Governor of the bank of Ghana insists the economy is growing strong despite threat in the rise of inflation.

The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector. The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.

Deputy Minister of Finance and MP for Atiwa East, Abena Osei Asare says that the government will publicly account for revenue generated from e-levy twice before the end of the year beginning mid-year.

Interest rates continue to surge ahead of the expected hike in the policy rate of the Bank of Ghana from the current 17%. This is expected to increase the cost of doing business in the country further, due to the rising cost of credit. With inflation above 23%, it is expected that the managers of the monetary economy will increase the policy rate to reduce money supply and as a result slowdown the rising prices of goods and services.

The national year-on-year inflation rate for April 2020 hits 10.6%, which is 2.8 percentage points higher than last month, the Ghana Statistical Service has said. The year-on-year inflation for March 2020 was at 7.8 per cent. The Month-on-month inflation between March 2020 and April 2020 was 3.2%.

The Director of Communications at the Electricity Company of Ghana (ECG), William Boateng, says the utility company is broke and would need to be resuscitated as soon as possible. He said the financial quagmire the company finds itself in has largely contributed to its inability to meet public demands in the manner it ought to over the years.

A survey conducted by renowned accounting and auditing firm, pwc, on the country’s business climate, for UK–Ghana Chamber of Commerce has indicated that cost and access to capital (80%), corruption (68%), cost of land (65%) and government bureaucracy (60%) continue to be the biggest worries of businesses in the country.

Government is yet to fully settled electricity subsidies granted as COVID-19 relief to the Electricity Company of Ghana. This is captured in a report by the power distribution firm submitted to the Public Utilities and Regulatory Commission (PURC) for consideration to increase electricity tariff.

Recent intermittent power outages across some parts of the country are due to gas shortage, Joy Business has gathered. As a result, the power plants that rely on gas have switched to Light Crude Oil (LCO) and Diesel Fuel Oil (DFO). Joy Business further learnt that there is currently a gas deficit of about 364 megawatt (MW) of power in the country.

Mobile-money operators expected to refund wrongful deductions on e-levy transactions within 3 days.