Today's Ghana Business, Banking and Economic news

Data published by the Bank of Ghana (BoG) has revealed that the value of mobile money transactions has dropped by GH¢3.2 billion in December last year, less the one month after Finance Minister, Ken Ofori-Atta, announced in the 2022 budget of an electronic transfer levy (E-Levy).

As part of efforts to reduce the cost of energy to Ghanaians and to create an enabling environment for business to thrive, the government has said it has ensured the reduction of the price of gas Offshore Cape Three Points (OCTP).

Fuel prices are expected to increase even further as the National Petroleum Authority (NPA) restores the Price Stabilisation and Recovery levies.

The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5%.

Driver unions in the country are reconsidering increasing transport fares again after backtracking on the plan in December last year.

As government struggles to generate enough money for national development, a new report by the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana has disclosed that the country lost US$540million in the export of cocoa paste and cocoa beans between 2011 and 2017.

It’s early innings in the current earnings season, with just 4% of S&P 500 companies having reported fourth-quarter 2021 earnings.

INTRODUCTION

Last week, a Ghanaian Financial Technology (Fintech) start-up “Float” was reported to have raised $7million equity and $10million debt during a seed round. This follows a similar seed round of $35million raised by a Ghanaian health tech start-up “mPharma” earlier this year. These successful seed rounds are indicative of a growing start-up ecosystem with scalable and viable business ideas worth investing in.

The Institute for Energy Security (IES) has projected another bout of fuel price increases at the pumps in early February.

Ghana’s public debt stock now stands at GH¢344.5 billion in November 2021, after GH¢2.7 billion new loans.

African Ministers of Trade have agreed to allow the trading of some 850 products to commence under the Rule of Origin protocol of the African Continental Free Trade Area (AfCFTA).

The Peasant Farmers Association of Ghana (PFAG) has called on Otumfuo Osei Tutu II to intervene on their behalf for government to implement the reversal of the Benchmark Discount Values.

Economist and political risk analyst, Dr Theo Acheampong, has joined the many academics who say the Electronic Transaction Levy (E-Levy) will make little or no impact on Ghana’s already troubled economy.

Barely 24 hours after McDan Aviation’s private jet launched its operations and terminal at the Kotoka International Airport, a leaked letter shows the Ghana Airports Company Limited (GACL) has a raft of issues with the private company.

Respected Economist, Prof Lord Mensah, has said a claim by the Finance Minister that Ghana will be headed for economic disaster if E-levy fails to pass is not backed by facts.