The business and financial sector recorded some big developments within the year 2021, most of these developments were up for discussion on both traditional and social media.
Below are some of the big issues discussed in the business and financial sectors.
1. Covid: Emirates Airlines cancels flights to Ghana indefinitely
Emirates Airlines has extended the initial 48-hours ban for flights from Accra to Dubai indefinitely.
“Emirates flight suspension from Accra to Dubai effective December 27, 2021, is now extended until further notice,” the airline said in its urgent broadcast sent to trade partners on Tuesday, December 28, 2021.
The airline, however, said Dubai to Accra flights will, however, continue for passengers holding confirmed bookings and meeting the entry requirements for Accra.
2. Ghanaians buy sachet water at GHS40p
Ghanaians begun buying sachet water at GHS40 pesewas and bottled water at GHS1.50p from December 27
This upward review was made known by the National Association of Sachet and Packaged Water Producers in a statement.
According to the association, the price increment was informed by the increasing cost of production including the cost of fuel, vehicle spare parts and imported packaging materials.
“A bag of sachet water, 500ml by 30pcs, will now sell at GHC 4.50 from the retail trucks. Mini shops will now retail a bag of sachet at GHC 6 per bag minimum. These reviews take effect from Monday December 27, 2021. The price reviews have been necessitated by rising cost of inputs such as fuel, vehicle spare parts and packaging materials which are mainly imported. At our previous review, the Ghana Cedi to the dollar was in the region of GHC 4.50. Currently it is inching up to GHC 6.50. Fuel prices have also significantly gone up since our last review.”
3. BoG reacts to Togbe Afede's comment on high interest rate
The Bank of Ghana (BoG) has reacted to a comment made by Togbe Afede XIV to the effect that the interest rate in Ghana is high.
The central bank indicated that Togbe Afede XIV is reported to have raised several issues about Bank of Ghana’s conduct of monetary policy and its governance structure.
While they rarely comments on general media discussions with the understanding that different stakeholders will have different views on the conduct of monetary policy, and also has a strong commitment not to be distracted by such discussions but rather remain focused on its primary mandate of controlling inflation, the BoG said it found it very important to respond to the claims by made by the revered traditional ruler.
4. Over GH¢3m unearned salaries recovered by Accountant-General
The Controller and Accountant-General’s Department (CAGD) has recovered GH¢3,129,135.58 in unearned salaries within the reporting period of 2021.
The amount represents 95% of a total of GH¢3,290,150.70 reported unearned salaries.
The Controller and Accountant-General, Mr Kwasi Kwaning-Bosompem, who announced this, said it was the mission of the department to also protect the public purse in line with the effort by the government to curb corruption.
5. EOCO advises AG to prosecute shareholders of defunct Savings and Loans Companies
The Bank of Ghana (BoG) has in a statement said the Economic and Organised Crime Office (EOCO) after investigations into specific cases of suspected financial crimes, has advised the Attorney General to prosecute the shareholders, directors or management of the defunct Savings and Loans Companies, Finance Houses, and Microfinance Institutions.
The Central Bank said in its public notices in 2019 announcing the revocation licences of certain defunct Savings and Loans Companies, Finance Houses, and Microfinance Institutions, the BoG cited a number of potentially criminal actions on the part of these institutions and their shareholders, directors or management, as the case may be.
6. BOG, EOCO to investigate suspected cases of financial crime
The Bank of Ghana and Economic and Organised Crime Office (EOCO) will investigate suspected cases of financial crime.
A statement from the BOG said "As part of its long-standing cooperation with law enforcement Agencies, Bank of Ghana (BoG) from time to time requests the Economic and Organised Crime Office (EOCO) to investigate specific cases of suspected financial crimes and to liaise with the appropriate agencies for possible prosecution of suspected persons. Pursuant to this, a number of referrals have been made by BoG to EOCO for investigations, as summarised below."
"Following an emerging trend observed by the BoG over the last few years, BoG has since October 2020 submitted five (5) separate requests to EOCO for investigations into claims of persons (individuals, businesses, and law firms acting on behalf of clients) who have persistently made claims on the BoG to the effect that certain large sums of money purportedly remitted to them by foreign counterparties through the banking system have been withheld by BoG.
7. MTN, AirtelTigo to reduce charges on momo transfers by up to 25%
MTN and AirtelTigo have agreed to reduce their person-to-person transfer fees on mobile money transactions by up to 25 percent.
According to a statement from the Ghana Chamber of Telecommunications, this came after engagements with stakeholders on the matter.
“We have had extensive deliberation with government on the need to lessen the impact on our consumers. We acknowledge the need to expand the tax base.”
8. We need to develop capacity to produce own oil – Energy Minister
The Minister for Energy, Dr. Matthew Opoku-Prempeh, has made a strong argument for the country to start developing its capacity to explore and produce oil as international companies are withdrawing from oil-producing countries in Africa.
In recent times, oil-producing giant Exxon Mobil exited Ghana after showing an initial interest of working in the country. In Nigeria, TotalEnergies is also preparing to move away from crude production in the West African region.
9. Gov’t prioritizes acquisition of new buses for Metro Mass in 2022 budget
The Government of Ghana has prioritized revamping the Metro Mass Transit Limited (MMTL) with the acquisition of new buses in its 2022 Budget Statement and Economic Policy.
The move was captured in the budget estimates of the Ministry of Transport, the sector Ministry under which MMTL operates as an Agency.
At a plenary sitting on Wednesday, December 15, 2021, an estimated budgetary allocation of GH₵921,843,000.00 was approved for the Ministry of Transport and its sub-vented Agencies to execute their programs and projects for the 2022 fiscal year.
Out of the amount approved, GH₵694,351,000 will be used by the Transport Ministry to finance assets where it is projected that hundreds of new buses will be procured to revamp MMTL and other private sector operators.
10. Banks face heightened credit risk in rising NPLs – BoG
With the Covid-19 pandemic raging on, the Bank of Ghana says banks in Ghana face heightened credit risk as depicted in rising non-performing loan ratios and this is of great concern to banks, supervisors, and macroeconomic policy makers.
“What is more, the full extent of banks’ credit risk cannot be assessed with any high degree of certainty given the uncertain economic outlook in the midst of the pandemic and the fact that many reliefs granted by banks to borrowers at the onset of the pandemic remain in force. The impact of the pandemic on supervisors’ ability to conduct on-site examination of banks is another key concern, given the limitations of off-site loan book reviews”, Second Deputy Governor of the Bank of Ghana, Elsie Addo-Awadzi disclosed at the Bank of Ghana/ Bank of England Regional Event on the theme “Microprudential Supervision of Credit Risk”.
11. Financial stocks still remain undervalued – Analysts
Head of Research at DataBank, Alex Boahen, has described the country’s financial stocks as grossly undervalued, noting that, there exists enormous potential for capital appreciation on the equities side of the market.
The undervaluation, he noted, is even more pronounced in the financial sector, particularly among banking stocks, which, according to him, are attractively valued with some approaching their fair value and others ripe for profit-taking.
12. UK removes South Africa, 10 other countries from red list
The government has said that all 11 countries will be removed from the UK's travel red list from 4am on Wednesday.
Angola, Botswana, Eswatini, Lesotho, Malawi, Mozambique, Namibia, Nigeria, South Africa, Zambia and Zimbabwe are on the list.
The red list was reintroduced in late November as a precaution after the emergence of the Omicron variant.
But Health Secretary Sajid Javid said it had spread so widely the rules no longer had much purpose.
13. Osafo-Maafo gives reasons why Agyenkwa 2022 Budget is one of the best-ever
The Senior Presidential Advisor, Mr Yaw Osafo-Maafo has given reasons why he thinks the Agyenkwa 2022 Budget is one of the best-ever.
According to him, the budget makes provision for youth employment through entrepreneurship as well as skills development and the introduction of the Electronic levy (E-levy) to fund entrepreneurship ventures.
Mr Osafo-Maafo made this known today at the launch of the Ghana TVET Service today in Accra.
"Indeed, this current budget is one of the best this country has ever produced," Mr Osafo-Maafo said.
14. GRA will collect E-levy – Finance Ministry
The Finance Ministry says all the processes for the collection of the proposed Electronic levy (e-levy) on mobile money (MoMo) transactions, inward remittances and ATM withdrawals will be done by the Ghana Revenue Authority (GRA).
The Ministry, in a statement issued by the Public Relations Unit and copied to the Ghana News Agency, said, “GRA will manage all discussions to ensure full deployment of their current platforms and resources for the collection of the e-levy.”
This follows discussions that government should drop the allocation of GHC241,933,000 for the e-transaction levy services to an alleged private company.
15. Scrutinize 2022 budget but don’t frustrate gov't – Otumfuo tells MPs
The Asantehene, Otumfuo Osei Tutu II, has lauded Members of Parliament for the vigorous scrutiny of the 2022 Budget.
But he has admonished them not to frustrate the government from performing their legitimate duties.
Otumfuo made the statement at Manhyia Palace on Sunday, December 12.
He has also advised the current administration to welcome other suggestions.
16. Opuni files another application for removal of Honyenuga from his case
A former Executive Director of COCBOD, Dr. Stephen Opuni, has filed a new application at the High Court seeking the removal of Justice Clemence Honyenuga as the trial judge in the case involving him and Agricult Ghana Limited CEO, Seidu Agongo, where they are being accused of causing the state to lose over GHS 217 million in a cocoa fertilizer transaction.
In the application, Dr. Opuni said the judge has shown open hostility towards him and is clearly biased against him.
He argued that if the judge is not removed, justice may not be served.
This is the second attempt Dr. Opuni is making to have justice Honyenuga removed from presiding over his case.
The Managing Director and Group Chief Executive Officer of GOIL Company Limited (GOIL), Kwame Osei Prempeh has insisted that government did not direct them to reduce fuel prices.
But he disclosed on Joy FM's Newsfile that the Chief of Staff, Akosua Frema Osei-Opare called him to know how they can help during the nationwide strike by the commercial drivers protesting the hike in fuel prices.
He explained that the conversation was focused on steps GOIL could take to mitigate the effect of the surge in fuel prices especially on the operations of commercial drivers.
18. Oil marketing companies fight govt’s fuel price reduction directive to GOIL
Oil marketing companies in Ghana have faulted a directive by the government to state-owned GOIL to reduce fuel prices by 15 pesewas.
The umbrella body for oil marketing companies in Ghana, the Association of Oil Marketing Companies (AOMC) has said its 175 members want the government to rescind the directive to GOIL to reduce the price of petrol and diesel per litre.
In a short statement signed by Industry Coordinator, Kwaku Agyemang-Duah, the Association said the directive contravenes the tenets of the deregulation regime.
19. At no point did gov't direct us to reduce fuel prices - GOIL
GOIL Company Limited says they were not directed by the government to reduce fuel prices.
According to GOIL, "In this pricing window and looking at the agitations of transporters and the concerns of Ghanaians, GOIL decided to sacrifice part of the company's margin to benefit its cherished customers and Ghanaians as a whole."
GOIL said the allegations by the Association of Oil Marketing Companies (AOMC) are false.
“GOIL wants to state categorically that at no point did the government ‘direct’ the company to reduce its fuel prices as being alleged by circulated,” a press statement signed by the CEO and Managing Director of GOIL Company Ltd, Kwame Osei Prempeh indicated.
20. Vice President of Sierra Leone commends Ghana’s progress in power sector
Vice President of Sierra Leone, Dr Mohammed Juldeh Jalloh, has praised Ghana’s progress in the power sector and has indicated that his country has valuable lessons to learn in this regard.
Dr Jallow made this point earlier today when he led a delegation to the Ministry of Energy for discussions on the sector. He was received by Deputy Ministers Dr Amin Adam, Andrew Mercer and Owireku Aidoo on behalf of the Minister, Dr Matthew Prempeh, who is out of the country on an official assignment.
21. Vishal Garg: US boss fires 900 employees over Zoom
The boss of a US firm has been criticised after he fired around 900 of his staff on a single Zoom call.
"If you're on this call you're part of the unlucky group being laid off," said Vishal Garg, chief executive of mortgage firm Better.com, on the call, later uploaded to social media.
22. Parliament adopts revisions to 2022 budget
Parliament has adopted modifications to the 2022 budget statement and economic policy presented by Finance Minister Ken Ofori-Atta, despite opposition from the Minority in relation to the 1.75 percent e-Levy.
The Minister in a letter to Parliament made some revisions such as the GHS 10 million allocated for feasibility studies on the Keta sea defence project, revision of Aker Energy-AGM Petroleum- GNPC deal, Agyapa from the budget among others.
In his ruling on Tuesday, December 7, 2021, Joseph Osei-Owusu, the First Deputy Speaker, sitting as the Speaker, directed that the statement of modification presented by the Minister for Finance, Ken Ofori-Atta be attached to the budget statement presented to the house on 17th November.
23. Ofori-Atta makes modifications to 2022 budget following Minority backlash
Finance Minister, Ken Ofori-Atta, has announced modifications to the contentious aspects of the 2022 budget following a backlash from Minority in Parliament and a section of Ghanaians.
The Minority, after rejecting the 2022 budget last week, urged the Minister to revise the economic policy document – singling out revisions to the e-Levy, among other things.
24. Uber, Bolt prices go up as strike by trotro drivers bites
Taxi-hailing services like Uber, Bolt and Yango are cashing in big on the strike by trotro drivers on Monday, December 6, 2021.
Bolt, Uber and Yango prices are shooting up over increased demand as commercial transport owners begin an indefinite industrial action today.
25. E-levy: Telcos will lose out over new tax - Telecoms Chamber
Chief Executive Officer of the Ghana Chamber of Telecommunications, Dr. Ken Ashigey, has cautioned the government to take time in the implementation of the E-levy.
Finance Minister, Ken Ofori-Atta while delivering the 2022 budget on Wednesday, November 17, 2021, proposed that a 1.75% levy on all electronic transactions will be effective January 1, 2022.
Dr Ken Ashigey has indicated that rushing the process of implementing the proposed E-levy in its current form will erode the gains made in the Telecommunications industry.
26. MTN to sue road contractors for fibre cuts
Management of Mobile Telecommunications Network (MTN) has hinted of legal suits against private developers and road contractors who persistently cause damage to their fibre optic cables.
This, according to the company, has become necessary after several engagements with the Association of Road Contractors, the Ghana High Authority, the Urban Roads Department and others to find an amicable way of addressing the situation but had yielded no positive results.
27. 66% of businesses want reduction of taxes to stabilize operations – IEA survey
The majority of businesses in the Greater Accra Region believe they need critical interventions from the government to improve the business environment in the coming months.
According to the Institute of Economic Affairs 2021 Business Confidence Survey, 66 percent of businesses in Accra expect the government to reduce taxes and charges to bring stability to the business community stability.
28. Check departure times as PassionAir begins flights to Volta Region
Ghanaian domestic airline, PassionAir, has started flights to Ho in the Volta Region, with operations from the newly constructed Ho Airport.
Before the start of the Ho operation, PassionAir did a test flight on the Ho air route to test the feasibility of the operation and transporting passengers from the Volta Region.
After a successful test, the airline from 4th December 2021 began full operations on the Ho air route.
PassionAir's operations today was scheduled for departure at 6:30 a.m. from Ho to Accra and a 7:30 a.m. departure from Accra to Ho.
29. It’s a great time to invest in Ghana, prospects are bright – Akufo-Addo woos Blacks
President Nana Akufo-Addo has urged members of the black business community in the United States of America (USA) to take advantage of the numerous investment opportunities in Ghana as the country builds back strongly from the ravages of the COVID-19.
He told them that it was a great time to invest in Ghana, “for the opportunities are bright.”
The President made the call when he addressed the “Africa Flagship Programme” session of the 45th Annual Legislative Conference of the National Black Caucus of State Legislators (NBCSL), held in Atlanta, Georgia, USA.
30. Gov’t pays GH¢5.7bn of debts to SSNIT
The government has since 2017 made payment of GH¢5.77billion to clear part of the social security contributions owed to SSNIT, the latest update from the Social Security and National Insurance Trust (SSNIT) has shown.
Delays in the payment of due contributions by government have been cited in the actuarial valuation reports as hampering the scheme’s level of investible funds. Indebtedness by government to the Trust continues to hurt the scheme’s compliance rates and long-term sustainability.
31. GhIPSS Services records 146% growth in first to third quarter
Ghana continues to make steady growth in the patronage of electronic products and services, as the third quarter performance report by the Ghana Interbank Payment and Settlement System (GhIPSS) shows a growth of over 146.1 percent in the volume of transactions in the first nine months of 2021.
A total of 125.8 million transactions were processed from January to September of this year compared to 51.1 million transactions over the same period in 2020. The value of the transactions for the same period however recorded a lower growth of 36.1 percent to 241.5 billion cedis.
A former Finance Minister, Dr. Kwabena Duffuor says the neglect of Technical and Vocational Training (TVET) might have contributed to high unemployment and rising poverty among the youth.
According to Dr. Kwabena Duffuor, TVET is the effective solution to rising youth unemployment in Ghana.
Dr. Kwabena Duffuor noted that vocational and technical education will equip the youth with the needed skills set for the job market, as well as empower them to set up their own businesses.
Delivering a lecture dubbed ‘The Ghanaian Dream; Transforming the economy through job creation and opportunities for all” on Monday, November 29, 2021, the former Governor of the Bank of Ghana, Dr. Kwabana Duffuor, called on the government to prioritise Vocational and Technical Education if it wants the economy transformed.
33. NLA to complete payment of arrears by end of 2021
Operations Manager in charge of draw at the National Lottery Authority (NLA), Kwame Peasah, has debunked claims that NLA doesn’t have the required resources to pay winners of the lottery.
He stated that the delay in the payment of funds to some winners of the lottery can only be attributed to the huge amount of money that people won in the past few months.
He indicated that although some payments have been delayed for some time, measures have been put in place by the management of the National Lottery Authority which will help the agency to clear its arrears.
Speaking to UTV on Monday, November 29, 2021, Kwame Peasah said that the National Lottery Authority has paid 90 percent of its debt and is looking at paying the last 10 percent by the end of December 2021.
34. COCOBOD projects US$50bn value-added revenue
COCOBOD is projecting an ambitious target of raking in US$50billion in annual revenues from processing cocoa into other value-added products by the year 2030.
Data from COCOBOD indicate that some progress has been made in value addition to cocoa, with volume of cocoa value addition moving from 25 percent in 2018 to a current 40 percent and constituting an about-327,000 tonnage of processing.
Chief Executive of COCOBOD, Joseph Boahen Aidoo, told the B&FT at the recently held Ghana Cocoa Awards in Accra that the organisation’s priority is to ensure increased cocoa production is matched by an increase in domestic processing – with an objective to reach 50 percent local processing by 2024.
35. AGI backs government on removal of 50% benchmark on selected goods
The Association of Ghana Industries (AGI) has commended the government for its decision to reverse the 50 per cent benchmark value policy on imported products, saying it would boost local production.
It said the policy had made imported products cheaper than the local ones and the review announced in the 2022 budget would provide a level playing field and help producers to be competitive.
“We commend the government for taking the bold decision to reverse the discount on the benchmark values on selected products which were introduced in April 2019, in spite of the massive pressures from our colleagues who import finished products into the country,” AGI’s outgoing President, Dr Yaw Adu-Gyamfi said.
36. Energy Ministry's new panel to monitor electricity transmission begins work
The Minister for Energy, Dr Matthew Opoku Prempeh, has inaugurated the Electricity Market Oversight Panel (EMOP).
He charged to EMOP channel its energies and synergies towards ensuring that the country’s power situation remains stable.
Dr Prempeh made this point when he inaugurated the panel at a short ceremony at the Ministry in Accra on the morning of Thursday, November 25, 2021.
The Electricity Regulations, 2008, L.I. 1937 established the Ghana Wholesale Electricity Market (GWEM) to facilitate wholesale trading of electricity and the provision of ancillary services in the National Interconnected Transmission System (NITS).
The L.I. 1937 further established the Electricity Market Oversight Panel (EMOP) to supervise the administration and operation of the GWEM.
37. Ghana opens West Africa’s first AC and fridge testing lab
The Ghana Standards Authority has opened West Africa's first Air-Conditioner and Refrigerator Testing Laboratory to curtail the importation of low standard cooling appliances to Ghana.
The facility, which was established with great support from the U.S.-backed Millennium Development Authority (MiDA) will also help reduce power consumption and related carbon emissions.
The groundbreaking state-of-the-art laboratory cost some $1.9 million to build and forms part of the four projects under the Ghana Power Compact programme, through the US government's Millennium Challenge Corporation.
38. SEC grants first domestic credit rating licence
The Securities and Exchange Commission (SEC) has issued the first credit rating licence to an indigenous company in Ghana, which will allow for an independent evaluation of the creditworthiness of debt securities on the Ghana Fixed Income Market.
This will be a boost to development of the corporate bonds market, given that corporate bond issuers must find a rating agency to rate their debt – which investors rely on to decide whether or not to buy a company’s securities.
According to the Deputy Director-General of SEC, Deborah Agyemfra, the first licence was issued to Beacon Credit Rating Agency before the official issuance of credit rating agency (CRA) guidelines.
“One thing we want as a regulator is to be ready by issuing the guidelines. It is up to the market players in this space to take advantage of the guidelines and apply,” the Deputy Director said in an interview following the Judicial Service Edition of Time with the SEC.
39. US court dismisses lawsuit against Nduom, GN Bank and others
A US Federal court in Chicago, Illinois, presided over by District Judge, Thomas M. Durkin, has dismissed a complaint filed against GN Bank, its Chairman, Dr. Papa Kwesi Nduom, GN Bank’s outside directors, and others.
The equity fund and securities investment company based in the United States, Birim Group LLC, filed the legal challenge against Dr. Nduom and 18 others, including his immediate family, over claims of money laundering and wire fraud.
The complaint was filed by the California Limited Liability Company, whose sole member was the lawyer who filed the complaint.
40. E-Levy will drive remittances market underground – Ato Forson
Ranking Member on the Finance Committee of Parliament, Dr Cssiel Ato Forson, has predicted dire consequences for remittances into Ghana if the e-levy is implemented.
The opposition National Democratic Congress (NDC) Member of Parliament for Ajumako Enyan Esiam described the E-levy proposed in the 2022 budget as a three-legged tax in reference to three main transactions that the tax will cover – inward remittances, mobile money and bank transfers.
On inward remittances, he said the controversial E-levy will discourage the much-needed remittances that have become the life wire of the struggling Ghanaian cedi and drive the remittances market underground.
41. SSNIT withholds GH¢186.58m of pension benefits
Deputy Director-General of Operations and Benefits at the Social Security and National Insurance Trust (SSNIT), Laurette Korkor Otchere, has revealed that the Trust withheld the pensions of about 24,333 pensioners, amounting to GH¢186.58million, as of November 2021.
These are people who have not re-enrolled biometrically or not completed/renewed their Pensioner Certificates, and thus have been deleted from the pension payroll since the exercise started in 2018.
Speaking at a three-day operations conference by the Trust in Koforidua, Ms. Otchere said: “41,508 names of pensioners who had not re-enrolled biometrically or had not completed/renewed their Pensioner Certificates have been deleted from the pension payroll since the exercise started in 2018. Out of 41,508 names of pensioners whose pensions were withheld, a total of 17,175 have been reactivated.”
42. No withholding tax on gold export from January 2022 - Minister
Effective January 1, 2022, small-scale miners (SSM) will no more be required to pay three per cent withholding tax on gold at the point of export through the Precious Minerals Marketing Company (PMMC).
This follows the government's fiscal policy to scrap the three per cent withholding tax on processed gold and replace it with 1.5 per cent withholding tax on unprocessed gold.
The Minister of Lands and Natural Resources, Mr Samuel Abu Jinapor, who made this known, stated, “ "For the avoidance of doubt, there will be no tax collected at the point of export through the PMMC from small-scale miners," he stressed.
Mr Jinapor, who said this in a virtual address at the 7th Ghana Mining Industry Awards (GMIA) held in Accra last Friday, said the decision was arrived at after thorough stakeholders engagement on the merit of the three per cent withholding tax policy.
43. GH¢5.9bn new loans drive up Ghana’s debt stock to GH¢341.8bn for September 2021
The Bank of Ghana’s Summary of Economic and Financial Data has revealed that the country’s public debt stock has hit GH¢341.8 billion as of the end of September 2021.
According to the data, between July and September 2021, some GH¢5.9 billion new loans were added to drive up the country’s debts to the present level.
The increase in Ghana’s debt stock was hiked up largely by domestic debt and a slight depreciation of the cedi to the dollar.
The current GH¢341.8 billion debt stock is equivalent to 77.8% of Gross Domestic Product (GDP) and confirms concerns by analysts and economists that the country’s debt has reached unsustainable and dangerous levels.
44. Capital Bank was insolvent, had toxic assets and many non-performing loans – Ato Essien
Founder of defunct Capital Bank William Ato Essien has admitted that the bank faced severe financial challenges before the revocation of its license by the Bank of Ghana.
These challenges include many non-performing loans, toxic assets and insolvency. He made these revelations while he was led by his lawyer Baffuor Gyau Ashia to testify as he put up his Defence.
Mr Ato Essien had in 2019 alleged that Finance Minister Ken Ofori Atta and his partner Keli Gadzekpo had attempted to purchase Capital Bank in 2016.
45. 2022 budget: Govt to spend GH¢135bn next year, generate GH¢100bn
The Finance Minister, Ken Ofori-Atta is seeking Parliament’s approval to spend GH¢137.5 billion for the 2022 fiscal year, representing 27.4% of GDP.
The projected amount is also an increase of 23.2% over the 2021 projected outturn of GH¢111.6 billion.
Meanwhile, total revenue and grants for 2022 are projected to rise to GH¢100.51 billion, up from a projected outturn of GH¢70.34 billion for 2021.
Out of that amount, domestic revenue is estimated at GH¢99.54 billion, representing an annual growth of 44 per cent over the projected outturn for 2021.
46. 2022 budget: Govt scraps collection of tolls on all roads
The government has made a bold proposal to abolish all road tolls, to be started from this year.
Presenting the 2022 Budget Statement and Economic Policy Statement to Parliament on Wednesday, November 17, 2021, Finance Minister, Ken Ofori-Atta, said the proposal was to enhance productivity and reduce environmental pollution.
It is also meant to reduce the heavy traffic that road tolls are found to cause nationwide, he said.
47. Banks now strong to lend to private sector — BoG report
The Bank of Ghana (BoG) has expressed optimism in the banking sector, assuring that measures and regulations introduced this year are beginning to create strong buffers for banks in the country.
In its latest Banking Sector report, the central bank stated that the banking industry’s outlook remains positive with expected increases in credit demand and easing of the credit stance to boost private sector lending. “An assessment of the banking sector as at end-August 2021 indicated that the sector’s performance remained strong, underpinned by sustained growth in total assets, deposits and investments,” the report said.
48. Govt backtracks on decision to send NABCo trainees home
The government has rescinded an earlier decision to send beneficiaries of the Nation Builders Corps (NABCo) home for a mandatory two-week break.
In a new statement issued by the headquarters of the employment scheme, NABCo trainees have been asked to stay at post despite ending their three-year stint at various government agencies.
"Following a high-level stakeholder meeting with the lead NABCo module implementation partners (MIPs) led by His Excellency the Vice-president of the Republic of Ghana and the Honourable Chief of Staff, all NABCo trainees are required to remain at post.
49. Food prices have not increased, it's misinformation - Agric Minister
Minister for Agriculture, Dr Owusu Afriyie Akoto, has stated that the statistics compiled by his outfit do not show that the prices of food have increased in the country.
He stated that the drought that occurred in the previous year affected supplies in the country and its impact would have been worse if not for the good harvest that was recorded in the northern part of the country.
"Nobody complained about the reducing size of kenkey until this year because there was a drought last year in the southern part of the country. A very heavy drought both in the major and minor seasons in the forest and southern part," he said.
50. Cocoa production will hit 1.5m metric tonnes soon- COCOBOD
CEO of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has announced that the ongoing rehabilitation of all areas which have been affected by the cocoa swollen shoot virus disease will increase cocoa production to 1.5 million tonnes in the medium term.
Speaking at the Netherland Embassy’s Orange Cocoa Day event to highlight and garner support for Ghana’s cocoa sector, he said, “The cocoa industry has been plagued with the devastating impact of the cocoa swollen shoot virus disease. Close to 20 percent of the productive cocoa area in the country has been affected by this disease. This has led to low productivity and low incomes for cocoa farmers.”
He continued by urging cocoa farmers and service providers to be ready for the increase in production base.
51. Ghana gets first marine vessel to support offshore gas industry
Tullow Ghana has taken delivery of Ghana's first-owned marine vessel, MV Flat Confidence, after a successful Offshore Vessel Inspection Database (OVID) testing on November 5, 2021.
As the first Ghanaian-flagged vessel, it is to support the offshore gas industry.
A statement issued in Accra by David Jones Amoah, the External Affairs officer of Tullow Ghana, said the MV Flat Confidence was acquired by Flat C Marine Offshore Limited, following a long-term contract granted by Tullow Ghana to the company to enable them to raise funds and procure the vessel.
52. NPA reduces contaminated fuels from 32% to 2.5%
As a result of the stringent measures instituted, the retail outlet failure rate has reduced drastically from 32% as at 2013 to 2.51% as at August, 2021,the Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid has said.
Among the key strategies adopted are the revision of operating procedures in the importation, exportation, and production of fuels by Petroleum Service Providers (PSPs) and the introduction of Petroleum Product Marking Scheme (PPMS) and Bulk Road Vehicle (BRV) tracking system to ensure that products are devoid of adulteration and meet the required specification along the supply chain.
53. No licence for cannabis business yet — Narcotics Control Commission
Narcotics Control Commission (NCC) has warned the public against the cultivation of narcotic plants or the establishment of a business related to narcotics on the basis of the passage of the Narcotics Control Commission Act, 2020 (Act 1019).
It said it had not granted licence to any entity or individual to either establish or promote any business related to a narcotic drug or narcotic plant upon the passage of the said bill.
He said until a related Legislative Instrument (LI) is approved by Parliament, no one could legitimately do business in narcotic plants or drugs in the country.