Joy Business Report @1

Bringing you updates from the world of business

Bringing you updates from the world of business

The President of IMANI Africa, Franklin Cudjoe has called for some State Owned Enterprises to be privatized in order to ensure their profitability to the state. Latest data from the 2020 State Ownership Report reveals that State Owned Enterprises (SOEs) recorded an aggregate loss of ¢2.61 billion in 2020. This represents nearly 50% improvement over the 2019 aggregate loss of ¢5.16 billion.

Bringing you updates from the world of business

Government secured ¢408.7 million from the sale of the 3-year cedi denominated bond auctioned on 7th April, 2022. According to the auctioning results from the Bank of Ghana, government accepted all the bids for the debt instrument which did not have a targeted amount. The bond was sold at an interest rate of 20.85% to investors.

The Bank of Ghana has once again warned the public (companies, institutions and individuals) to desist from unauthorized dealings in foreign currency. This is in accordance with the Foreign Exchange Act, 2006 (Act 723). According to a statement from the Central Bank, companies, institutions and individuals are prohibited from engaging in foreign exchange business without a license issued by Bank of Ghana or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana.

Former Finance Minister, Seth Terpker has expressed doubts about the effectiveness of government’s measures to cushion Ghanaians amid the current economic challenges. Mr. Terkper said the measures are not broad enough to curtail the current economic crisis.

The Bank of Ghana will sell a total of $350 million dollars to authorized dealers in the second quarter of this year, in the Foreign Exchange Forward Auction. This is in accordance with the Foreign Exchange Forward Auction Guidelines. The move is expected to boost the supply of dollars on the market to help improve the stability of the local currency.

The Ghana Chamber of Bulk Oil Distributors (COBD) has forecast an up to ¢1 per litre reduction in the price of petrol and diesel. This follows several engagements the COBD had with the Bank of Ghana (BoG) and stakeholders to fashion out interventions, aimed at reducing the prices at the various pumps.

President Akufo-Addo on Thursday morning commissioned the Nissan Assembly Plant located in Tema. The new state-of-the-art assembly plant is said to have the capacity to assemble 5,000 new vehicles annually. Speaking at the commission, President noted that the importation of motor and transport vehicles constitutes the leading import into Ghana, estimated at $1.5 billion annually.