Over 80% of agribusiness can’t pay salaries, oil prices rise for first time and more

Over 80% of agribusiness can’t pay salaries, oil prices rise for first time and more

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COVID-19: Local market conditions have reduced liquidity - Finance ministry

The Ministry of Finance has indicated that domestic market conditions in Ghana have reduced liquidity.

In a statement, it explained that preliminary assessments conducted have placed the current fiscal gap at about GHC21.42 billion.

The ministry added that it was made up of the Revenue Shortfall Impact of GHC15.85 billion and COVID-19-related expenses of GHC5.57 billion

This, it added, was arrived at, taking into consideration factors such as the revenue shortfall impact, direct health-related spending and additional expenditures including programmed expenditures for the Coronavirus Alleviation Programme.

READ ALSO: Bank of Ghana reveals 8 banks inconvenience their customers

COVID-19: Over 80% of agribusinesses cannot pay taxes or salaries – Report

The Chamber of Agribusiness Ghana (CAG) has revealed that over 80% of agribusinesses in Ghana have been severely affected by COVID-19.

The outbreak of the virus has had a toll on their operations and services, leading to several challenges.

The businesses revealed that they are currently dealing with increased expenditures, fall in production levels, inability to meet targets and setbacks in the payment of salaries and wages.

Other challenges, the CAG noted, were issues with tax obligations, repayment of debts and threats to the health and life of employees.

Oil’s price rises above $40 for first time in 3 months after 30% fall

YEN.com.gh has learned that the price of oil has increased beyond $40 for the first time in three months.

This comes after it fell by over 30% and was considered as the worst drop since the Second Gulf War.

Information available shows that Brent crude rose to $40.12 a barrel amid reports that OPEC+ members are calling for an extension of production cuts currently set to end in June 2020.

A leading member of the Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia, has reportedly called for a one to three months extension.

Report shows SOEs record GHC3.12bn loss; joint ventures post GHC1.35 profit

A 2018 report has revealed the earnings and losses recorded by 77 State-Owned Enterprises (SOEs) and Joint Ventures (JVs) in Ghana.

This was made up of 36 SOEs, 16 Other State Entities (OSEs) and 25 JVCs.

It has been gathered that for the year in question, SOEs recorded a GHC3.12bn loss while joint ventures posted GHC1.35 profit.

According to the 2018 State Ownership Report, JVs posted the profit after recording a loss of GHC272.22 million a year earlier.

OVER THE WEEKEND:

Ghana Stock Exchange supports COVID-19 Trust Fund:

The Ghana Stock Exchange has donated GH¢100,000 to the National COVID-19 Trust Fund.

The Marketing and Public Relations (PR) Manager of the GSE, Diana Okine, presented the dummy cheque to the Chairperson of the Trustees of the fund, Justice Sophia Akuffo.

The donation brought to GH¢250,000 the total amount of funds that the exchange had so far used to support the country’s fight against the novel coronavirus.

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Source: Yen News

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