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The Ghana Chamber of Telecommunications has revealed that telecom companies contributed more than GH₵9.83 billion in taxes and other payments in 2023. This represents about 30 percent increase compared to the GH₵6 billion paid in 2022. The contribution, according to the chamber forms approximately 7.38 % of Ghana’s 2023 total revenue. Speaking at the launch of the Transparency Initiative Report, Chief Executive Officer of the chamber, Dr. Kenneth Ashigbey, emphasized the industry’s commitment to driving economic growth. “Telecom chambers are really contributing massively to Ghana’s economy. As we can see these taxes paid to the government is a progressive tax”.…

The Bank of Ghana (BOG) has committed to tackling the rise in loan under-recoveries – a development that threatens financial stability and credit availability. The central bank highlights its ongoing collaboration with key stakeholders, including commercial banks, non-bank financial institutions, and regulatory bodies, to develop effective strategies to mitigate the impact of rising non-performing loans (NPLs). Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi stresses that despite the existence of the Borrowers and Lenders Act of 2020 to effectively enforce collateral requirements, there are still attendant inefficiencies. At a stakeholders forum on collateral enforcement, Madam Awadzi challenged…

The Venture Capital Trust Fund (VCTF) is pushing for a review of its Act for a more sustainable mechanism for equity funding to support Small and Medium Enterprises (SMEs). The amendment will financially propel SMEs, which are the backbone of the Ghanaian economy in terms of employment and GDP growth. The VCTF was established under Act 680 in 2004 to provide financing options for SMEs, primarily through equity and quasi-equity investments but the current framework lacks provisions for a reliable and continuous flow of funds. Speaking at a media breakfast meeting to mark its 20th anniversary, General Manager of…

The Petroleum Commission has hinted of considerations to reduce Ghana’s 15% participating interest in oil explorations. With the discovery of oil in a number of African countries, Ghana faces the risk of losing investments in the capital intensive sector to other African countries. Chief Executive of the Commission, Egbert Fabile Jnr called for reforms to the country’s legal framework on oil explorations. In his response to assertions about why Ghana’s sector has not developed new oil fields, Egbert Fabile, Chief Executive of the Petroleum Commission bemoaned the regulatory hurdle investors’ face. “The conversation around that sector is very, very, very…

The Senior Research Fellow at the Forum for Development and Accountable Governance (FDAG), Dr. Philip Takyi, has issued a stark warning about Ghana’s economic trajectory, highlighting severe inflation, currency depreciation, and an overwhelming national debt burden. He urged immediate and comprehensive reforms to stabilize the economy and prevent further economic decline. “In recent years, inflation in Ghana has reached unprecedented levels, recording as high as 40.3% before stabilizing around 21.5%. Though there has been some reduction, it is still at a level that heavily impacts the household budgets of Ghanaians,” Dr. Takyi stated, expressing concerns about inflation’s impact on…

Deloitte Africa will mark International Fraud Awareness Week by hosting its 2024 Financial Crime Symposium on November 20, focused on the theme, “Cryptocurrency and Financial Crime: Navigating the New Frontier of Digital Threats.” The symposium aims to bring together industry thought leaders to offer actionable strategies in the fight against financial crime, with an emphasis on cryptocurrency-related risks. The event will feature discussions led by experts and provide networking opportunities designed to foster collaboration among industry executives, regulators, and cybersecurity professionals. Attendees will engage in discussions on emerging threats, sharing best practices for preventing and detecting digital financial crimes. Following…

The government of Ghana has still not given Gold Fields and AngloGold Ashanti the needed approval for their proposed joint venture partnership involving the Tarkwa and Iduapriem mines in Ghana. The miners announced and agreed on key terms for the proposed JV on 16 March 2023 in a press statement but almost nine months since then, the Ghanaian government has not given the required approvals. In a statement, Anglo Gold said: “Notwithstanding constructive engagement with the Government of Ghana since the announcement of the Proposed Joint Venture on 16 March 2023, the requisite approvals by the Government of Ghana for…

Ghana’s cumulative crude oil production has reached 633,300 barrels since the country began extracting oil in 2010, according to the Public Interest and Accountability Committee (PIAC). This production total spans through July 2024 and represents output from the Jubilee Oil Field, Sankofa/Gye Nyame, and the TEN Fields. PIAC Coordinator Isaac Dwamena shared the latest production figures, showing variable growth over the years. Ghana initially produced 10.7 million barrels in 2011, rising to 18.9 million barrels by 2013. Production peaked in 2019 at 34.3 million barrels before beginning a decline to 22.5 million barrels in 2023. As of July 2024, Ghana…

The Jospong Group of Companies has revealed plans to secure a $400-million facility from the African Export-Import Bank (Afrexim Bank) for comprehensive waste management and rice projects in Ghana and Nigeria. The waste management project involved building nine plants to turn waste into recyclable materials, fertilisers, and valuable products. Additionally, Jospong Group is investing in transfer stations and augmenting waste collection services in Lagos. At the sidelines of COP29 in Azerbaijan, Noah Gyimah, Jospong Group’s Chief Investment Officer, explained the need for broader discussions with Afrexim Bank to support the Group’s investment efforts across Africa. “The interesting part of that…

The Customs Division of the Ghana Revenue Authority (GRA) has presented nine companies with a certified Authorised Economic Operator (AEO) to facilitate trade at the ports. The companies are the Ghana Port and Harbour Authority, Meridian Port Services, Guiness Ghana, Imexco Ghana Limited, Mantrac Ghana Limited, and Printex Limited. The rest are Keda, Aquafresh Limited, and Nestle Ghana Limited. The event was done in partnership with the Ghana Link Network Services. An AEO is a business that has been approved by a national customs administration to comply with supply chain security standards and participate in the international movement of goods.…