Category: Ghana Business News

Following reports that some security personnel are curtailing the movement of employees of various companies due to the implementation of the partial lockdown, the Association of Ghana Industries (AGI), says it is taking immediate steps to provide its members with appropriate forms of identification. The two weeks partial lockdown on Accra, Tema, Kasoa and Kumasi, […]

Parliament on Wednesday April 1, 2020, passed the Corporate Insolvency Bill, 2019, to provide a framework for the regulation of insolvency practitioners and facilitate access to timely, efficient and impartial liquidation proceedings either directly or through the creditor’s committees. The Act will also promote efficient closure and transfer of assets of businesses which are no […]

Absa Bank Ghana has donated an amount of GHS1 million to Ghana’s COVID-19 Fund to help in the fight against the spread of the coronavirus in the country. The donation, which is in response to President Akufo-Addo’s announcement of the creation of a COVID-19 Fund is towards the procurement of test kits and Personal Protective […]

As the economic impact of the COVID-19 pandemic continues to widen globally and here in Ghana, Citi Business News has learnt that some major hotels in Accra have shut down their operations due to low patronage. Prior to this, some laid-off casual workers, and were preparing to cut down on permanent staff. Some top hotel […]

The Managing Director of adb Bank, John Kofi Mensah, says the bank as part of its efforts to prevent the spread of the COVID-19 internally, has allowed 45 percent of its workforce to go on mandatory leave. This follows a directive from the Bank of Ghana asking all financial institutions operating in the country to […]

Finance Minister, Ken Ofori-Atta, has hinted that government may present a new budget to Parliament by July this year due to the economic impact of the COVID-19 Pandemic that has hit government’s revenue target. The 2020 financial budget was targeted at expanding infrastructure, particularly roads. But the Finance Minister announced in Parliament on Monday that […]

The Bank of Ghana has officially extended by 6 months, the deadline for meeting the new minimum capital requirements by all existing Payment Service Providers, Electronic Money Issuers, banks and specialized deposit-taking institutions, from June 30, 2020 to December 31, 2020. To operationalize the new Payment Systems and Services Act, 2019 (Act 987), which sought […]

Freight Forwarders at the Tema Port are unhappy with a new directive from the Customs Division of the Ghana Revenue Authority, GRA, asking them to get a temporary pass to enable them access the port to clear their goods due to the partial lockdown. This follows the directive from President Nana Akufo-Addo in his fourth […]

The Institute of Energy Security (IES), is predicting a further drop in the prices of fuel on the local market between 16 and 24 percent in the first pricing-window for the month of April 2020. This, the Institute attributes to the significant fall in the prices of Brent crude, gasoline and gasoil on the world […]

The Managing Director of Agricultural Development Bank (adb), Dr. John Kofi Mensah, has announced a GH¢1 Million package to support the government’s fight against the novel Coronavirus (COVID-19) pandemic. The decision according to Dr. John Kofi Mensah was taken at a Board Meeting last week. He says the amount  is to be used to purchase […]

The Association of Ghana Industries (AGI), has urged banks in the country to emulate the gesture of Republic Bank Ghana, by implementing measures that will support local businesses in the wake of the novel Coronavirus pandemic. This follows Republic Bank Ghana’s gesture of offering a Loan Repayment Deferment for its customers and staff for a […]

The Coronavirus pandemic has undoubtedly taken a huge toll on many businesses, causing job losses and reducing productivity. But at the same time, other businesses are making huge gains from the situation; one of such being those in the courier service. This is largely because people have limited their movements, and are thus rely more […]

Some commercial banks operating in the country say they are yet to finalize processes to determine the level of readjustment of their interest rates to reflect the drop in the policy rate. The Monetary Policy Committee of the Bank of Ghana earlier this month reduced the rate at which it lends to commercial banks by […]

The General Transport, Petroleum and Chemical Workers Union, is calling on government to revive the ailing ‘Ayalolo’ buses which operate the BRT system in the country to alleviate pressure on public transportation as the novel Coronavirus continues to spread. Earlier this week, the President in an announcement directed all commercial transport drivers to restrict the […]

Prudential Life Insurance Ghana, has announced a series of measures to ensure uninterrupted service delivery during the 2-week partial lock-down of some parts of the country from Monday, March 30, 2020. The company says it is poised to provide customers with peace of mind and assurance that it will continue to provide services for them […]

As part of measures to mitigate the economic impact of the coronavirus pandemic in Ghana to sustain businesses, President Akufo-Addo has announced that all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis. According to him, this is part of the creation of a Coronavirus […]

The West African Gas Pipeline Company (WAGPCo), says it will from midnight, Saturday 28th March, 2020, to 6:00 am Sunday, 29th March, halt the supply of gas from its pipelines to the Volta River Authority, (VRA), and the Ghana Grid Company Limited, (GRIDCo) to enable it upgrade its software. According to WAGPCo, the exercise is […]

The Deputy Secretary General of the Ghana Federation of Labour, Kenneth Koomson, has asked government to expedite plans to provide a stimulus package to support ailing companies due to the COVID-19 spread. The rise in the number of confirmed cases in Ghana over the last fifteen days is 137. This has led to a number […]