Author: admin

  • 9 banks could be insolvent from impact of domestic debt exchange – Report

    9 banks could be insolvent from impact of domestic debt exchange – Report

    If the International Financial Reporting Standard (IFRS) nine is applied in a stricter sense, nine Ghanaian banks could be insolvent from the impact of the Domestic Debt Exchange Programme on their operations. However, six banks may not experience any capital losses, while eight banks may experience mild capital losses. According to a paper by banking […]

  • Volkswagen takes over the responsibility of vehicle assembly in Ghana

    Volkswagen takes over the responsibility of vehicle assembly in Ghana

    Volkswagen is reaffirming its commitment to the development of the automotive industry in Ghana with the opening of a new vehicle assembly facility in Accra. With this move, Volkswagen also takes over the new vehicle assembly responsibility from its licensed importer in Ghana, Universal Motors Limited (UML).  UML was awarded the assembly contract when Volkswagen […]

  • GBFoods expands factory in Ghana, commits $5m in state-of-the-art tomato canning line

    GBFoods expands factory in Ghana, commits $5m in state-of-the-art tomato canning line

    GBFoods, a leading food manufacturing company and producer of Ghana’s favourite Gino and Pomo range of products, has today expanded its production line by commissioning a state-of-the-art tomato canning line in Tema. Built at a total cost of $5 million, this state-of-the-art tomato canning is aimed at reducing the number of raw materials imported in […]

  • GCB completes first PAPSS client transaction

    GCB completes first PAPSS client transaction

    GCB Bank Plc has successfully completed the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana. The transaction involved a Ghanaian incorporated entity initiating a supplier payment from GCB  in Ghana cedis to a beneficiary in Nigeria – who received the payment in naira instantly. This innovation revolutionalises the way Ghanaian individuals and […]

  • Government saves ¢220m from significant fall in interest on T-bills

    Government saves ¢220m from significant fall in interest on T-bills

    The Ghana Government saved ¢220 million from the significant fall in Treasury bills yields. According to the Executive Director of Dalex Finance, Joe Jackson, the interest rates on the Treasury bills will even drop further in the coming weeks. The government on Tuesday, March 7, 2023, beat the cost of its Treasury bills down significantly, […]

  • We’ll strike off over 500,000 businesses from register – Office of Registrar of Companies warns again

    We’ll strike off over 500,000 businesses from register – Office of Registrar of Companies warns again

    The Office of Registrar of Companies has reiterated its position to strike off businesses from the register that have not renewed their certificates or filed their annual returns since incorporation. More than 500,000 companies are expected to be affected by this directive. Speaking at a programme organised by the UK Ghana Chamber of Commerce, the […]

  • Labadi Beach Hotel presents ¢10m dividend to SSNIT

    Labadi Beach Hotel presents ¢10m dividend to SSNIT

    Ghana’s premier 5-Star Hotel, Labadi Beach Hotel has presented a dividend of ¢10 million for the year 2021 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT). This achievement is unprecedented in the history of the company. Since its inception in 1991, the hotel has led Ghana’s hospitality industry, providing exceptional services […]

  • EU partners government to launch Circular Economy Competition

    EU partners government to launch Circular Economy Competition

    The European Union (EU) in partnership with the Ministry of Finance and the Ministry of Environment, Science, Technology has launched the 2nd edition of the Circular Economy Competition to support Ghana’s gradual transition to a circular economy. The Circular economy competition is a contest that helps small businesses and start-ups in the circular economy in Ghana […]

  • IES raises doubts on claimant to 600,000 barrels Russian oil

    IES raises doubts on claimant to 600,000 barrels Russian oil

    The Institute for Energy Security (IES) has raised doubts over the claimant to the 600,000 barrels of Oil that arrived in Ghana on Friday from Russia. A release by the IES indicated that the consignment aboard the vessel MT Theseus is being stashed in Ghana as the pool of buyers shrinks after Russia was blacklisted […]

  • Producer Price Inflation decreases marginally to 52.1% in January 2023

    Producer Price Inflation decreases marginally to 52.1% in January 2023

    Recent data from the Ghana Statistical Service, GSS, indicates that the Producer Price Inflation (PPI) for the month of January, 2023 fell marginally to 52.1%, from the 52.2% recorded in December 2022. Producer price inflation is the average prices of goods and services received by domestic producers for their production activities. Per the latest data […]