Today's Ghana Business, Banking and Economic news

Seven years after Ghana’s first ever natural gas processing plant commenced operations, Ghana Gas is planning to construct a second gas processing plant and there is a confident, well placed expectation that it will result in similarly transformational effects as the first one has had on Ghana’s economic fortunes.

Lending rates demanded by commercial banks in Ghana will begin to be cut this week in response to the Bank of Ghana’s announcement, a week ago, of a 100 basis points cut in its key Monetary Policy Rate, bringing it down to 13.5 percent in a move that many had hoped for but few had really expected.

The Minister of Education, Dr Yaw Osei-Adutwum, says the government spent GH¢2.4 billion on the Free Senior High School (FSHS) Policy in 2020.

The National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, Isaac Adongo, took to his Facebook wall on 28 May 2021 to accuse the Finance Minister, Ken Ofori-Atta, and the minister of state-designate for finance, Charles Adu Boahen, of a conflict of interest. Adongo alleged that the two ministers appointed two companies of which they are founders – Databank and Black Star Brokerage, respectively – as “two of the three investment advisory firms” for a multibillion-cedi government bond.

The European Commission has called on Ghana to take the necessary actions to abide by its international obligations in the fight against illegal, unreported and unregulated fishing.

Ghana Employers Association says after an increase in the daily minimum wage the focus must now be on productivity.

Former Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Dr Stephen Kwabena Opuni, has filed an application seeking the recusal of the judge who is presiding over his trial.

The National Tripartite Commission (NTC) has concluded negotiations on the determination of the National Daily Minimum Wage in respect of 2021 and 2022 at its meeting held Thursday, June 3 in Accra.

This is in accordance with Section 113 (1) (a) of the Labour Act, 2003 (Act 651).

At the end of the meeting, it was concluded that the 2021 National Daily Minimum Wage will be ¢12.53, which is a 6% increment of the 2020 figure of ¢11.82.

And for the year 2022, National Daily Minimum Wage will be pegged at ¢13.53, an 8% increment of the 2021 figure.

According to the NTC press statement announcing the new rates, the Commission indicated that the Covid-19 pandemic and its attendant economic hardships strongly influenced the percentage increases of the National Daily Minimum Wage rate.

“In determining the new rates, the NTC took into account the impact of the Covid-19 pandemic on the national economy, cost of living, sustainability of businesses and the desirability of attaining high level of employment,” it stated.

The National Daily Minimum Wage rate for 2021 is to come into effect starting June 4, 2021, whereas 2022 comes into effect, January 1, 2022.

Thus, the Commission directed all organisations whose Daily Minimum Wage is below the 2021 National Daily Minimum Wage to adjust their rates accordingly with effect from June 4.

“Any establishment, institution, or organization that flouts the new rate shall be sanctioned in accordance with the law,” it warned.

It further recommended that the National Daily Minimum Wage be tax exempt.

“The NTC wishes to reiterate its commitment to strengthening social partnership, industrial peace, and the improvement of incomes and productivity in both public and private sectors of the economy,” the statement concluded.

One of the driver unions in the country has rejected a 13% increase in transport fares approved by the Road Transport Operators on Wednesday, June 2, 2021.

A legal action by the Attorney-General, A-G has saved the state from paying more than GH¢1.2billion in judgment debt which was being claimed by NDK Financial Services.

Cost of living is expected to go up after the increase in commercial transport fares by 13%.

Ghana is appealing to the EU and pro-climate change international organisations to partner with African countries’ Energy Transition efforts.

A five-year analysis of procurement infractions in the public sector shows that the malfeasance cost the economy some GH¢11.8bn from 2015 to 2019, according to data obtained from the Ghana Institute of Procurement and Supply (GIPS).

Bank of Ghana, BoG will by the end of this week hold a series of meetings with some Chief Executives of banks in the country.

The lead operator of the Offshore Cape Three Point (OCTP), Eni Ghana has assured that it is working with the relevant authorities in the country’s upstream petroleum sector to find a mutually acceptable solution to the unitization impasse with Springfield Exploration and Production to enable the country capitalise on the Afina discovery.