Half year return on petroleum funds declines

Amid the novel coronavirus, returns on Ghana’s petroleum funds has declined by 23.48 percent for the first half of 2020 from the income accrued during the same period of 2019. According to the semi-annual report on the Petroleum holding fund, for first half of 2020, the Ghana Petroleum Funds returned a net realized income of US$8.57 million compared to US$11.20 […]

Local alcohol distillery illustrates need for state support

The dilemma of an indigenous entrepreneur, Derrick Dotse, who is engaged in distilling a hugely successful brand of herbal based alcoholic drink – a genre popularly known as ‘bitters” vividly illustrates the need for state support for small indigenous manufacturers whose activities still straddle the formal and informal sectors, but who have strong growth potential. Dotse produces Wengeze bitters, a […]

Government pays DKM customers in Sunyani

Government has listed over 300 customers of the defunct DKM Diamond Microfinance Limited to paid their locked-up funds. This comes a little over a week after former President John Dramani Mahama promised to settle aggrieved customers of defunct financial firms within a year if he is re-elected. “I weep for the many who have lost their jobs, the many who […]

Two banking and telecom counters drive stock market higher

The benchmark index closed the week 14.87 points (+0.80%) higher on the back of two banking and telecom counters at 1,877.64 with a -16.81% year-to-date return while the market capitalization increased by 0.29% to close at GH¢52.72 billion. CAL Bank (+7.69%) pushed the GSE Financial Index up by 5.57 points (+0.32%) to close at 1,730.78 with a -14.30% year-to-date return […]

Closure of banks shows BoG’s supervisory role is effective – BoG

The Bank of Ghana (BoG) has said that the closure of the weak banks and other financial institutions in the country during the recapitalisation exercise indicates that it has strengthened its regulatory role. In a statement to mark the 63rd anniversary of the central bank, the BoG noted that the scale up of the supervisory role has been seen in the closure […]

Chamber of Commerce and Industry lauds ‘Talk Tax’ reduction

The Ghana National Chamber of Commerce and Industry has lauded government for its decision to reduce the Communication Service Tax, also known as ‘Talk Tax’ from 9 to five percent. As part of efforts to mitigate the economic impact of Covid-19 on individual consumers and businesses, government announced the reduction in the Mid-year budget to take effect from September this […]

Reuters poll suggests cocoa prices may drop by 10% due to COVID-19

A Reuters poll of London cocoa futures forecast cocoa would cost 10% less at the end of the year, because of rising production and a hit to demand from the coronavirus crisis. But chocolate bars will not necessarily get cheaper partly because the price of cocoa is only one ingredient in the mix that makes up the retail price. DEMAND […]

Jobs and the environment will be protected in sale of Bogoso-Prestea Mine – Golden Star

Golden Star Resources Limited says the agreement with Future Global Resources to trade off 90 percent interest in the Bogoso-Prestea Gold Mine will not affect jobs. The Mine employs about 600 directly and 600 others indirectly. The President and Chief Executive Officer of Golden Star, Andrew Wray, who gave the assurance, says the new owner will not only maintain the […]

UBA Ghana appoints ex-Tullow MD Kweku Awotwi as board chairman

United Bank for Africa (UBA) Ghana has announced the appointment of Kweku Andoh Awotwi as its Board Chairman, following approval by the Bank of Ghana. Mr. Kweku Awotwi is the immediate past Managing Director of Tullow Oil Ghana Ltd and Executive Vice President of Tullow Oil Plc. He has over 30 years of work experience having occupied various managerial positions […]

Coronavirus: Reopening of bars could trigger spike in cases – Virologist warns

Health experts are warning Ghana could see a spike in Covid- 19 cases if measures are not taken to halt the flagrant disregard for social distancing and other protocols especially following the reopening of open-air bars. Over the weekend, it was a free-for-all party at some pubs in Accra. 3news.com’s Komla Adom, who visited Purple Pub in Osu reports all […]