Business Archives - Page 386 of 389

14 Apr

Ghana’s Oil Revenue Up 17.5% Despite Decrease In Production – PIAC

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Data from the Public Interest and Accountability Committee (PIAC) has disclosed that Ghana’s revenue from oil production saw an increase to a record US$783.33 million in the year ending 2021. This represents a 17.5 percent increase in revenue from the US$666.39 million recorded in 2020. According to PIAC, this increase is due to higher crude oil prices on the global market. Despite an increase in the turnover of oil production, the volume of barrels of crude oil reduced in the year ending 2021. Annual crude oil production declined by 17.7 percent from 66,926,806 bbls in 2020 to 55,050,391 bbls in…

14 Apr

We’re Working To Ensure Successful Implementation Of E-Levy – Telcos Chamber

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The Ghana Chamber of Telecommunications, says despite the tough demands that come with the reconfiguration of the systems of Electronic Money Issuers (EMI’s) in Ghana, for the implementation of the Electronic transfer Levy (E-Levy), its members are committed to making sure the implementation comes off successfully. The implementation of the E-levy, which is expected to commence in May 2022, was originally expected to help bring in about GH¢6.9 billion this year to shore up government’s revenue. The Finance Minister, Ken Ofori-Atta, in an interaction with the media, mentioned that government expects systems that will pave the way for the implementation…

14 Apr

More Oil Cash Could Help Gov’t Meet 2022 Revenue Target – Seth Terkper

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Former Finance Minister, Seth Terkper says a sustained high price of crude oil on the international market could help government in raking in much-needed revenue for this year. From a revenue target of GH¢72 billion in 2021, government has set for itself a new target of GH¢ 100 billion for 2022, and is hoping the coming implementation of the Electronic Transfer Levy, in addition to other measures, will help in achieving the high target. So far a barrel of Brent Crude oil has risen from about $76 at the start of this year to a high of about $140 in…

13 Apr

Cocobod Boss Clears Air On Fertilizer Shortage Warning

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Chief Executive Officer of Ghana Cocoa Board (COCOBOD) Joseph Boahen Aidoo has insisted that he was misconstrued to have ever suggested that government will not buy fertilizer for cocoa farmers in the coming years. Joseph Boahen Aidoo, during the inauguration of management committees for the Cocoa Research Institute of Ghana(CRIG), the Seed Production Division(SPD), and the Cocoa Health and Extension Division, spoke of events in Ukraine and the potential effect on fertilizer production and entreated farmers to brace themselves up for a trying moment. But speaking at a farmer’s engagement at Yaw Kariba New Pillar 34 in the Esaam District…

13 Apr

Sefwi: Cocoa Farmers Praise Akufo-Addo For Cocoa Rehabilitation Programme

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Scores of cocoa farmers in the Western North Region of Ghana have heaped praises on the Akufo-Addo-led government for the introduction and successful implementation of the National Cocoa Rehabilitation Programme. The cocoa farmers contend that but for the programme many of them would have lost their only known source of livelihood and that would have left them impoverished and pushed them into abjection. President Nana Addo Dankwa Akufo-Addo in September 2020 launched the National Cocoa Rehabilitation Programme. Under the Programme, the Ghana Cocoa Board (COCOBOD) bears the full cost of the a two-year rehabilitation process which involves the cutting of cocoa trees…

13 Apr

Our Investment In Security Systems Will Minimize Fraud Cases – BAG

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The Ghana Association of Banks says its members have invested heavily in infrastructure to help prevent and detect fraudulent activities in their systems. President of the Association, John Awuah stated that “The good thing is as a community of banks the level of investment that we have undertaken to be able to stop these fraudsters from becoming successful and where the transactions even go through our systems can help us trace and track these people.” This comes on the back of a recent collaboration between The Economic and Organized Crime Office (EOCO) and the Ghana Association of Banks which led…

13 Apr

Industry Players Blame High Cost Of Hotels In Ghana On Economic Situations

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The Ghana Hotels Association says the high cost of hotel services is due to the economic situation in the country. This comes on the back of a recent revelation by the association that some international tourists are, due to this circumstance, compelled to spend up to 60 percent of their budget on hotel accommodation. In 2019 it was reported that Accra, was the second most expensive city in the world in terms of the property price to income ratio. Beyond this, hotels in Ghana are considered quite high compared to their sub-regional counterparts. But the hoteliers say they aren’t to…

13 Apr

ADB Bank’s Profit Jumps By Almost 25% In 2021 To Hit GH¢ 81.6 Million

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The Agricultural Development Bank, ADB Bank has continued its trend of profitability in the year 2021, after seeing its profit before tax rose by almost 30% to hit GH¢126 million at the end of last year. Strong growth in the banks’ net interest income and net fees and commission income among others, contributed to its profitability last year. According to ADB Bank’s audited statement of comprehensive income for the year ended December 31, 2021, its profit after tax increased by about 25 % from the GH¢ 65.4 million recorded in 2020 to the GH¢ 81.6 million recorded last year. Net…

12 Apr

MoFA Pledges To Check Smuggling Of Maize, Soyabean Following Restriction On Grains Exportation

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The Ministry of Food and Agriculture has pledged to intensify its efforts to check the smuggling of maize and other grains to other countries. This follows government’s restriction on the export of maize and soya beans to ensure food security and increase local poultry and livestock production. The General Secretary of the General Agricultural Workers Union, Edward Kareweh, although lauded the new directive, expressed doubt over the government’s ability to successfully monitor all borders to prevent the smuggling of the grains. “If it becomes necessary that you should not let your produce go out through exports for the purported domestic…

12 Apr

Access Bank’s Profits Before Tax Hits Half A Billion Cedis In 2021; Profit After Tax Increases By 33.5%

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Leading local Bank Access Bank Ghana PLC has seen a significant jump in its profits for the year 2021. The bank which recorded a profit before income tax of almost GHC 360 million in 2020, saw that metric jump up to a little over GHC 500 million in 2021, representing a growth of about 41% in the bank’s profit before income tax. While its profit before income tax jumped up by about 41% in 2021 when compared to what was recorded in 2020, its profit after tax also saw a significant increase, rising by about 33.5% from the GHC 240.8…