Business
Minority demands publication of KPMG audit report on SML-GRA contract
The Minority in Parliament is demanding the publication of the KPMG audit report on Strategic Mobilization Ghana Ltd (SML) and Ghana Revenue Authority (GRA) contract. President Akufo-Addo has stated that the SML Downstream petroleum service is needed however the Ministry of Finance (MoF) and the Ghana Revenue Authority (GRA) will have to renegotiate the fee […]
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Business
Release KPMG’s report on GRA-SML probe – Bright Simons to Akufo-Addo
Vice President of IMANI Africa, Bright Simons has called on President Akufo-Addo to make public the KPMG’s report on the investigation conducted on the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML) deal. President Akufo-Addo says the SML Downstream petroleum service is needed however the Ministry of Finance (MoF) and the Ghana Revenue […]
The post Release KPMG’s
Business
MoF, MASLOC board can’t be left off the hook in the misappropriated funds – Harry Yamson
A Public Sector Analyst Harry Yamson says the Ministry of Finance (MoF) and Board of Microfinance and Small Loans Centre (MASLOC) cannot be left off the hook in the case of misappropriated funds and financial loss caused to the state. His concerns follow the sentencing of former MASLOC Boss, Sedina Christine Tamakloe Attionu, and Daniel […]
The post MoF, MASLOC
Economy
Gov’t determined to reach debt agreement within sustainable targets
By Joshua Worlasi AMLANU joshua.amlanu@thebftonline.com Finance Minister Dr. Mohammed Amin Adam has assured that government is pushing forward with its debt negotiations, determined to reach an agreement with its creditors that is acceptable to all parties while staying within the sustainability targets of its IMF-supported economic programme. Ghana is aiming to cut US$10.5billion from its […]
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Banking & Finance
OmniBSIC Bank makes GH¢150m gain in 2023
The fastest-growing bank, OmniBSIC Bank, has emerged stronger in the aftermath of the debt restructuring programme, with an impressive performance that resulted in one of the biggest profitability ratios in the banking sector last year. The bank’s profit rose by 218 percent to GH¢150.6 million in 2023, indicating a significant turnaround from the loss suffered […]
The post OmniBSIC
Business
IMF deal: Performance indicators contributed to completion of 2nd review – Amin Adam
Dr Mohammed Amin Adam, the Minister of Finance, has outlined key performance indicators that led to the successful completion of the Second Review by the International Monetary Fund (IMF). On Saturday, April 13, 2024, the IMF disclosed that it had reached a staff-level agreement on the second review of the extended credit facility with Ghana. […]
The post IMF
Banking & Finance
OmniBSIC Bank makes GH¢150m gain in 2023
The fastest-growing bank, OmniBSIC Bank, has emerged stronger in the aftermath of the debt restructuring programme, with an impressive performance that resulted in one of the biggest profitability ratios in the banking sector last year. The bank’s profit rose by 218 percent to GH¢150.6 million in 2023, indicating a significant turnaround from the loss suffered […]
The post OmniBSIC
Banking & Finance
Fidelity Bank reaffirms commitment to empowering women-owned businesses
Fidelity Bank, Ghana’s largest privately-owned bank, reaffirmed its commitment to empowering women entrepreneurs during the Women in Business Dialogue Series hosted by the Business and Financial Times. Nana Esi Idun-Arkhurst, Divisional Director, Retail & Business Banking at Fidelity Bank, delivered impactful insights at the event, emphasizing the importance of cultivating investor-ready businesses and Fidelity’s commitment […]
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General News
Government Assures Ghanaians Of No New Taxes
Mohammed Amin Adam In a press briefing held on Saturday, Finance Minister Mohammed Amin Adam assured Ghanaians that the government is committed to not burdening citizens with more taxes.
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The post Government Assures Ghanaians Of No New Taxes appeared
Featured
Dumsor: I advised Akufo-Addo not to touch ESLA – Mahama
Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has revealed that he cautioned President Akufo-Addo against tampering with the Energy Sector Levy Act (ESLA), expressing concerns that such actions could lead Ghana back into the era of ‘dumsor,’ referring to the country’s previous power crisis. Mahama made this disclosure during a meeting with […]
The post Dumsor:
Banking and Finance
Many banks may soon struggle due to over-subscription of govt bonds – Report
A fiscal report authored by Banking Consultant Dr Richmond Atuahene and Data and Research Analyst Isaac Kofi Agyei has painted a grim picture of Ghana’s banking sector, attributing it to the excessive subscription of government bonds. Titled ‘Thirsty Banks: Ghana’s 2023 Challenge with High Cash Reserve Ratios,’ the report highlights the prolonged maturity period of […]
The post Many
Banking & Finance
CalBank launches GH¢600m rights issue
By Ebenezer Chike Adjei NJOKU (ebenezer.njoku@thebftonline.com) Indigenous financial services provider, CalBank is aiming to raise GH¢600 million in fresh capital through a renounceable rights issue. This capital injection will aid the lender’s recovery from the effects of the Domestic Debt Exchange Programme (DDEP) and fuel its future growth plans. The move will offer existing shareholders […]
The post
Banking and Finance
Many banks may struggle due to BoG’s new Cash Reserve Ratio – Report
A fiscal report authored by Banking Consultant Dr Richmond Atuahene and Data and Research Analyst Isaac Kofi Agyei has painted a grim picture of Ghana’s banking sector, attributing it to the new Cash Reserve Ratio by the Bank of Ghana. Titled ‘Thirsty Banks: Ghana’s 2023 Challenge with High Cash Reserve Ratios,’ the report highlights the […]
The post Many
Business
Experts advocate tax reforms, strategic debt management to empower African economies
By Rashidatu IBRAHIM An economist and advisor on South-South Cooperation and Development Finance at the South Centre, a Geneva-based intergovernmental organisation, Yuefen Li, has urged African countries to enforce regulations that require multinational corporations to contribute a greater share of taxes for their operations within these nations. She noted that implementing such measures would serve […]
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Featured
Aggrieved Customers of Gold Coast Fund Management issue June 30 ultimatum to government
Aggrieved Customers of the defunct Gold Coast Fund Management have issued an ultimatum to government to release members’ locked up funds. They have given the government up to June 30, 2024 to respond to their concerns. Over 50,000 of customers have their investments locked up following the revocation of the company’s licence by the Securities […]
The post Aggrieved
Banking & Finance
Fidelity Bank’s commitment to gender equality recognised
Fidelity Bank Ghana has been recognised by Ianmatsun Global Services at a ceremony held at the Kempinski Gold Coast Hotel for its steadfast commitment to gender equality. The bank secured a coveted spot among the top 50 employers for gender equality in Ghana and achieving the prestigious distinction of Gender Equality Champion within the banking […]
The post Fidelity
International
Strasbourg shooting: Man sentenced 30 years for aiding France attacker
A man has been sentenced to 30 years in prison for helping an Islamist attacker who killed five people at a French Christmas market in December 2018. Audrey Mondjehi, 42, was convicted of obtaining a gun used by Cherif Chekatt, who shot and stabbed his victims in Strasbourg, north-eastern France. The pair were former prison […]
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