Bringing you updates from the world of business

Bank of Ghana increases dollar support for the market. This follows concerns that the limited amount of dollar cash being released onto the market has contributed to the cedis’ fast rate of depreciation over the past weeks.

The 2021 Auditor General’s Report has revealed that the Board of the Bulk Oil Storage and Transport Company (BOST) had no policy guidelines on how its financial resources should be invested. However, it did an investment with some financial institutions leading to the lock-up of funds to the tune of ¢19.66 million.

Data from the Ghana Chamber of Telecommunications has shown that the number of subscribers undertaking the SIM re-registration exercise saw a significant drop after the government announced an extension of the deadline.

Fitch downgrades 3 Ghanaian banks' viability rating to 'CCC' from ‘B- ‘ .The downgrade came after the rating agency downgraded Ghana’s creditworthiness to junk status on August 10, 2022.

Rice millers in the country say they are being compelled to sell their paddy rice to millers in Burkina Faso and Nigeria due to a lack of storage facilities.

The difficulties, delays and frustrations associated with the acquisition of a Tax Clearance Certificate and the filing of tax returns will soon be a thing of the past, the Vice President, Dr Mahamudu Bawumia, has assured Ghanaians, especially the business community.

The Ghana Cocoa Board (COCOBOD) has begun a roadshow in Europe to raise about US$1.3 billion dollars for the 2022/2023 cocoa crop season, a move that will bring inflows of dollars into the economy to slow down the depreciation of the cedi.

The Bank of Ghana is cautioning the public against unlicensed entities engaged in the provision of loans to consumers, in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016.

About 78% of the ¢28 billion financing need by government in the first half of 2022 came from the Bank of Ghana, US based Assistant Professor of Economics at Niagara University, Dr. Dennis Nsafoah has revealed.