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The Bank of Ghana is working on establishing a sandbox to promote innovation in the financial market and also test some concepts including the establishment of a Central Bank Digital Currency. First Deputy Governor, Dr Maxwell Opoku-Afari, who was speaking at a Virtual Stakeholder Workshop on Payment Systems and Service Act in Accra, said there had been phenomenal transformation as a result of growing adoption of digital technology over the past decade. He said individuals, businesses and government had shown strong preference for digital payments for reasons of convenience, efficiency, speed, affordability, round the clock availability and robust audit trail.

The Government of Ghana has found a strategic investor for the Komenda Sugar Factory, Trade and Industry Minister, John Alan Kwadwo Kyerematen, has announced. Mr. Kyerematen in April 2019, reported to parliament that the government was in search of a strategic investor with the requisite technical and financial capacity to operationalize the sugar factory efficiently and profitably. In an answer to a question by the Member of Parliament for Chereponi, Samuel Abdulai Jabanyite, Mr Alan Kyerematen said an investor had been settled on and that the factory was set to take off.

Ghana’s tourism and hospitality industry has lost a whopping US$171m due to the effects of the novel coronavirus pandemic on the industry. According to Minister of Tourism, Culture and Creative Arts, Barbara Oteng-Gyasi, an initial assessment of the loss from March to June 2020 revealed this amount, owing to the lack of operations. She also noted that a further assessment will be done to ascertain the full impact of Covid-19 on the sector. Speaking at a Ministry of Information press conference today, she indicated that the effect may be minimized as the government will provide some support for some key players in the industry.

The financial performance of 77 enterprises owned by the government of Ghana were mixed, according to the 2018 State Ownership Report. While Joint Venture Companies (JVCs) posted impressive financial results achieving an aggregate net profit of GH¢1.35 billion in 2018 from a net loss position of GH¢272.22 million in 2017, the performance of State-Owned Enterprises (SOEs) further deteriorated in 2018 culminating in a combined net loss of GH¢3.12 billion. Both SOEs and JVCs posted marginal increases of 7.35% and 2.48% respectively in revenue. However, the ability of the JVCs to keep their costs down compared with their SOEs counterparts accounted for their contrasting bottom-line results, the report explained. The report expressed worry about the persistent abysmal financial performance of SOEs.

Ghana and Amandi Holdings Limited have signed a US$560 million agreement for the construction of sections of the Western Railway Line (Standard Gauge Line) between Takoradi Harbour and the Huni Valley. The signing ceremony, which took place in Accra on Wednesday, June 5, 2020, in the presence of Mr Joe Ghartey, the Minister of Railway Development; had Mr Richard Diegong Dombo, the Chief Executive Officer of the Ghana Railway Development Authority (GRDA) initialing for Government while Mr Nadav Simhoni, Managing Director, Amandi Holdings Ltd signed for his company. The signing of the agreement would be followed by Cabinet’s approval for it to be taken to Parliament.

The Association of Oil Marketing Companies (OMC) has said that by end of this week its members will increase petroleum prices by a minimum of 14 percent. Kwaku Agyemang Duah, the association’s chairman, told the B&FT that the move is due to some significant events during June’s first pricing window – paramount among them being the increase of BOST’s margin from 3 to 6 pesewas, and also the about-22 – 25 percent increase in the Bulk Distribution Company (BDC) ex-refinery price. He added that petroleum prices are also being controlled due to competition among the 116 OMCs operating in the country, which are mindful of the decrease in volumes anytime there is a price increase.

Oil rose on Wednesday, hitting $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations OPEC+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on the way out, the American Petroleum Institute said on Tuesday U.S. crude inventories fell by 483,000 barrels. The government’s official supply report is due out later on Wednesday. Brent crude futures for August were up 59 cents, or 1.5%, at $40.16 by 0840 GMT, reaching a high of $40.53, the highest since March 6. U.S. West Texas Intermediate (WTI) crude for July gained 80 cents, or 2.2%, to $37.61.

The Ghana Union of Traders Association (GUTA) is unimpressed by the transitional arrangement of the UNIPASS system at the ports. President of the Association, Dr Joseph Obeng told JoyBusiness the UNIPASS System “is fraught with challenges that cause delay, which eventually cost the importer in terms of demurrage and rent charges.” The Ghana Revenue Authority (GRA) on June 1, 2020, shut down the Ghana Community Network (GCNet) clearing system as the new Integrated Custom Management System (ICUM) popularly known as Unipass, took over. This came after piloting the system at some ports including the Takoradi and the Tema Ports and training for stakeholders.

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