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Business News of Friday, 28 February 2020


Business stories that made headlines in week 4 of Feb 2020

Eric Nana Nipah, Receiver by the Central Bank as part of efforts to clean up the system Eric Nana Nipah, Receiver by the Central Bank as part of efforts to clean up the system

It’s been a momentous week for business news in Ghana, from corporate boardrooms to courtrooms and other interesting sectors.

Some of these high-profile stories filled the business pages for days. Others are likely to continue to dominate the news weeks after.

These are the top business headlines that continue to be read, shared and talked about from 24th – 28th February.

Below are trending business stories

Car dealers to protest if negotiations with government fail

The Automobile Dealers Union Ghana (ADUG) says if negotiations with government over the ban on importing some category of second-hand and salvaged vehicles fails, it will hit the streets.

This move is a reaction to majority leader in Parliament, Osei Kyei Mensah Bonsu, revealing government’s bid to put in place a regulatory framework for the importation of ‘second-hand’.

According to him, it will be done through the Customs Amendment Bill which is on the agenda of Parliament for consideration.

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Cedi appreciates 6.4% against dollar

The Ghana cedi has maintained its dominance against its major trading partners, especially the US dollar, as market updates from the First National Bank show there has been a more than 6 percent appreciation of the local currency since beginning of the year.

From the report, since January 2020 the cedi has appreciated by 6.4 percent against the US dollar – a feat that has never been achieved in recent years. For example, at beginning of this year (January), the cedi was trading averagely at GH¢5.534 to US$1. However, as of Thursday February 20, 2020, it traded averagely at GH¢5.282 to US$1. Meanwhile, in January 2019 alone, the cedi had depreciated close to 3 percent against the dollar, and by 13.4 percent at the end of 2019.

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Govt releases GH¢5bn to settle customers of defunct Savings & Loans firms

Government through the Ministry of Finance has released GH¢5 billion to the receiver of the defunct Savings and Loans and microfinance companies to “fully settle all validated claims due depositors”.

This was contained in a statement issued by the Ministry on Monday, February 24.

President Nana Addo Dankwa Akufo-Addo had hinted in his message on the state of the nation in Parliament last Thursday that measures have been put in place to settle the customers from Monday.

According to the statement, by the release of the funds “all depositors will now be paid in full”.

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Ghana expects Aker energy’s FID on Pecan ‘within 1-2 months’

Ghana expects Norway’s Aker Energy to make a final investment decision in the near future regarding the West African country’s planned Pecan oilfield development, Ghana’s President Nana Akufo-Addo said on Monday.

The government has been frustrated by the slow pace of offshore development and asked the country’s parliament last November to revise its licensing laws in an effort to spur production.

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Government's Affordable Housing Project to begin sales in March

Sale of government's Affordable Houses in Asokore Mampong in the Ashanti Region will be ready for both private and civil servants to purchase, Deputy Minister for Works and Housing, Eugene Boakye Antwi, has said.

Giving details on the pricing of the houses on Kumasi based radio station, Angel FM as quoted by MyNewsGh, the Minister noted that one standard bedroom sells at GH¢99,000, one bedroom special goes for GH¢142,500.

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