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Business

Achimota-Nsawam rail line 95% complete – Ghartey

The rehabilitation of the Achimota-Nsawam railway line is 95 per cent complete, the Minister of Railway Development, Mr Joe Ghartey, has revealed. He also said test-runs have commenced and the line is expected to be re-opened for commercial operations soon. The rehabilitation formed part of the Akufo-Addo-led government’s efforts to revamp the rail sector as […]Read More
Business

ENI discovers new oil field

The Italian oil giant, Eni, has made a significant gas and condensate discovery in the Cape Three Points Block Four (CTP-Block 4) offshore Ghana in the Western Region. The well, drilled on the Akoma exploration prospect, proved an estimated volume of between 550 and 650 billion cubic feet (bcf) of gas and 18 to 20 […]Read More
Business

Emirates Group announces 2018-19 results

The Emirates Group has announced its 31st consecutive year of profit and steady business expansion. Released on Thursday in its 2018-19 Annual Report, the Emirates Group posted a profit of AED 2.3 billion (US$ 631 million) for the financial year ended 31 March 2019, down 44% from last year. The Group’s revenue reached AED 109.3 […]Read More
Business

GIPC optimistic of meeting $10m target

Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) Yofi Grant has expressed optimism his firm will achieve its target of $10 billion of investment within the next two years. In an interview with Natalie Fort during the World Meets in Ghana Investors Forum marked as part of Asantehene Otumfuo Osei Tutu II 20th […]Read More
Business

Philippa Brown named CEO of PHD Worldwide

Omnicom Media Group (OMG), the media services division of Omnicom Group Inc. (NYSE: OMC), has named Philippa Brown CEO of PHD Worldwide. Brown, who joins PHD from her role as CEO of Omnicom Media Group UK, succeeds Mike Cooper, who was recently named Group CEO, Omnicom Media Group APAC and EMEA. Since joining Omnicom Media […]Read More
Business

Check your facts – Kyerematen to IMF on CFTA

Ghana’s Minister of Trade and Industries, Mr Alan Kyerematen has said the International Monetary Fund must check its facts vis-à-vis its assertion that the gold-, cocoa- and oil-producing West African country risks facing revenue shortfall if it implements the African Continental Free Trade Agreement (CFTA) this year. The African Continental Free Trade Agreement is to […]Read More
Business

Cashew price falls by 75%

The price of cashew has reduced significantly, causing disaffection among farmers in the main cashew growing areas of the country’s middle belt. B&FT sources indicate that a bag of raw cashew nuts (100kg) which was quoted at GH¢800 during the peak period in the 2018 season, is currently being sold for GH¢200, representing a sharp […]Read More
Business

GRA institutes taskforce to tackle smuggling

The Ghana Revenue Authority (GRA) has put in place an operational taskforce to check the smuggling of uncustomed vehicles and goods in the country. The Command would employ hand devices installed with GCMS vehicle database to support such operations to ensure that all vehicles were properly entered with right duties. Mr Francis Tanlango of the […]Read More
Business

Debt to hit 62% of GDP in 2019 – IMF

The International Monetary Fund (IMF) has projected the country’s debt to GDP will increase by 2.4 percentage points to hit 62 percent in 2019, on the back of increase in foreign debt. The Fund’s Regional Economic Outlook report for sub-Saharan Africa, themed ‘Recovery Amid Elevated Uncertainty’, noted that the increase in debt to GDP ratio […]Read More
Business

BoG explains why GH¢2, GH¢5 aren’t upgraded

The Bank of Ghana has explained that the GH¢2 and GH¢5 notes are not part of the upgraded currencies introduced into circulation on Monday, May 6, 2019 because they are “standalone commemorative banknotes”. “In line with international best practice, commemorative banknotes are not subject to upgrades,” the Bank of Ghana said in a statement issued […]Read More
Business General

TUC bares teeth at ICU

The Trade Union Congress (TUC) has expressed displeasure over the conduct of the leadership and some members of the Industrial and Commercial Workers Union (ICU) during this year’s May Day parade. At the parade in Accra, some workers suspected to be members of ICU carried placards with inscriptions including “Dr Baah, the worst Secretary-General in […]Read More
Business

India copies Akufo-Addo’s 1D1F policy

India is seeking to adopt President Nana Akufo-Addo’s flagship industrial programme, the One District One Factory (1-D-1-F) policy. Trade and Industry Minister, Alan Kyeremanteng, made this known on Tuesday, May 7, 2019, while delivering an update report on the 1D1F initiative at the Ministry of Information. He says he was informed last year during his […]Read More