Today's Ghana Business, Banking and Economic news

On Wednesday last week, corporate Ghana found itself bemused – or in some cases confounded – when the Ghana Statistical Service announced that Ghana’s economy grew 3.9% in the second quarter of 2021.

The Producer Price Inflation (PPI) rate for August 2021 has decreased to 8.1 percent, the Ghana Statistical Service (GSS) announced last week.

Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has been re-elected to the nine-member Board of Directors of the Agricultural Development Bank (ADB), for a second term.

The Asantehene, Otumfuo Osei Tutu II, has implored managers of the Minerals Income Investment Fund (MIIF) to bring their expertise to bear in their work for effective management of Ghana’s mineral resources.

Registrar-General's Department has served notice to the general public and the business community that it will end the validation of dormant companies by the end of September.

Chamber of Petroleum Consumers, COPEC has given reasons for recent fuel price increases in the country.

Former Minister of Health, Dr Bernard Okoe Boye, has urged the government and the Ministry of Finance to properly identify taxes paid by Ghanaians and associate them to specific projects.

TikTok is under investigation by The Irish Data Protection Commission (DPC) - its lead regulator in the EU - over two privacy-related issues.

President Nana Akufo-Addo has opened this year’s Presidential Business Summit with an assurance to the private sector that the Business Compact that will be drawn from the conference will be implemented.

President Akufo-Addo, says Ghana’s economy rebounding faster from the ravages of COVID-19 than envisioned, following a slow rate of growth in 2020.

Former MD of the Tema Oil Refinery (TOR), Isaac Osei, has been appointed chairperson of the 11-member board of the Ghana Ports and Harbours Authority (GHAPOHA).

Tullow Ghana has announced the appointment of Mrs. Cynthia Lumor as Deputy Managing Director, effective 1st October 2021.

INTRODUCTION

Capital given by shareholders provides initial funding for a private company’s operational activities. Additionally, shareholders could extend debt or loan to support a company’s operational activities. These shareholders’ financial investments coupled with other 3rd party credits or debts are used in the value generation (properties/assets and profits) activities of companies.

The Ghana Revenue Authority (GRA) has hinted that it will soon commence a vigorous night operation to register and collect taxes from traders who work mainly at night.

The Institute of Economic Affairs (IEA), has urged the Bank of Ghana (BoG) to impose a ceiling of five percentage points on the spread of banks to lower lending rates in the country.