Category: Business
BoG suspends forex trading licence of Consolidated Bank Ghana
The Bank of Ghana (BoG) has suspended the foreign exchange trading license of the Consolidated Bank Ghana (CBG) for one month, starting November 26, 2024. This suspension follows multiple violations of foreign exchange regulations, as outlined in BoG’s updated Guidelines for Inward Remittance Services for Payment Providers (November 2023) and Anti-Money Laundering/Combating the Financing of Terrorism &…
Ghana has made over $10bn from 633,300 barrels of crude oil since 2010 – PIAC
The Coordinator of the Public Interest and Accountability Committee (PIAC), Mr Isaac Dwamena, has revealed that Ghana has produced a total of 633,300 barrels of crude oil since the country commenced production in 2010. This total covers the period from 2010 to July 2024. According to Mr Dwamena, 10,669,46 barrels were produced in 2011. In 2012,…
Papa Kwesi Nduom’s Pleas to Revive His Defunct Businesses Rejected by Government
Papa Kwesi Nduom, the founder and president of Group Nduom, recently revealed that his repeated appeals to the Nana Addo-led government to restore his collapsed businesses have been declined. The closure of his renowned GN Bank in 2018, following a license revocation by the Bank of Ghana (BoG), was part of a broader financial institutions…
ILAPI Urges Bank of Ghana to Release Over $14.6 Million in Dormant Accounts for Beneficiaries
The Institute for Liberty and Policy Innovation (ILAPI) has disclosed that the Bank of Ghana (BoG) holds significant funds in dormant accounts totaling over GH₵167.8 million, $14.6 million, £2.4 million, and €2.3 million. These funds, accrued between 2016 and 2023, span multiple currencies—Ghanaian cedis, US dollars, British pounds, and euros—and are linked to inactive accounts…
Ministry of Finance Allocates $30 Million to Sunon Asogli Amid Growing Power Sector Challenges
The Ministry of Finance has instructed the Controller and Accountant General to release $30 million to Independent Power Producer (IPP) Sunon Asogli in a bid to alleviate debt issues that forced a shutdown of its 560-megawatt power plant. This decision comes as concerns rise about a potential return of “dumsor,” Ghana’s term for recurring power…
High Court reverses BoG’s revocation of CDH Savings and Loans licence
A High Court in Accra has overturned the Bank of Ghana’s (BoG) 2019 decision to revoke the operating licence of CDH Savings and Loans Company Limited, ordering both parties to resolve the issue through arbitration. Justice Brew’s ruling, issued on November 1, 2024, criticized the BoG’s approach, underlining the constitutional requirement for fair and…
Russia fines Google $20,000,000,000,000,000,000,000,000,000,000,000
Russia is seeking an unfathomable sum of money from one of the world’s biggest tech companies. Google reportedly owes the Kremlin more than 2 undecillion rubles — a 2 followed by 36 zeroes — after refusing to pay fines that are now accruing for blocking pro-Russian channels on YouTube. The virtually unpronounceable penalty amounts to…
Ghana Eyes Bond Market Re-Entry as Economy Rebounds
Ghana may re-enter the domestic bond market in 2025, three years after its debt restructuring, as improved economic indicators like declining inflation create a favorable environment. According to Dr. Samuel Arkhurst, Director of Treasury and Debt Management at the Ministry of Finance, the timeline aligns with the typical two-to-four-year market normalization following debt restructuring.…
Surging Cola Nut Prices Threaten Businesses in Tamale
The cola nut trade in Tamale, Northern Ghana’s regional capital, is facing a crisis as soaring prices and dwindling supplies are putting both traders and consumers under strain. Once a reliable source of income, the cola nut business is now grappling with rising costs, largely driven by import dependencies and the depreciation of the Ghanaian…
Finance Ministry named most fiscally reckless public institution-IMANI
The Ministry of Finance (MoF) has once again been identified as the most fiscally reckless public institution in Ghana for the period from 2021 to 2023, retaining the same title it held from 2015 to 2020. Following the MoF in the rankings are the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways,…