Author: Admin
Communities hosting mining companies in Ghana will suffer further under-development as a result of the proposed amendment of the Minerals Income Investment Fund (MIIF) Act, 2018, Act 978, the Member of Parliament for Juaben, Francis Owusu-Akyaw, has warned. The proposed amendment is expected to transfer 80% of Mineral Royalties, originally maintained by MIIF, to the Consolidated Fund to finance the government’s development initiatives. Parliament in 2018, during the era of the Akufo-Addo government, passed Act 978 as amended by Minerals Income Investment Fund (Amendment) Act, 2020 (Act 1024)1(1), to maximize the value of the income due the state…
Adnan Adams Mohammed The government, through the finance ministry, is considering access to the domestic capital market as it plans to pivot around pension funds in restoring investor confidence and driving economic stability. To reignite the moribund interest of investors in Ghana’s lowly rated instruments, the government has assured it will not default on its financial commitments. Per the Domestic Debt Exchange Programme (DDEP) calendar, the government has obligations in 2027 and 2028. However, the finance minister has assured that the government is proactively operationalizing the sinking fund to provide strong backing for longer-term bonds. “Ghana will not default ever…
Adnan Adams Mohammed Bank of Ghana data indicates that the Ghana Cedi lost 5.3% in value to the US dollar from January to March this year. As at last week, the local currency traded averagely at a rate of GH¢15.53 to the US dollar on the interbank market. However, in January and February 2025, the local currency lost 5.3% and 3.9% in value respectively to the US dollar. Unfortunately, the cedi recorded its worst depreciation of 9.20% to the Euro on the interbank market in quarter one of 2025, which traded at GH¢16.75 as at last week. Also, the cedi…
The chairman of the Tema chapter of the Ghana Institute of Freight Forwarders, John Mantey, has filed for a default judgment against several shipping lines. Mantey’s legal move comes after the shipping lines failed to submit a defence following their conditional appearance in court in late January. The lawsuit challenges what he describes as unauthorized charges imposed by shipping lines and agents, including container administrative fees, processing fees, evacuation fees, container washing fees, and demurrage charges applied on weekends and public holidays. The case has drawn widespread attention within the shipping and logistics industry, with stakeholders voicing concerns over…
The Acting Director General of the Ghana Ports and Harbours Authority (GPHA), Brigadier-General Paul Seidu Tanye-Kulono, has reaffirmed the Authority’s commitment to reducing the cost of doing business at Ghana’s ports, a move aimed at enhancing competitiveness and attracting more trade. Speaking during a visit by the Importers and Exporters Association of Ghana, Brigadier-General Tanye-Kulono emphasized recent government interventions, including the abolition of select levies that had long burdened importers and exporters. He further revealed that the GPHA is reviewing port tariffs as part of a broader initiative to enhance efficiency and reduce operational costs. He acknowledged concerns from…
The Bank of Ghana (BoG) has explained that MTN Ghana has not been licensed to facilitate cross-border transactions with MTN Nigeria. The central bank categorically stated that Mobile Money Limited, the operator of MTN MoMo, has not received any authorization to conduct such transactions. Clarifying ongoing developments in the fintech space, the BoG explained that it had granted Brij Fintech Ghana, a licensed Payment Service Provider (PSP), approval to pilot BrijX—a Business to Business Currency Swap Platform—under its regulatory sandbox program. In a statement, the Bank of Ghana said while MTN MoMo is not licensed for cross-border transactions, the…
Deloitte says the projected decline in inflation by the end of 2025 can be achieved if the government can follow through with the various measures designed and intended to be deployed for addressing the issue of high inflation. In particular, Deloitte said, the Agriculture for Transformation Agenda promises to address key inefficiencies along various food value chains, thereby spurring production and taming food inflation, which has been the main driver of the high inflationary pressures we have faced. “We further recommend that government considers the impact of emerging geo-political risks in Europe, America and Russia and the potential trade…
Deloitte, a leading international audit and consultancy firm operating in Ghana says whilst they acknowledge the various policy interventions intended to mitigate the country’s foreign exchange risks, including streamlining gold sales through the GoldBod, intensifying forward FX auctions, reducing public spending and the budget deficit, and prioritizing import substitution, they have identified the declining cocoa production as a major issue that must be addressed. The professional services firm says addressing the declining cocoa production issue will help in boosting Ghana’s forex reserves and reduce the FX demand pressure. “Overall, we expect the slowdown in cedi depreciation in recent times…
The Hungarian Ambassador to Ghana, His Excellency Tamas Feher, has called on Ghanaian industries to integrate smart and sustainable solutions into urban development to drive economic growth and enhance environmental resilience. Speaking at the Pureco Africa Industry Workshop in Accra, which focused on water management solutions, Ambassador Feher underscored the importance of innovative technologies in shaping Ghana’s urbanization efforts. He emphasized that strategic investments in modern infrastructure would not only boost efficiency but also create long-term economic and environmental benefits for businesses and communities. “By adopting modern wastewater treatment facilities, smart cleaning solutions, and eco-friendly water storage systems, Ghana…
The President of the Greater Accra branch of the Association of Ghana Industries (AGI), Tsonam Akpeloo, has criticized Ghana’s tax structure, arguing that businesses that diligently comply with tax regulations often end up facing additional levies instead of being rewarded for their compliance. Speaking at a post-budget discussion organized by Lima Partners on Thursday, March 20, 2025, Akpeloo emphasized the need for the government to broaden the tax base rather than continuously imposing new taxes on already compliant businesses. He expressed concern that this approach discourages tax compliance and places an undue financial strain on businesses striving to operate within…