Wednesday, October 29

Business

Ghana’s “Abochi” under scrutiny: Experts choose regulation over criminalisation  
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Business

Ghana’s “Abochi” under scrutiny: Experts choose regulation over criminalisation  

Calls are growing for the government to reconsider its approach to informal businesses such as black-market currency dealers and commercial motorbike operators.   Experts are therefore advocating regulation over criminalisation as a means to unlock economic potential.  Mr Kofi Yeboah, a Communication Lecturer at Wisconsin International University College and former General Secretary of the Ghana Journalists Association (GJA), has called for the regulation of black-market operators, popularly known as “Abochi”.  Speaking in an interview with the Ghana News Agency, Mr Yeboah argued that while some individuals hoard foreign currency without consequence, black-market dealers at least make foreign exchange accessible to the public.  “I don’t think we need to do a...
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Government working to streamline business registrations, reduce regulatory burdens for companies   
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Government working to streamline business registrations, reduce regulatory burdens for companies   

Government is actively working to streamline business registrations, reduce regulatory burdens and simplify tax administration systems.    The move is to make it easier for companies from large corporations to small and medium-sized enterprises to operate and succeed.    Dr Abdul-Rashid Pelpuo, Minister of Labour, Jobs and Employment, was speaking at the 65th Annual General Meeting of the Ghana Employer's Association in Accra.   The event was on the theme:"Leveraging Technology for Enterprise Development: The Way Forward."    He said the government’s commitment extended to ensuring that the public services were responsive and efficient.    He said the government was investing in AI across government agencies to improve service delivery, enhance transparen...
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NDPC, GSE partner to boost Ghana’s capital markets for national dev’t 
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NDPC, GSE partner to boost Ghana’s capital markets for national dev’t 

The National Development Planning Commission (NDPC) and the Ghana Stock Exchange (GSE) are set to collaborate on initiatives that will strengthen the role of capital markets in Ghana.  This partnership aims to mobilise domestic resources, promote economic growth, and increase Ghanaians' participation in the economy.  Dr. Nii Moi Thompson, the Chairman of the NDPC, made this known during a courtesy call on Madam Abena Amoah, the Managing Director of the GSE, in Accra.   Dr Thompson, also the Senior Presidential Advisor on the UN Sustainable Development Goals (SDGs), said the NDPC and GSE would play a collaborative role in mobilising billions of cedis for businesses and infrastructure development.  It was imperative to support private investors to mobilise bil...
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Sunyani traders, mechanics in despair, as GRIDCo demolishes their shops  
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Sunyani traders, mechanics in despair, as GRIDCo demolishes their shops  

Some market women and mechanics around the Nana Bosoma Central Market enclave in the Sunyani Municipality, have appealed for support, as the Ghana Grid Company (GRIDCo) evacuates them from its transmission lines in the market enclave.   Their appeals followed a massive decongestion exercise undertaken by the GRIDCo on Tuesday September 16, 2025, putting most of them in a state of despair.   During a visit to the enclave, the Ghana News Agency (GNA) noticed that almost all the shops, stores and structures along the GRIDCo’s high tension transmission lines in the enclave had been demolished.   The GNA noticed that some of the affected traders and mechanics were anxiously picking their belongings and working tools from the debris as some fully armed police personn...
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AGI Urges Government to Ensure Smooth Transition for 1D1F beneficiaries companies   
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AGI Urges Government to Ensure Smooth Transition for 1D1F beneficiaries companies   

The Association of Ghana Industries (AGI) has called on the government to ensure a smooth transition for beneficiary companies of the One District, One Factory (1D1F) policy to the 24-hour economy policy.   AGI President, Dr Humphrey Ayim-Darke,  who made the call, said the AGI expected that beneficiaries would be moved to more beneficial incentives under the 24-hour economy policy to prevent disruption to business activities.    He said the AGI welcomed the government's 24-hour economy agenda as a policy to enhance productivity and position Ghana as a competitive hub in the regional value chain.    "We opine, however, that it goes beyond just keeping businesses open around the clock. It needs a deliberate promotion of resilience, efficiency and global com...
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Visa and Zenith Bank Launch Innovative Fleet Solution to Empower Ghanaian Businesses
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Visa and Zenith Bank Launch Innovative Fleet Solution to Empower Ghanaian Businesses

Visa, a world leader in digital payments and Zenith Bank (Ghana) Ltd, a leading financial institution in Ghana, have announced their collaboration on a new Fleet Solution for corporate and enterprise customers. This innovative solution aims to digitize fleet and fuel expenses, providing enhanced visibility and accountability for businesses. Visa Commercial Fleet Solutions will enable Zenith Bank’s customers to manage their fleet expenses more efficiently with Fleet Cards and a comprehensive Fleet Management System platform. This solution will allow enterprises to equip their drivers with the ability to pay for fuel and vehicle-related expenses while maintaining control and oversight through detailed reporting and controls on the Fleet Management platform. "We are excited to partner w...
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BoG Suspends Remittance Partnerships of Flutterwave, Cellulant, and Halges Financial Technologies
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BoG Suspends Remittance Partnerships of Flutterwave, Cellulant, and Halges Financial Technologies

The Bank of Ghana (BoG) has announced the suspension of remittance partnerships involving three payment service providers (PSPs) — Flutterwave Inc., Cellulant Ghana Limited, and Halges Financial Technologies Limited — over multiple breaches of the Updated Guidelines for Inward Remittance Services. According to a statement issued by the central bank, the remittance operations of Flutterwave Inc. and Cellulant Ghana Limited have been suspended for one month, effective September 18, 2025, following violations of paragraphs 5 and 7.1 - 7.3 of the 2023 guidelines, as amended by BoG Notice No. BG/GOV/SEC/2025/25. In addition, Halges Financial Technologies Limited has been barred from engaging in any remittance activities unless it secures prior approval from the Bank of Ghana. The BoG e...
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Bank of Ghana Suspends UBA Ghana’s Forex Trading Licence Over Regulatory Breaches
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Bank of Ghana Suspends UBA Ghana’s Forex Trading Licence Over Regulatory Breaches

The Bank of Ghana has suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025, for a period of one month. The decision, taken in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), follows multiple breaches of the country’s foreign exchange market regulations. According to the central bank, UBA Ghana engaged in unauthorised remittance activities with three Payment Service Providers (PSPs) – Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. – on behalf of Money Transfer Operators (MTOs), namely Top Connect, Send App, Taptap Send, Remit Choice, and Afriex. The Bank of Ghana noted that these actions contravened the Updated Guidelines for Inward Remittance Services by Payment...
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BoG Suspends Remittance Partnerships of Five Money Transfer Operators
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BoG Suspends Remittance Partnerships of Five Money Transfer Operators

The Bank of Ghana (BoG) has announced the suspension of remittance partnerships involving five major Money Transfer Operators (MTOs), effective September 18, 2025. The affected operators are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. According to the central bank, the suspension, which will last for one month, follows various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25. Investigations by the BoG revealed that the MTOs conducted unauthorised remittance activities with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., through their settlement bank, UBA Ghana. The regulator stressed that the affected operators will only b...
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Fidelity Bank commits GHS 500,000 to support creative entrepreneurs
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Fidelity Bank commits GHS 500,000 to support creative entrepreneurs

The Fidelity Bank Ghana has concluded its third annual Sustainability Conference with a landmark commitment of over GHS 500,000 to empower some creative entrepreneurs. Ms Julian Opuni, the Managing Director of the Bank, said the financial support was to ensure sustainable development and growth of the beneficiaries' businesses. "It is not easy to pitch a dream in eight minutes and defend it before a panel. The journey to this stage has been rigorous, and every finalist deserves recognition,” she said. “This is why we made sure no one left without support, because we believe in the potential of every creative entrepreneur who made it this far.” The sustainability conference, held in Accra, was to, among other things, crown the winners of the Bank’s highly anticipated 'Orange Ins...
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