Author: Admin
Universal Merchant Bank Ltd. (UMB) has issued an apology to Engineers & Planners Company Limited (E&P) for sharing incorrect details about the company’s financial status with the bank. UMB clarified that E&P has completely settled its credit facilities and currently owes no outstanding debts to the bank. In an official statement, UMB acknowledged the mistake and confirmed that corrective measures have been taken to update the inaccurate records shared with credit reporting agencies. “UMB apologises to E&P for the inaccurate information regarding E&P’s indebtedness to the bank. We acknowledge that E&P has fully honoured its credit obligations with the bank…
President John Dramani Mahama, has outlined his vision for his second term administration emphasizing the need for a lean and efficient government that can effectively serve the needs of the Ghanaian people. Guided by the past where successive governments have often been criticized for its inefficiencies and wastage of resources, Mahama acknowledged that these issues must be addressed if Ghana is to achieve its full potential and ensure sustainable development. To achieve this, Mahama pledged to prioritize good governance and transparency, ensuring that government policies and programs are effective and efficient. He also emphasized the importance of creating a more…
The National Health Insurance Authority (NHIA) has successfully disbursed GH¢270 million to healthcare providers across Ghana to cover claims submitted up to October and part of November 2024. The Authority in a statement issued last week, stated that the timely payment will ensure that it remains within the agreed-upon three-month reimbursement period and currently has no outstanding vetted claims to pay. This latest disbursement brings the total amount released by the NHIA over the past four months to over GH¢1.2 billion, demonstrating the Authority’s commitment to supporting healthcare providers. The prompt payment regime, introduced earlier in 2024, has played a…
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has categorically rejected assertions that associate the independence of the Central Bank with the government’s Debt Exchange Programme (DDEP). He emphasized that the debt exchange initiative was a direct reaction to a significant national crisis and did not impact the autonomy of the Bank of Ghana. “The debt exchange programme has nothing to do with the independence of the central bank,” Dr Addison said during an interview with Joy News’ PM Express Business Edition. He characterized the DDEP as a significant national emergency that necessitated an immediate resolution to…
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…