Business Archives - Page 376 of 389

29 Jun

Ghana Has The 4th Cheapest Average Cost Of Internet In Africa – Statista

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Data from a leading provider of market and consumer data, Statista shows that Ghanaians enjoy the 4th cheapest internet data in Africa. Africa is said to have some of the highest costs of internet service, often blamed for the low rate of internet penetration on the continent. Equatorial Guinea currently has the most expensive price of mobile data, with one gigabyte costing as much as $49.67 followed by Sao Tome and Principe where one-gigabyte data costs $30.97 on the average. Even though Ghana’s neighbouring countries such as Togo, Burkina Faso and Benin buy internet data for as high as $4.69,…

24 Jun

CBOD Calls For A More Structured Supply Of Forex For Petroleum Products

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The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has blamed the inadequate supply of foreign exchange for the procurement of petroleum products at the doorsteps of commercial banks in the country. The remark comes on the back of a report from Bloomberg which claimed that Ghana faces a looming fuel shortage because the Bank of Ghana is rationing dollars. Ghana’s monthly fuel import bill stood at $450 million in May, up from $250 million in January. Addressing a media dialogue on the topic “Forex Challenges and Ghana’s Fuel Supply” organized by the chamber,…

24 Jun

DBG Funds Will Not Be Used To Buy Gov’t Securities – Deputy CEO Assures

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As stakeholders continue to lament the low level of lending to key sectors like Agriculture and manufacturing, the newly launched wholesale bank, the Development Bank Ghana is assuring that it will implement effective measures that will ensure their funds go to key sectors of the economy. Universal banks in the country, for some time now, have been accused of using a chunk of their funds to invest in less risky government securities instead of giving such funds out as credit to the private sector. According to the May 2022 edition of the Bank of Ghana’s Monetary Policy Report, the asset…

23 Jun

Adopt Common Regional and Continent-wide Approaches to Address Africa’s Challenges – VP Bawumia

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African governments have been urged to collaborate and implement a common strategy towards mitigating the destabilization and destruction wrought on the continent’s economies by the combined effects of the COVID 19 pandemic and the Russia-Ukraine conflict. Adopting a common approach with the ultimate aim of reducing dependency and becoming self-sufficient would not only help the continent weather the current storm, but also prepare her for any such upheavals in the future, the Vice President, Dr Mahamudu Bawumia has asserted. Speaking at the 22nd Annual General Meeting of the African Trade Insurance Agency in Accra on Thursday, June 23, 2022 Vice…

22 Jun

“African Risk Premium” Makes Borrowing Expensive For Africa – Akufo-Addo Laments

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As Ghana continues to be locked out of the international capital market, due to its high debt-to-GDP ratio as well as its poor credit ratings among others, President Akufo-Addo is calling for a scrapping of the “African risk premium” calculated into loans given to African countries. According to him, the phenomenon only makes the cost of capital for countries on the continent including Ghana exorbitantly expensive, thereby negating the effect of such facilities on their development agenda. Despite being locked out of the international capital market, Ghana can be described as being one of the most active African countries when…

22 Jun

West Africa Bloc Deploys Stabilizing Force To Guinea-Bissau

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West Africa's regional bloc, the Economic Community of West African States (ECOWAS) deployed troops to Guinea-Bissau on Monday to help stabilize the country after a failed coup earlier this year. The 15-nation bloc announced in February that it would deploy the force, a few days after President Umaru Sissoco Embalo survived what he called an assassination attempt by drug traffickers. read more "We thank ECOWAS heads of state for their... solidarity at a time when Bissau was grappling with upheavals linked to several attempts to subvert constitutional and democratic order," Defence Minister Marciano Silva Barbeiro said at an inauguration ceremony…

21 Jun

Tesla Sued By Former Employees Over ‘Mass Layoff’

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Former Tesla Inc (TSLA.O) employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a "mass layoff" violated federal law as the company did not provide advance notice of the job cuts. The lawsuit was filed late Sunday in Texas by two workers who said they were terminated from Tesla's gigafactory plant in Sparks, Nevada, in June. According to the suit, more than 500 employees were terminated at the Nevada factory. The workers allege the company failed to adhere to federal laws on mass layoffs that require a 60-day notification period under the…

20 Jun

Global Factors Responsible For 80% Of Ghana’s Current Inflation Rate – Head Of BoG Research

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As Ghanaians continue to deal with consistent increases in the cost of the goods and services they consume, which have seen the country’s inflation rate rise consistently for 12 straight months, reaching 27.6% in May this year, leadership of the Bank of Ghana says 80 % of the current rate can be attributed to global factors. As at May 2021 Ghana was enjoying the lowest rate of inflation it had recorded in years. At 7.5%, the rate had fallen within the medium term target band of the Bank of Ghana which has stayed at between 6 % and 10 %…

20 Jun

Ride-Hailing Drivers Push For Government Regulation Of Business

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As fuel prices continue to rise, the Online Drivers’ Union is calling on the government to regulate the activities of ride-hailing companies operating in the country. The group argues that despite their poor conditions of service, and the lack of pension contributions in their line of work, the service providers have failed to adjust their fares upwards even though fuel prices have gone up by around 100 percent. Speaking to Citi News, President of the union, Francis Tenge, stressed that government must intervene to protect the interest of citizens. “For the people who bet, there is the National Lottery Authority that…

20 Jun

Government Withdraws Tax Exemptions Bill From Parliament

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Government has withdrawn the Tax Exemptions Bill from Parliament. Even though no official reason was given on the floor for the withdrawal, Citi Business News sources indicate that the withdrawal is to make way for corrections and amendments to the bill. The Tax Exemptions bill, when approved, is expected to harmonise the tax exemption and incentives regime in the country and help make it more efficient. It will comprise tax waivers given to local and foreign companies to encourage increased investment and more foreign direct investment in the economy. Since 2017, government has made several attempts to pass the Tax Exemption bill…