Despite a moratorium on new fishing vessels by the Fisheries Commission, three new trawlers have arrived in Ghana from China and have been registered to the Ghanaian flag, the Business24 has gathered. The new vessels are Yu Feng 1, 3 and 4, this according to the Environmental Justice Fisheries, were all built in China …
Month: May 2020
The Head of the Financial Intelligence Centre (FIC), Kwaku Duah, has noted that Ghana is scaling up its fight against money laundering in the country. He said Ghana is performing well per the reports of the Financial Action Task Force, (FATF). Recently, the European Commission cited Ghana as one of four African countries listed by …
The Volta Regional Office of the Ghana Revenue Authority (GRA) was on Tuesday overwhelmed by operators of Small and Medium Scale Enterprises (SMEs) in the Region seeking to register for Tax Identification Numbers (TIN). The rush for the unique identification, a mandatory requirement for business transactions, was necessitated by the government’s release of a stimulus …
Rural and Community Banks (RCBs) could face exacerbated liquidity challenges in the times ahead if the impacts from coronavirus on the economy persist for long as they await payment of locked up investments with collapsed fund management firms. The future looks quite bleak for the rural banking space as the two main sources of income …
The World Bank has said in a report that digital financial services, powered by fintech, have the potential to lower costs by maximizing economies of scale, to increase the speed, security and transparency of transactions and to allow for more tailored financial services that serve the poor. This report – Digital Financial Services – describes …
The Producer Price Inflation (PPI) rate increased by 0.6% to hit 7.4% in April 2020. This rate indicates that between April 2019 and April 2020 (year-on-year), the PPI increased by 7.4%. Inflation from the producer perspective also followed the Consumer Price Inflation (CPI), increasing significantly during the month of the partial lockdown. According to figures …
For the past seven months, four Mutual Funds and Unit Trusts have been without any fund managers, as their Directors and Trustees have failed to appoint new fund managers. This follows the revocation of the licenses their erstwhile fund managers on November 8, 2019, by the Securities and Exchange Commission (SEC). The Mutual Funds and …
In the wake of the COVID-19 pandemic and its impact, Ghanaian businesses had been looking forward to a further reduction in the policy rate by the Bank of Ghana. The policy rate, which is the rate at which the central bank lends to commercial banks, and is also used by banks to calculate their base …
The Bank of Ghana (BoG) has noted that the use of electronic means of payment went up due to the partial lockdown of Accra and Greater Kumasi following the Coronavirus outbreak. The lockdown led to the decline in cash transactions, the central bank said. President Nana Addo Dankwa Akufo-Addo, as part of his measures to …
The Monetary Policy Committee of the Central Bank has kept its policy rate unchanged at 14.5 percent following a sudden rise in inflation, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. This follows an earlier March 2020 meeting which saw a 150-basis-point reduction in the monetary policy rate to 14.5 …