Business

21 Jul

About ¢5bn In Bribes Paid In Both Private And Public Sectors In 2021 – GSS

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About ¢5 billion in bribes were paid in both the private and the public sectors, a survey by the Ghana Statistical Service (GSS) has revealed. The report dubbed ‘2021 Ghana Integrity of Public Services Survey’ indicates that 26.7% public sector officials were engaged in bribery acts, whilst 9.1% were officials from the private sector. According to Government Statistician, Professor Samuel Kobina Annim, corruption was prevalent within the Ghana Police Service. The service recorded 53.2% corrupt cases, followed by the Ghana Immigration Service and the Ghana Revenue Authority with 37.4% and 33.6% respectively. Prevalence of bribery in Ghana The report also…
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Why Are Foreign Banks Dominating In Ghana But Ghanaian Banks Aren’t In Other Lands? – TUC Boss
19 Jul

Why Are Foreign Banks Dominating In Ghana But Ghanaian Banks Aren’t In Other Lands? – TUC Boss

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The Ghanaian economy must be structured in a way that will enable locals produce what they eat and also eat what they produce, Secretary-General of the Trades Union Congress (TUC) Dr Anthony Yaw Baah has said. In his view, the Ghanaian economy needs serious restructuring to favour local entrepreneurs. Dr Yaw Baah said these at a press conference while speaking on the conditions of the Ghanaian worker vis-à-vis the decision by the government to go to the International Monetary Fund (IMF) for support, on Monday July 18. He rejected the decision to go to the Fund because in his view, the Bretton…
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Railway Company To Begin Tema-Accra Shuttle Train Services Today
18 Jul

Railway Company To Begin Tema-Accra Shuttle Train Services Today

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Management of Ghana Railway Company Limited (GRCL) will resume the Tema-Accra passenger train service from today, Monday, July 18, 2022, which was suspended temporarily for rehabilitation works. “After successfully addressing some technical challenges, GRCL conducted a series of test runs and a final joint inspection was also carried out on July 7, 2022, by GRCL and Ghana Railway Development Authority (GRDA) to ascertain the suitability of the line for passenger service,” a statement from GRCL noted. In the statement, the Ghana Railway Company Limited said GRDA, the industry regulator, has granted it the approval to commence the shuttle service. “The…
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Oil Futures Have Slid Below $100 As Investors Brace For Recession
18 Jul

Oil Futures Have Slid Below $100 As Investors Brace For Recession

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Underneath a chaotic global energy market is a dislocation between oil prices on the futures and physical market that appears to have emerged. Oil futures have undergone immense battering recently as fears of a recession come into full force. The global benchmark Brent crude fell below $100 earlier this week, heading for its 5th straight weekly loss and longest streak of losses this year. The last time Brent crude fell for that many weeks in a row was last November. Hot inflation and interest rate hikes around the world have darkened the outlook for the global economy and increased the prospect of a recession. Fresh data…
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IEA Suggests Hybrid Approach In Tackling Rising Inflation Rate
14 Jul

IEA Suggests Hybrid Approach In Tackling Rising Inflation Rate

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The Institute of Economic Affairs (IEA) is asking the government to take overall responsibility in checking the rise in the country’s inflation rate, as it suggests the use of a hybrid approach to deal with the situation over the long term. This approach, according to the Institute, is a combination of the inflation targeting approach, which targets headline inflation, and an approach that directly targets key components that drive up the cost of items that determines the consumer price inflation in the country. Proposing the new approach to address the rising inflation which currently stands at 29.8 percent, the Institute…
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Stakeholders Call For Increased Transparency In How E-Levy Funds Are Used
13 Jul

Stakeholders Call For Increased Transparency In How E-Levy Funds Are Used

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The Chief Executive Officer of the Ghana Chamber of Telecommunications, Dr. Ing. Kenneth Ashigbey, has backed calls for transparency in the manner in which funds accrued from the Electronic Transfer Levy (E-Levy) are used. One of the sources the government was hoping would help it raise much-needed revenue is the E-Levy, but information from government’s quarters indicates that it is underperforming woefully. A leading member of the New Patriotic Party (NPP) Gabby Asare Otchere-Darko recently noted that the tax measure since its implementation has generated only 10% of estimated revenue, causing some to call for it to be scrapped. Others…
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Ghana’s Inflation Rate Soars Again; Hits 29.8% In June 2022
13 Jul

Ghana’s Inflation Rate Soars Again; Hits 29.8% In June 2022

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Ghana’s inflation rate soared again to hit 29.8 percent in the month of June, a 2.2 percentage point increase compared to the 27.6 percent recorded in May. This comes as many stakeholders continue to mount pressure on the government and the Bank of Ghana to quickly institute measures to check the continuous rise in the inflation rate. The 2.2 percentage points gap however comes as the lowest increase recorded since February. This signifies a slow-down in the inflation curve compared to previous months. On a monthly basis, inflation between May 2022 and June 2022 was three percent. The rise in…
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President Akufo-Addo Speaks On Ongoing Global Economic Turmoil
10 Jul

President Akufo-Addo Speaks On Ongoing Global Economic Turmoil

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President Akufo-Addo in his capacity as the African Union Champion of Financial Institutions addressed the Boma of Africa (www.africaboma.com), at the invitation of the African Union and AfroChampions, on the ongoing global economic turmoil. He strongly urged the assembled leaders to prioritise and focus on collective actions to strengthen Africa's influence in the global economic order. He expressed concern that smaller economies, many of them in Africa, often suffer the harshest consequences during global downturns though they contribute the least to the causes of these upheavals. The international instruments for resolving these crises lack input from smaller economies. Africa therefore…
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S&L Sub-Sector Contributes 35.1% Of Total Assets For Q1 Of 2022 – BoG
08 Jul

S&L Sub-Sector Contributes 35.1% Of Total Assets For Q1 Of 2022 – BoG

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Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has disclosed that the savings and loans sub-sector contributed 35.1 percent of the total assets of the specialized deposit-taking institutions sector in the first quarter of 2022. While commending the savings and loans sector for their significant role in the economy at the 12th Annual General Meeting of the Ghana Association of Savings and Loans Companies (GHASALC), Mrs. Addo Awadzi disclosed that “at the end of the first quarter of 2022, total assets of the specialized deposit taking institutions sector was about GHS16 billion. Of this, savings and loans…
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Help COCOBOD Develop A Robust Risk Management System – IAA Boss
08 Jul

Help COCOBOD Develop A Robust Risk Management System – IAA Boss

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A five-member Audit Committee has been inaugurated by the Director-General of the Internal Audit Agency (IAA), Dr. Eric Oduro Osae at the Ghana Cocoa Board (COCOBOD). Dr. Oduro Osae charged the committee should help the organisation to develop a robust risk management policy to anticipate risks, ensure constant awareness of the organisation’s risk exposures and put in place mitigating measures. He asked the committee members to be guided by the Public Financial Management Act, 2016 (Act 921) to creditably perform their mandatory, supportive, and advisory roles, especially, in risk management. Dr. Oduro Osae said under the mandatory role of the…
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