Category: Business & Finance

  • MTN Ghana apologizes to customers for service interruption, blames it on undersea cable cut

    MTN Ghana apologizes to customers for service interruption, blames it on undersea cable cut

    Telecommunication giant MTN Ghana has apologized to its numerous customers over interruption in both call and data services. In a broadcast message distributed to its customer on Thursday, March, 14, 2024, MTN explained that the technical challenge being faced was as a result of its undersea cables malfunctioning. MTN therefore assured its cherished customers that…

  • Bitcoin price surges past $69,000 to new all-time high

    Bitcoin price surges past $69,000 to new all-time high

    The value of Bitcoin has reached a new all-time high, surpassing the previous record set in November 2021. This surge in price has been driven by major US financial institutions investing billions in the cryptocurrency. However, financial experts warn that the volatile nature of crypto assets could lead to significant price fluctuations. Bitcoin, created in…

  • Cedi depreciates almost 6% to dollar since January 1, 2024; one dollar equals GH¢13.05

    Cedi depreciates almost 6% to dollar since January 1, 2024; one dollar equals GH¢13.05

    The Ghana cedi faced challenges last week as it lost 1.73% against the US dollar, bringing its year-to-date decline to 5.88%. Additionally, it depreciated by 2.76% against the pound and 4.23% against the euro. This downward trend is attributed to persistent demand pressures on the local currency. Despite the Bank of Ghana auctioning $20 million…

  • Real sector of economy records mixed performance – BoG

    Real sector of economy records mixed performance – BoG

    Data released by the Bank of Ghana shows a mixed performance in the real sector of the Ghanaian economy in the eleven months of 2023. The January 2024 Monetary Policy Report reveals that consumer spending, as indicated by domestic VAT collections and retail sales, showed a strong performance in November 2023 compared to the same…

  • IMF refuses to comment on Ghana’s anti-LGBTQI+ bill now

    IMF refuses to comment on Ghana’s anti-LGBTQI+ bill now

    The International Monetary Fund (IMF) has refrained from providing comments on the recently passed anti LGBTQI+ bill in Parliament. The bill has not yet been signed into law by President Akufo-Addo. The IMF stated that it has not conducted an economic and financial evaluation of the law’s impact on the country. In response to questions…

  • BOG suspends foreign exchange trading licences of GT Bank and FBN Bank

    BOG suspends foreign exchange trading licences of GT Bank and FBN Bank

    The Bank of Ghana (BoG) has taken action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) by suspending their foreign exchange trading Licences for a period of one month, effective 18th March 2024. This decision is in line with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723). The…

  • Canon to spotlight sustainability champions at Global Good Awards 2024

    Canon to spotlight sustainability champions at Global Good Awards 2024

    Canon EMEA, a leading imaging company, is continuing its sponsorship of the Canon Young Champion of the Year category at the Global Good Awards for the fifth consecutive year. This category aims to recognize and celebrate the achievements of young campaigners who are driving positive change in sustainability. Entries for the Canon Young Champion of…

  • Inflation to inch up to 23.9% in February 2024

    Inflation to inch up to 23.9% in February 2024

    In February 2024, inflation is expected to rise for the second consecutive month, reaching 23.9%. IC Research has identified potential factors that could contribute to this increase, including new taxes like the emissions levy affecting the industrial and transport sectors, as well as higher excise duty on cider beer and imported plastic packaging. The projection…

  • Feasibility of KPMG-Ghana accepting an engagement to conduct special audit of contentious GRA-Finance Ministry contract with SML

    Feasibility of KPMG-Ghana accepting an engagement to conduct special audit of contentious GRA-Finance Ministry contract with SML

    KPMG, a prestigious auditing firm globally, has been under scrutiny for its decision to conduct a special audit of a controversial contract between SML and the Ghana Revenue Authority (GRA). Critics from IMANI-Ghana, ACEP, and the Fourth Estate have raised concerns about the feasibility of completing the audit within the given two-week timeframe, KPMG’s independence…

  • Regimanuel Chair urges developers to embrace vertical development speedily

    Regimanuel Chair urges developers to embrace vertical development speedily

    Mr. Emmanuel Botchwey, the Executive Chairman of Regimanuel Gray Ltd, has emphasized the need for stakeholders in Ghana’s housing industry to embrace vertical development in order to accommodate the growing urban population. Speaking at the Ghana Real Estate Developers Association (GREDA) CEOs Breakfast Meeting in Accra, Mr. Botchwey highlighted the urgency of preparing for the…