

January 24, 2024 18:15 - 10 minutes - 9.54 MB

The International Monetary Fund expects revenue to underperform the Ghana Government target by 0.1% of Gross Domestic Product in 2024, while expenditure overshoots the target by a similar margin.

UKGCC Survey

January 18, 2024 18:15 - 11 minutes - 10.8 MB

72% of firms perceive Ghana’s business environment as lagging behind peers – UKGCC 2023 Business & Competitiveness Survey

2nd Tranche of IMF Deal

January 15, 2024 18:15 - 10 minutes - 9.89 MB

The government has commended Ghana’s bilateral creditors for reaching an agreement with the country to restructure $5.4 billion in loans.

2nd Tranche of IMF Deal

January 15, 2024 18:15 - 10 minutes - 9.89 MB

The government has commended Ghana’s bilateral creditors for reaching an agreement with the country to restructure $5.4 billion in loans.

2nd Tranche of IMF Deal

January 14, 2024 18:15 - 10 minutes - 9.54 MB

The International Monetary Fund (IMF) has rescheduled its Executive Board meeting to review Ghana’s programme and approve some $600 million for the country to January 19, 2024.

High Tax Rate

January 11, 2024 18:15 - 10 minutes - 9.39 MB

Businesses forecast low sales in the first quarter of this year due to high taxes.

IMF Bailout

January 05, 2024 06:15 - 9 minutes - 4.21 MB

Ghana’s official creditors to meet on Monday to discuss restructuring some $5.4billion to be able to secure next tranche of money from IMF

Money transaction in Ghana

January 04, 2024 06:15 - 10 minutes - 4.68 MB

Mobile money stands out as the predominant channel in Ghana’s payment

VAT Amendment Bill

December 25, 2023 06:15 - 9 minutes - 4.55 MB

Be prepared to pay 21% more for some goods and services from next month after parliament approved the VAT amendment bill.

Bad Debt

December 22, 2023 06:15 - 10 minutes - 9.53 MB

Banks wrote off ¢3.19 billion as bad debt in October 2023, a 9.5% growth year-on-year, the Domestic Banks Income Statement published by the Bank of Ghana revealed. This is compared to the ¢2.92 billion registered during the same period in 2022.

Bad Debt

December 22, 2023 06:15 - 10 minutes - 9.53 MB

Banks wrote off ¢3.19 billion as bad debt in October 2023, a 9.5% growth year-on-year, the Domestic Banks Income Statement published by the Bank of Ghana revealed. This is compared to the ¢2.92 billion registered during the same period in 2022.

IMF Bailout

December 18, 2023 06:15 - 11 minutes - 10.2 MB

IMF reschedules Board meeting over $600m disbursement to Ghana to January 11, 2024

L.I. to restrict import of selected products

December 13, 2023 06:15 - 11 minutes - 10.7 MB

I am not a thief; LI to restrict imports is not for my benefit – K T Hammond to critics

MTN Stock

December 06, 2023 18:15 - 10 minutes - 9.75 MB

Shares of MTN Ghana on the Ghana Stock Exchange is expected to receive a major boost following the appointment of Stephen Blewett as the new Chief Executive Officer of MTN Ghana.

Industry Rate

December 05, 2023 18:15 - 9 minutes - 8.44 MB

The industrial sector is expected to turn around in 2024, with a growth rate of 3.7%, the Institute of Statistical, Social and Economic Research (ISSER) has stated.

Treasury Bill Raise

December 04, 2023 18:15 - 11 minutes - 10.5 MB

The government raised ¢15.32billion in Treasury bills in November 2023, across the 91 to 364-day bills to cover matured bills worth ¢10.60 billion . This is a 17.0% increase over the month of October 2023.

Fuel Prices

November 30, 2023 06:15 - 10 minutes - 9.57 MB

Prices of petroleum products likely to remain relatively stable in the next two weeks.

Fuel Prices

November 30, 2023 06:15 - 10 minutes - 9.57 MB

Prices of petroleum products likely to remain relatively stable in the next two weeks.

Financial Sector Shake-Up

November 29, 2023 06:15 - 12 minutes - 11.3 MB

Bank of Ghana to close down some non-bank financial institutions facing serious liquidity challenges.

IMF cash, cocoa loan to arrive before end of 2023

November 28, 2023 06:15 - 11 minutes - 10.6 MB

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has assured that Ghana will secure the second tranche of the International Monetary Fund (IMF) bailout package and the cocoa syndication loan before the end of 2023

Ghana's Public Debt

November 27, 2023 05:15 - 9 minutes - 9.08 MB

Ghana’s public debt falls by GH₵14.2bn to GHS 567.3 billion as of September 2023

Electronic VISAs

November 24, 2023 06:15 - 9 minutes - 9.03 MB

Government working to roll out an electronic VISA platform from the first quarter of next year to deal with VISA acquisition challenges faced by tourists and investors wanting to do business in the country- Transport Ministry

Inflation

November 23, 2023 06:15 - 9 minutes - 8.71 MB

Banks fear election related spending and valid overruns could result in interest rate surge next year and affect deposit mobilization.

Global Financial Watch

November 21, 2023 06:15 - 9 minutes - 8.83 MB

International Monetary Fund(IMF) revises again board meeting date on Ghana’s programme review to the first week of December over concerns about China’s position on debt restructuring.

Economy

November 20, 2023 06:15 - 10 minutes - 9.53 MB

Interest rates fall for the second week as government T bills are oversubscribed by 14.75%

Fuel Prices

November 17, 2023 05:15 - 11 minutes - 10.7 MB

Some Oil Marketing company reduce prices of petroleum products at pumps as some companies link reduction to the decline of price in crude oil.

2024 Budget

November 16, 2023 06:15 - 10 minutes - 9.29 MB

Government insists the 2024 budget will help sustain current economic recovery and aid private sector growth

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