Weekly Wrap: Ghana to stop importing rice, VRA reduces net losses by 91% and more

Weekly Wrap: Ghana to stop importing rice, VRA reduces net losses by 91% and more

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VRA reduces net losses by 91%; 2019 report show new loss of GHC100 million

The Volta River Authority (VRA) has reported a 91% fall in its net loss at the end of the year 2019.

Information available shows that the company recorded a 91% fall in net loss, from GHC1.2 billion to GHC100 million.

YEN.com.gh understands that the fall in net losses can be traced to strategic actions such as the rollout of a Financial Recovery Plan in 2018.

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ADB records GHC13 million in Q1 of 2020; 36% fall compared to 2019 Q1

YEN.com.gh has learned that the Agricultural Development Bank (ADB) recorded a drop of 36% in profit level in the First Quarter of the year 2020.

The 2020 Q1 results of GHC13.3 million was therefore lesser than the GHC20.826 million recorded during the same period in 2019.

Information available shows that this was revealed in the statement filed to the Ghana Stock Exchange (GSE).

Ghana to stop importing rice latest by 2023 - Agric minister declares

The Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, has hinted of the possibility of making Ghana self-proficient in rice production from 2023.

According to him, the government has invested a number of farming implements such as harvesters to achieve the objective.

He added that the government has also purchased four different types of solar-powered milling machines from China to improve on the production chain of rice.

Eurobond suit: Ofori Atta is innocent of conflict of interest charge – Supreme Court

The Supreme Court (SC) has ruled that the Finance Minister, Ken Ofori-Atta, was not involved in a conflict of interest situation as well as procedural error, with regard to the issuance of the $2.25 billion Eurobond in 2017.

YEN.com.gh understands that the unanimous decision was reached on Tuesday, May 5, 2020 by the seven-member panel of the court.

The SC, presided over by the Chief Justice, Justice Anin Yeboah, went on to say that it would file the reasons behind the ruling by the close of Wednesday, May 6, 2020.


We did not present different macroeconomic data to IMF – Ministry of Finance

The Ministry of Finance has described as ‘false and misleading’ the publication by fact-checkghana.com of the Media Foundation for West Africa, which suggests that government shared different macroeconomic data with Ghanaians and with the International Monetary Fund (IMF).

According to the Ministry, publishing such wrong claims about the economy is not helpful as there may be some explained disparities between the data reported by national authorities and the IMF across the world.

READ ALSO: Microfinance companies in Ghana to soon enjoy GHC10 million bailout

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Source: YEN.com.gh

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