Business and Finance Archives - Early Morning Info

IMF $3bn Bailout: Joe Jackson urges govt to avoid reckless borrowing

18May

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IMF $3bn Bailout: Joe Jackson urges govt to avoid reckless borrowing

The Director of Business Operations at Dalex Finance, Joe Jackson, is urging the government to refrain from excessive borrowing following the International Monetary Fund’s (IMF) $3 billion bailout for Ghana. Speaking on Eyewitness News on Citi FM, Joe Jackson emphasized the need for the government to take a retrospective look at the activities that led to the economic crisis. He stressed that the government should use the funds wisely and avoid reckless borrowing, as this would only worsen the economic situation. Joe Jackson highlighted that receiving the bailout funds comes with the responsibility of ensuring proper utilization. He cautioned against another spending spree and emphasized the importance of behaving responsibly to secure future tranches of the bailout. “What ...

Govt pays outstanding coupons to individual bondholders

14Apr

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Business and Finance, Politics

Govt pays outstanding coupons to individual bondholders

The government has commenced payments of outstanding coupons to individual bondholders who failed to participate in the Domestic Debt Exchange programme. In a statement, the coalition of Individual Bondholders confirmed the payments of matured coupons to its members but called on the Ministry of Finance to review its communication management and reposition it for proactive engagement with creditors as is professionally expected. “While we welcome the commencement of payments, it is important to note that the failure to be definite about a payment schedule or a notification date for outstanding payments does not augur well for the rebuilding of confidence in the financial market. “We, therefore, call on the Ministry of Finance to advise its exact payment plans within a week of thi...

Kelvin Taylor jabs MTN for canceling Zone bundle without prior notice

11Apr

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Business and Finance

Kelvin Taylor jabs MTN for canceling Zone bundle without prior notice

MTN Ghana has come under fire from Kelvin Eko Baidu Taylor, CEO of Loud Silence Media, for abruptly ending its zone bundle promotion without giving clients adequate notice. The With All Due Respect Anchor thinks the choice made by the telecom giants is bad for business and shows utter disregard for their loyal clients. He claimed that MTN Ghana might have informed its customers of its decision to stop providing that service. He said "Your Ghanaian customers of Zone Bundle need to be treated with respect and not like fools. If you have an internet offer you are turning off for whatever reason, you don’t do that abruptly, you serve notice and give reasons why the offer is being taken off because you have a contract with your customers" He emphasized that the company shouldn't assume it...

7Apr

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Business and Finance

Ports Revenue inflows on a decline

As a result of the lack of imports, there has been a significant decrease in traffic entering the country's ports, according to DGN Online. Without any significant activity, like as the transportation of cargo, which is typical there, the Tema Port is obviously empty. The general decrease in traffic flow began in June or July 2022 and persisted through the end of the first quarter of this year without showing any signs of improvement, according to a letter written by the general manager of Ghana Ports and Harbours Authority (GPHA) and seen by DGN Online. This forced the Authority to conduct an urgent stakeholder meeting on March 30, 2023, to find out why importation had dropped so dramatically. Records made accessible to DGN Online already show that the volume of frei...

Passage of new tax bills will adversely affect businesses – GUTA

2Apr

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Business and Finance, Politics

Passage of new tax bills will adversely affect businesses – GUTA

President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has expressed disappointment with Parliament’s approval of the three revenue tax bills. Dr. Obeng bemoaned the implications of the taxes approval and said it will affect the rate of tax compliance by businesses because it will be a discouraging act to honour. He said Ghanaian businesses are particularly not competitive in the West African Sub-Region due to the high taxes that they have to pay. “Businesses are not competitive in the subregion and that is why some of us have to go and buy goods from Togo, so additional taxes will really affect our trade. It is going to make us pay a multiplicity of taxes and that is why we called it an obnoxious tax system.” Dr. Obeng further lamented the high commercia...

Abena Asare defends the three new Tax Bills

23Mar

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Business and Finance

Abena Asare defends the three new Tax Bills

The new tax bills that are currently before Parliament have been defended by the deputy minister of finance, Abena Osei Asare. She maintains that the government urgently requires the new tax bills to support its initiative to raise money in an effort to strengthen the fragile economy. Today, March 23, Parliament will vote on the Growth and Sustainability Levy Bill, the Excise Duty, and the Excise Tax Stamp (Amendment) Bills. The Board's approval of the staff-level agreement for the $3 billion International Monetary Fund (IMF) Programme would be made easier with the approval of these pending revenue mobilization bills. Abena Osei Asare said the new measures if approved by Parliament, will also enable the government to provide aid to needy individuals who have been adversely aff...

Laila Rahhal El Atfani appointed as member of Board of Advisors for The Global Chamber of Business Leaders (GCBL)

22Mar

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Business and Finance

Laila Rahhal El Atfani appointed as member of Board of Advisors for The Global Chamber of Business Leaders (GCBL)

Her Excellency Laila Rahhal El Atfani has been appointed to the Board of Advisors of the Global Chamber of Business Leaders (GCBL), according to the announcement. The founder and CEO of Business Gate Dubai and the I am Africa Platform is H.E. Laila Rahhal El Atfani. She joins GCBL with extensive expertise and knowledge of the worldwide business community after working for a number of prestigious non-governmental and corporate organizations. In addition, H.E. Laila Rahhal El Atfani founded the Women's Business Circle and served as vice president of the Swiss-based Charity Refai. She was a co-founder of the Youth Gate, a non-governmental organization with headquarters in Cambodia, and currently holds the position of president of the Women's Empowerment Annual Associatio...

Global Chamber of Business Leaders Enters Into Strategic Partnership with IEFS

14Mar

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Business and Finance

Global Chamber of Business Leaders Enters Into Strategic Partnership with IEFS

The Global Chamber of Business Leaders (GCBL) has as part of efforts to open up the world to trade and economic partnerships, entered into a strategic cooperation agreement with one of the leading learning institutions in Vietnam, the Institute for Economic and Financial Studies (IEFS). Both IEFS and the Global Chamber of Business Leaders have through their strategic partnership established the "CEO Club - GCBL". Under the partnership, IEFS will serve as the representative unit of the Global Chamber of Business Leaders in Vietnam. Also as part of its mandate under the cooperation, IEFS will run the GCBL CEO Club as the focal point to gather CEOs, Entrepreneurs of successful businesses and startups in Vietnam. IEFS will also work on encouraging business owners or entrepreneurs...

Lady Diversity Power’s Book Tops Amazon’s Best-selling List In Record Time

14Mar

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Business and Finance

Lady Diversity Power’s Book Tops Amazon’s Best-selling List In Record Time

The book which was recently published to highlight the importance of diversity in the workplace has become an Amazon bestseller in record time, taking the number one spot on the best-selling list within just a few days of its publication. Titled: 'Lady Diversity Power: Why Diversity Is The New Way To Do Business, the book was co-authored bytwo of Amazon's best-selling female authors, Hazel Herrington and Karen Mc Dermott as well as 12 other women The book was launched by Herrington Publications Worldwide and KMD Books on February 28, 2023. Interestingly, 'Lady Diversity Power' now ranks number one on Amazon, having taken over other great books such as: 'Unscripted: The Epic Battle for a Hollywood Media Empire', 'Bad Mormon: A Memoir', 'The First Decade: My Journey from Bl...

Nana Addo to deliver State of the Nation’s Address (SONA)

24Feb

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Business and Finance

Nana Addo to deliver State of the Nation’s Address (SONA)

President Akufo-Addo has been rescheduled to address Parliament on the state of the nation on March 8, 2023, instead of February 28 as earlier announced.Presenting the House’s business statement for the ensuing week, Majority Chief Whip, Frank Annoh-Dompreh, said: “the message of the state of the nation would not come off as earlier advertised.”He didn’t give reasons why the address was rescheduled to the chagrin of the Member of Parliament for Tongu North,Samuel Okudzeto Ablakwa.According to him, the delivery of the state of the nation address is the most important constitutional assignment in the current meeting of the lawmaking chamber and must be prioritized.For him, rescheduling it without any reason is unacceptable.Mr Annoh-Dompreh, however, disagreed, arguing that the committee’s a...