Joy Business Report @1

Bringing you updates from the world of business

The 2021 Auditor General’s Report has expressed worry about the general decline in the returns of the Ghana Petroleum Funds’ investments from about $17.5 million in 2020 to about $14.19 million in 2021.

The first tranche of the $1.3 billion COCOBOD Cocoa Syndicated Loan is expected to hit the Bank of Ghana’s (BoG) account by October 2022.

Data from the National Communications Authority (NCA) indicate that about 17 million mobile phone subscribers have so far registered their SIM cards since the registration begun in September 2021.

The Managing Director of the International Monetary Fund, Kristalina Georgiva, has reiterated his outfit’s commitment to reaching agreement with the government by the end of this year for an economic programme.

Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps, beginning today, September 2, 2022. Market leaders, GOIL and Total Energies are selling a litre of petrol at ¢11.55 pesewas and diesel at ¢14.50 respectively.

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.