Joy Business Report @1

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.

Bringing you updates from the world of business

The Bank of Ghana has increased the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting today, August 17th, 2022.

The Economic and Organized Crime Office (EOCO) has indicated that it will go after tax defaulters in order to recover revenue for the state.

The Executive Secretary of the Public Utilities Regulatory Commission (PURC), Dr. Ishmael Ackah has announced that Electricity consumers will pay 27.15% more whilst water users have to make do with 21.55% increment. The new tariffs take effect from September 1, 2022 and will extend to 2025.