Business
HomeBusiness
Business
IEA highlights legal issues regarding Newmont’s intended sale of Akyem Gold Mine
The Institute of Economic Affairs (IEA) has expressed disapproval of the $1.0 billion sale of Newmont’s Akyem Gold Mine Project in Ghana to China’s Zijin Mining Group, labeling the transaction as 'problematic' and 'harmful'...
Business
Govt sees slight oversubscription in T-bills auction amid rising interest rates
The government saw a slight oversubscription in its latest treasury bills auction, but this came with a rise in interest rates.According to the Bank of Ghana's auction results, the government raised GH¢4.195 billion from...
Business
We can’t achieve much if Customs works in isolation – GRA boss
Chief Revenue Officer of the Ghana Revenue Authority (GRA), Jonathan Dabrah, has recognized that although Customs plays a key role in enforcing trade regulations, its success heavily relies on close cooperation with private sector...
Business
Newmont and Zijin agreement detrimental to Ghana’s interests – IEA
The Institute of Economic Affairs (IEA) has voiced concerns over the $1.0 billion sale of Newmont’s Akyem Gold Mine Project in Ghana to China’s Zijin Mining Group, labeling the deal as flawed in various...
Business
Shipping lines deny shipping exploitation claims, emphasizes transparency, collaboration
The Shipowners and Agents Association of Ghana (SOAAG) has dismissed claims that shipping lines in the country are taking advantage of Ghanaians.During a media briefing, Adam Imoru-Ayarna, an executive member of SOAAG, stressed that...
Business
Ghana’s mining sector recorded GHS11.55bn in taxes for 2023 – Report
In 2023, the mining sector achieved a remarkable milestone, contributing GH₵11.55 billion (approximately US$980 million) in taxes, marking an 81.1% increase from GH₵6.38 billion in 2022.This surge has established mining as the largest...
Business
Afreximbank advocates for AI-based compliance to enhance trade across Africa
The African Export-Import Bank (Afreximbank) is leading an initiative to enhance compliance across African trade by incorporating artificial intelligence (AI) into financial and regulatory frameworks.This innovative approach aims to streamline operations, mitigate the...
Business
Meridian Port Services calls for reduction in 100% examination of containers at Terminal 3
The Chief Executive Officer of Meridian Port Services (MPS), Mohamed Samara, has appealed to stakeholders in the cargo clearance chain to optimize it processes to allow for increased efficiency.Mr. Samara advocated for a...
Business
We have made progress with Moody’s upgrade but challenges remain – Prof Bokpin
Professor Godfred Bokpin from the University of Ghana Business School views Moody’s recent credit rating upgrade for Ghana as a step in the right direction, though he believes there is still much work to...
Business
Cedi is currently trading at GHS16.55 per dollar at several forex bureaus
Ghana’s cedi continues its steady decline against key international currencies, including the US dollar, pound sterling, and Euro.Despite showing some stability in July amid decreasing inflationary pressures, the cedi has struggled throughout the year....
Business
Energy sector decline threatens industrial growth despite 8.2% surge
Ghana's industrial sector recorded notable growth in the second quarter (Q2) of 2024, posting an 8.2% year-on-year (YoY) increase, according to the Ghana Statistical Service’s (GSS) latest Index of Industrial Production (IIP). However, persistent challenges...
Business
World Bank declares Ghana’s policy rate highest in Africa
Ghana's monetary policy rate, currently at 27.0%, is the highest in Africa, according to the World Bank.In its October 2024 Africa Pulse Report, the World Bank noted that the Bank of Ghana, along with...
Business
Industrial sector posts 8.2% growth amid energy struggles
Ghana's industrial sector experienced significant growth in the second quarter of 2024, posting an 8.2% year-on-year increase, according to the Ghana Statistical Service (GSS).The boost was driven largely by the mining, quarrying, and...
Business
MTN blame 80% of network challenges to fibre cuts
Leading telecommunications company, MTN Ghana,has attributed recent disruptions in call and internet services to fibre cuts primarily caused by the actions of road contractors, property developers, and related activities.The company noted that construction machinery...
Business
Govt settles GHS2.5bn debt to SSNIT with bonds
Approximately 2.5 billion cedis of the government's GH₵5 billion debt to the Social Security and National Insurance Trust (SSNIT) has been settled through the issuance of bonds.This information was disclosed by Kofi Osafo-Maafo, the...
Business
Industrial Production Index grows by 8.2% in Q2 2024 – GSS Report
The Index of Industrial Production (IIP) recorded a Year-on-Year growth of 8.2 percent for the second quarter (Q2) of 2024, according to data from the Ghana Statistical Service (GSS).This indicates that industrial production saw...
Business
Ghana Association of Banks outdoors new strategies to combat rising fraud
In the aftermath of the the release of the Bank of Ghana's (BoG) latest Fraud Report, covering trends from 2019 to 2023, the Ghana Association of Banks (GAB) has implemented a series of strategies...
Business
NPA establishes price floor of GHS12.73 for petrol, GHS13.43 for diesel
The National Petroleum Authority (NPA) has declared a new price floor for the upcoming pricing window from October 16 to 31, 2024. The authority has established a price of GH₵12.73 for petrol and GH₵13.43...
Business
Ghana Association of Banks presents 7 proposals to combat fraud in financial sector
The Ghana Association of Banks (GAB) has introduced a series of initiatives aimed at strengthening the banking industry’s defenses against increasingly sophisticated fraud schemes.This follows the release of the Bank of Ghana’s (BoG) Fraud...
Business
Coconut industry offers greater profitability than Galamsey – Africa Coconut Group
President of the African Coconut Group (ACG), Davies Korboe, has urged business leaders to tap into Ghana's coconut industry, highlighting its immense potential as a sustainable investment and a future top export commodity.In a...
Business
Akufo-Addo receives 1st copy of Oxford Business Group’s “The Report: Ghana 2024
Ghana’s President Nana Addo Dankwa Akufo-Addo has officially received the inaugural copy of Oxford Business Group’s (OBG) annual economic report titled "The Report: Ghana 2024."The report was presented during a meeting involving the President,...
Business
Business leaders urged to shape economic policies for Ghana’s future
Mr. Moses Kwesi Baiden Jnr, CEO of Margins ID Group, has urged business leaders to take an active role in shaping policies that foster economic growth and promote political transparency.He stressed that the future...
Business
Nana Osei Bonsu emphasizes need to rely on private sector for economic recovery
Nana Osei Bonsu, CEO of the Private Enterprise Foundation, believes that the key to revitalizing Ghana’s economy is for the private sector to take the initiative.In an interview on Joy News’ PM Express Business...
Business
We have not recovered from high cost of doing business and high interest rates – CEO
CEO of the Private Enterprise Foundation, Nana Osei Bonsu, has stated that Ghana’s business community is still grappling with the effects of the Domestic Debt Exchange Programme (DDEP).Speaking on Joy News’ PM Express Business...
Business
Cedi is currently valued at GHS16.55 against the US dollar
Ghana’s local currency continues to depreciate steadily against major trading currencies like the US dollar.After facing pressure throughout the year, the cedi saw some relative stability in July, while inflation showed signs of easing.However,...
Business
7 ways to tackle fraud in the financial industry – GAB proposes
The Ghana Association of Banks (GAB) has outlined seven key strategies to tackle fraud in the financial industry, responding to growing concerns highlighted in the Bank of Ghana’s (BoG) Fraud Report, which analyzed fraud...
Business
IMF reduces annual borrowing expenses by $1.2bn, offering financial relief to member nations
IMF's Executive Board has completed a review of its surcharge and lending policies, resulting in a reduction in borrowing costs.In a statement, IMF Managing Director Kristalina Georgieva highlighted that, amidst the current global...
Business
Ghana Gas takes over Ghana Cylinder Manufacturing Company following GHS4m loss
The Ghana National Gas Company Limited has taken ownership of the Ghana Cylinder Manufacturing Company Limited following substantial financial losses, including a GH¢4 million deficit in 2021.The government explained that the acquisition is intended...
Business
US$8bn approved by IMF to combat poverty, spur growth in poor countries
The Executive Board of the International Monetary Fund (IMF) has concluded its review of the Poverty Reduction and Growth Trust (PRGT) facilities and financing, which serves as the IMF's platform for offering concessional loans...
Business
74,813 rehabilitated farms boost cocoa yields to 1,408 kg/ha in 2024 – COCOBOD CEO
The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Mr. Joseph Boahen Aidoo, has announced an improvement in cocoa yields, attributing the success to the rehabilitation of 74,813 farms, covering 67,385 hectares.This...
Business
Petrol climbs to GHS14.49, diesel hits GHS14.90 as fuel price increases
Numerous Oil Marketing Companies (OMCs) across the country have raised the prices of petroleum products at their service stations.On October 16, 2024, Allied Oil led the charge with petrol priced at GH₵12.73 per litre...
Business
Ghana’s cedi hits GHS16.55 against US dollar amid ongoing depreciation
Ghana's currency continues to face ongoing depreciation against key international currencies, including the US dollar.Despite experiencing a brief period of relative stability in July, when inflationary pressures showed signs of easing, the cedi has...
Business
Ghana’s grain sector hit by GHC22bn drought losses – GGC sounds alarm
Ghana’s agricultural sector has been dealt a significant blow, with drought and dry spells affecting 1.8 million hectares of farmland, leading to crop losses worth GH¢22.2 billion between 2023 and 2024.This was revealed...
Business
Sunon Asogli Power Ltd ‘cries out’ to govt for intervention to resume operations
The management of Sunon Asogli Power (Ghana) Limited is crying to the Ministry of Finance to step in to facilitate their swift return to operations.The company stated that they were forced to halt...
Business
Food insecurity looms as Ghana’s maize output drops by 35% due to dry spells
Ghana’s agricultural sector has taken a major hit as severe drought conditions have slashed maize production by 35%, leading to crop revenue losses of GH¢22.2 billion over the past two years.Data from the...
Business
Ghana, Cote d’Ivoire in talks to sign advanced energy cooperation deal
Negotiations are underway to finalize and sign, at a later date, a cooperation agreement between the Ministry of Energy of Ghana and the Ministry of Energy of Cote d'Ivoire, focusing on the development of...
Business
Ghana risks importing power if Sunon Asogli is shut down – IES warns
Institute for Energy Security (IES) has cautioned that the government may soon be forced to import additional power to compensate for the shortfall in local energy production.This comes after Sunon Asogli Power (Ghana) Limited...
Business
McDan Group signs MoU with Kenya to facilitate trading under AfCFTA
Dr. Daniel McKorley, Executive Chairman of the McDan Group, is confident that the Memorandum of Understanding (MoU) signed between McDan Group and the Kenyan government will bring substantial progress in advancing the AfCFTA.He anticipates...
Business
1D1F: Over 14,000 indirect jobs recorded in Central Region – Minister
Central Regional Minister, Justina Marigold Assan, has announced that the One District One Factory (1D1F) initiative has generated 1,095 direct jobs and 14,750 indirect jobs within the Central Region.She noted that 11 of the...
Business
Interest rates rise despite slight oversubscription
The latest treasury auction recorded a marginal oversubscription, marking the first time in three weeks the government met its target.This follows the IMF's staff-level agreement on the third review of Ghana’s Economic Facility Programme,...
Business
Akyem gold mine to be acquired by Chinese mining company in a $1bn deal
China’s Zijin Mining Group is poised to acquire the Akyem gold mine project in Ghana from US-based Newmont Corporation in a $1 billion transaction.The deal includes an upfront payment of $900 million upon completion,...
Business
Ghana’s new dollar bonds are rated CCC+ by Fitch
Fitch Ratings has assigned a ‘CCC+’ rating to Ghana's new US dollar bonds, which were issued on October 9, 2024.Additionally, Fitch has upgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) from ‘CCC’...
Business
Ghana’s cedi depreciates to GHS16.55 against dollar
Ghana’s local currency continues to face ongoing depreciation against major foreign currencies like the US dollar.The cedi has been under significant pressure throughout the year but showed some relative stability in July, even as...
Business
IMF projects global public debt to reach $100tr by end of 2024
A new analysis by the International Monetary Fund, has it that global public debt is projected to reach $100 trillion by the end of this year, equivalent to 93% of the world's gross domestic...
Business
Seth Terkper warns govt against populist borrowing, urges prudent debt management
Former Finance Minister Seth Terkper has urged the government to avoid borrowing for populist agendas that leave the country burdened with debt.Instead, he emphasized the importance of prudent borrowing, which involves securing manageable...
Business
ADB retrieves over GHS500m in non-performing loans within 9 months
The Agricultural Development Bank (ADB) PLC, as part of its two-year corporate strategy, undertook an assertive loan recovery initiative, successfully retrieving over 500 million Ghana cedis in non-performing loans (NPLs) within just nine months.From...
Business
The bloody adventures of Ghana’s 4G pioneers
If you are a certain age and live in Accra, Tema, Kasoa, Takoradi, and their environs, there was probably a time when you thought Surfline was like, man, going to bankrupt MTN & Vodafone...
Business
Secondary bond trading drops from 62.45% to GHS229m
Secondary bond market activities remained sluggish, with total trading volume dropping by 62.45% to GH¢229 million.The primary focus of trading was on the February 2027 maturity, which constituted 51.8% of the total trades...
Business
Finance Ministry partners UK to improve tax analysis
The Ministry of Finance (MoF) has revealed its partnership with the Ghana Revenue Authority (GRA) and the UK Foreign, Commonwealth, and Development Office (FCDO) to analyze various tax policy issues and enhance long-term analytical...
Business
GOIL, TotalEnergies losing out market shares on fuel retail over surge in prices – CEMSE
GOIL, TotalEnergies, and Shell, once dominant in Ghana's downstream petroleum sector, have experienced a decline in market share over the past few months, according to data from the National Petroleum Authority (NPA).The NPA reported...
Must read