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Business

Deposits still major source of funds for banks – BoG report

Customer deposits still remain a major source of revenue for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017. According to the central ...

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Local businesses worst loan defaulters in 2017 – BoG report

Bank of Ghana

Local private businesses were the worst culprits in repaying loans taken from commercial banks for 2017. According to the Bank of Ghana, the businesses constituted 80.6 percent of loan default attributable to the private sector for last year compared to the estimated 7.9 percent of loan default attributable to the private sector recorded by foreign businesses. This is among the ...

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New electricity bills to start with second purchase in April – ECG

It is emerging that the much anticipated reduction in electricity tariffs may take a bit longer than expected. This is because the Electricity Company of Ghana (ECG) has explained that the reduction will only reflect on the bills of consumers when they make their second purchase of credit for electricity for April. The latest also follows the shift of the ...

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Fuel crisis looms over cartel in petroleum industry – BOST workers

The Senior Staff of the Bulk Oil Storage and Transportation Company (BOST) are predicting a shortage in fuel following what they say is the continuous interference by a cartel in the company’s activities. Secretary of the Senior Staff Association of BOST, Ekow Sey claims that some Bulk Oil Distribution Companies (BDCs) and highly placed individuals, who form the cartel, have ...

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You can’t do business with gov’t without TIN – GRA warns

Kofi Nti

The Ghana Revenue Authority (GRA) has announced that individuals without a Tax Identification Number (TIN), effective today [April 3, 2018] will not be allowed to acquire a Driver’s license, open a bank account, get a passport, transact business with government, or register a business. The TIN, according to the GRA, is aimed at uniquely identifying potential taxpayers to broaden the ...

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‘Great cartel’ manipulating fuel prices – BOST staff warn gov’t

The Junior and the Senior Staff unions of the Bulk Oil Storage and Transportation Company Limited (BOST), have called on the government to move against what they describe as a cartel within the company sabotaging fuel prices. In a statement, the executives of the two unions stated that BOST is the only institution with the adequate infrastructure and the human resource capacity ...

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Poultry Farmers Association appeals to gov’t for support

The Poultry Farmers Association of Ghana has called on government to put in the necessary measures to boost local poultry production as it restricts imported poultry. According to the association, government must do more by equipping local poultry farmers to meet the demand for poultry. The Ministry of Agriculture recently announced that it has restricted the importation of frozen poultry ...

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ECG tariff reductions take effect today

Residential consumers of electricity will from today [1st April 2018] pay 15 percent less than the tariff they previously paid. This is due to the full implementation of the recently announced electricity tariff reduction from residential and non-residential power users in the country. The Public Utilities Regulatory Commission (PURC) in March announced a reduction in electricity tariffs of between 17 ...

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Shutdown of FPSO K. Nkrumah mustn’t affect power supply – ACEP

The Africa Centre for Energy Policy (ACEP) has cautioned government against any potential distortions in power supply due to the planned shutdown of the FPSO Kwame Nkrumah later this year. The energy think tank argues that failure to contain the situation could lead to a power crisis which will discomfort consumers. Operators of the Jubilee fields have announced a shutdown ...

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Barclays Bank Ghana posts GH¢386m in profits in 2017

Barclays Bank Ghana is confident of sustaining its profits and contribution to the new ABSA brand from this year onwards. The Bank’s optimism is premised on its performance for last year (2017) where it recorded a profit after tax of 386.17 million cedis. The Finance Director at Barclays Bank Ghana, Antoinette Kwofie disclosed this plan when she engaged journalists to ...

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