Browsing: Economy and Finance

Investment in new oilfields will be slow, delaying a resurgence of real GDP growth to pre-coronavirus levels, despite efforts by the government to facilitate industrialisation under the Covid-19 Alleviation and Revitalisation of Enterprises Support programme, says EIU.

GNPC must explain this financial performance at a time when it also spent GH₵200 million on ‘Corporate Social Responsibility’”, Bright Kwashie Dzokoto, a tax expert and a member of Tax Justice Coalition demanded. “This accountability-free regime must end.

As global risk may worsen further in the first-half of 2022, and Ghana’s ability to tap the Eurobond market may further wane. Foreign exchange reserves could remain under pressure in 2022 — unless the government acquires alternative sources of external bilateral and multilateral funding.

Of the GH¢24.696 billion, GHȼ20.102 billion would be used to rollover maturities, while the remaining GH¢4.593 billion which is fresh issuance, would be used to meet Government’s financing requirements

To date, however, wealthy countries have under-promised and underdelivered. They have yet to reduce emissions to the extent necessary to avoid warming beyond 2°C, let alone 1.5°C. And, as President Akufo-Addo also mentioned, they have failed to honor their 2010 promise of USD100 billion per year to support developing countries’ responses to climate change. Tragically, the consequences will be felt by all for decades to come.

The release issued last week and signed by the Managing Director, Edwin Provencal, indicated that, “the revaluation which was a deliberate decision to enhance the reporting of the company led to a deferred tax obligation of GHC292,935,973 compared to the net loss of GHC291,017,758, a difference of GHC1,918,215 (Appendix 1). The increase in the value of the revalued assets also resulted in increased depreciation charges which further reduced the bottom-line or the profit for the year. But, the ‘deferred tax obligation’ aspect beats the financial reporting knowledge of the finance expert. This led him to ask questions in awe.

The finance and energy expert, Alex Mould has, thus, summarised the liabilities of the major SOEs in the country to help in critical scrutiny of the performance of the SOEs. In the summary, it was clear that, most of the SOEs more than doubled their arrears payments or liabilities. The heavily indebted were GNPC, Ghana Cocoa Board (COCOBOD) and Electricity Company of Ghana (ECG). These companies have their liabilities exceeding GHC10.0 billion within a period of four years from 2016 to 2020.

The cost of doing business is high – and most of this is deliberate and orchestrated by the organisations who sometimes deliberately make doing business cumbersome so that the people who work there – together with their middlemen interfacing with the clients – make money by “assisting” the self imposed cumbersome process.

Underlying Business of your company, BOST is PROFITABLE – The report of the GHC400
million losses made by BOST is not accurate. To measure the profitability and operational efficiency of a Business one must determine whether the underlying operations (core business) of the company are profitable.

The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng who said this at the opening of the 2022 Ghana Mining Week and Gold Expo in Takoradi said quarry should be giving Ghana around GH¢100 million royalties annually, but Ghana only realised just GH¢ 3.8milllion in 2020.