Author: Admin

The finance minister, Dr. Mohammed Amin Adam, has requested a sum of GH¢68.1 billion to fund essential government operations from January to March 2025. This was contained in the Expenditure in Advance of Appropriation or mini-budget as presented to Parliament last week despite delays. This mini-budget is designed to ensure the uninterrupted functioning of government services during the first quarter of the year, bridging the financial gap until the incoming administration presents a full-year budget. The proposed allocation will cover critical areas such as public sector salaries, statutory obligations, infrastructure maintenance, and social intervention programs. Dr. Amin Adam’s submission fulfils…

The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by 12% for the year 2025. This decision, made in consultation with the National Pensions Regulatory Authority (NPRA), aligns with Section 80 of the National Pensions Act, 2008 (Act 766). The 12% increase will be applied to all pensioners on the SSNIT payroll as of December 31, 2024. It comprises a fixed rate of 8% and a flat amount of GH¢72.58. This flat amount represents the remaining 4% of the increase, which is redistributed to ensure a more equitable distribution of benefits among pensioners. “Redistribution is a…

An economist, Professor Stephen Adei wants the 10 percent Betting Tax in Ghana increased to 50%. He expresses the view that betting is a disastrous habit that should be discouraged. His call is rather against a promise by President-elect John Dramani Mahama to scrap several taxes within his first 100 days in office, arguing that these taxes burdened Ghanaians. The taxes Mr Mahama promised to remove included the e-levy, COVID levy, 10% levy on betting, emissions levy, and import duty on vehicles and equipment imported for industrial and agricultural purposes. But Speaking on the Hot Issues last week, the former…

The Driver and Vehicle Licensing Authority (DVLA) has announced the start of pre-registration for motor vehicles for the 2025 registration period. The pre-registration exercise, which commenced this December, aims to simplify and streamline the vehicle registration process across the country. In a press release, the DVLA stated that motor vehicle licensing would officially begin on Thursday, January 2, 2025, at all operational offices nationwide. As part of the process, vehicle owners will receive a Vehicle Registration Smart Card and a Certificate of Title, detailing essential information about the vehicle. The license plates for the new registrations will bear a…

Cocoa futures extended declines in New York after a blistering rally prompted traders to lock in gains. The most-active contract edged down amid thin trading ahead of public holidays. Futures last week hit a record, buoyed by forecasts for reduced output in top growers Ivory Coast and Ghana, at a time when supply is already tight. The market is keeping an eye on the development of cocoa trees in West Africa as the region enters the Harmattan season, which blows in dry, dusty weather from the Sahara. Farmers are already seeing an impact on the midyear crop. “It hasn’t rained…

The Ghana Shippers’ Authority (GSA) has asked the shipping community not to pay for delays at the ports. It has also cautioned players in the commercial shipping sector not to charge shippers (importers and exporters) for delays at the port not occasioned by them. In a public release on December 24, 2024, signed by the Chief Executive, Kwesi Baffour Sarpong, the GSA said that no shipper should be charged for costs associated with delays that are not their fault. The directive comes after reports of significant delays in the delivery and evacuation of containers from the Tema Port, caused by…

Dr. Ernest Addison, Governor of the Bank of Ghana, has warned financial institutions in the country regarding the growing threat of cyberattacks. He said the use of digital platforms for banking transactions presented both opportunities and some threats. The Governor was speaking at the Chartered Institute of Bankers, Ghana’s (CIB) Governors Day event in Accra. The CIB Governors Day event was on the theme: “Resilience in the Financial System: Navigating Horizon Risks.” The event also saw the investiture of three honorary members, who have made significant contributions to the industry. The Governor cited the recent cyberattack on the Central Bank…

Professional services firm, Deloitte, is predicting a persistence reduction in interest rates in 2025 on the back of a sustained disinflationary trend. It is thus forecasting an end-year policy rate of 22.5% in 2025. This will come as a huge relief for households and businesses as cost of borrowing will fall significantly. “The BoG [Bank of Ghana] cut its benchmark interest rate twice in 2024 by a cumulative 300 basis points to close the year at 27% per annum. The return to a neutral monetary policy stance is the beginning of an accommodative posture and was driven by the decline…

The West Africa Competitiveness Programme (WACOMP), implemented by the United Nations Industrial Development Organization (UNIDO) and funded by the European Union (EU), has achieved a significant milestone by supporting the Department of Food Science and Technology Laboratory at the Kwame Nkrumah University of Science and Technology (KNUST) in obtaining ISO/IEC 17025:2017 accreditation for food testing. This accreditation positions KNUST as the first public university in Ghana to achieve this standard in food testing, thereby enhancing its credibility and capabilities in this vital area. The achievement of ISO/IEC 17025:2017 accreditation means that small and medium-sized enterprises (SMEs) in Ghana now have…

Cassius Mining Limited, an Australian gold mining company, has intensified its legal battle with the Ghanaian government by filing a $277 million claim at the London Court of International Arbitration. The dispute revolves around alleged breaches of contract and constitutional conflicts concerning the company’s gold exploration project in Talensi, located in the Upper East Region. The conflict originated in 2019 when the Ghanaian government refused to renew Cassius Mining’s prospecting license, citing constitutional non-compliance. Authorities argued that the license had not been properly ratified under Ghanaian law, rendering it invalid. Cassius Mining strongly disputes this, claiming the government’s actions deprived…