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Ghana’s energy sector needs an audit to determine its debt levels – COPEC

The Chamber of Petroleum Consumers Ghana (COPEC) has urged the initiation of a comprehensive audit to determine the current level of debt in Ghana's power and energy sector. This comes at a time when the...
Business

Power Purchase Agreements should be reviewed – World Bank

The World Bank is urging the government to reconsider some of the Power Purchase Agreements (PPAs) signed as part of the International Monetary Fund (IMF) bailout to help the economy recover. According to the bank,...
Business

Take essential lessons from Sweden to help you quit smoking – Harm Reduction Alliance urges

The Ghana Harm Reduction Alliance has contributed its voice to the mounting calls for the government to implement strategies, policies, and legislation targeted at dramatically reducing tobacco use and related substance use in Ghana. According...
Business

Surfline SIMs delinked from Central SIM Database

The National Communications Authority (NCA) has delinked all Surfline SIMs from the Central SIM Database. The NCA made the announcement on its website on May 31, 2023. This comes after the Authority noted “with grave” concern...
Business

US govt fines British Airways $1.1m for failing to refund cancelled flights

British Airways has been fined $1.1 million (£878,000) by the US government for allegedly failing to provide timely refunds to passengers whose flights were canceled during the pandemic. The US Department of Transportation reported...
Business

Zipline has successfully delivered more than 5 million health supplies since 2019 -CEO

The General Manager of Zipline, Mawuli Atiemo, has announced that since its inception in Ghana in 2019, Zipline has accomplished over 5 million deliveries of health supplies. According to him, through the government’s partnership, Zipline...
Business

AGI dissatisfied with the current business environment for manufacturers

The Association of Ghana Industries (AGI) has strongly criticized the government's apparent indifference in creating a favorable business environment for manufacturers. According to AGI, the operating environment is very tough because Ghana is the only...
Business

Congress averts US default by approving debt deal

The US Congress has successfully passed a deal to raise the nation's borrowing limit, averting a potential default on its debt just days before the deadline. The bipartisan agreement swiftly moved through the Senate...
Business Headline

World Bank economist predicts uncertain African debt outlook

Africa's debt sustainability outlook remains uncertain due to low growth and high inflation, according to World Bank economist Andrew Dabalen. One of his main concerns was the possibility of stagflation taking hold.According to a World...
Business

US House approves debt ceiling bill

The United States has moved closer to enacting a deal that allows the country to borrow additional funds, just days before it faces the risk of defaulting on its debt. The proposed measure easily...
Business

Zimbabwe: Richest man sees his net worth fall by $100m

Zimbabwe’s richest man Strive Masiyiwa, who recently regained his status as one of Africa’s billionaires with a net worth exceeding $2 billion, has experienced a significant setback in his fortune over the past two...
Business

Nigeria: Richest banker Jim Ovia earns $26m a day as NGX surges

In a spectacular turn of events, Jim Ovia, Nigeria's wealthiest banker and the founder of Zenith Bank Plc, has seen his net worth skyrocket in just 24 hours. The surge can be attributed to the...
Business

Elon Musk reclaims title as world’s richest person

On Wednesday, Tesla Inc. CEO Elon Musk surpassed luxury mogul Bernard Arnault after shares of Arnault's LVMH slumped 2.6% in Paris trading. Musk and the 74-year-old Frenchman have been neck-and-neck for the top spot this...
Business

Government contending with rising Treasury yields

Treasury yields are continually rising, posing a significant risk to the government's capacity to service its debt following the extraordinary domestic debt exchange program (DDEP). During the most recent Treasury bill auction, yields experienced marginal...
Business

Ghana cedi performed well in May due to IMF

Ghana's currency is headed for one of the greatest rallies in the world, following the West African country's $3 billion agreement with the International Monetary Fund, which offered investors faith that the country may...
Business

Fuel prices shoot up; Goil now selling a litre of petrol at GHS 12.45

Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps. Goil has taken the lead, selling at litre of diesel and petrol at GHS12.45 pesewas from its old price of...
Business Headline

IMF deal makes Ghana cedi one of May’s best currency performers – Bloomberg

Ghana’s currency is poised for one of the strongest rallies globally after the West African nation’s $3 billion pact with the International Monetary Fund gave investors hope it can climb back from last year’s...
Business

Tesla boss, Elon Musk in China for car business expansion deal

Tesla CEO Elon Musk has arrived in China for his first visit to the country in over three years. He landed in Beijing on Tuesday and is expected to visit Tesla's large manufacturing plant...
Business

Nvidia temporarily valued at $1 trillion as a result of AI boom

On Tuesday, the elite club of US firms worth more than $1 trillion gained a new member - at least for a few hours. Nvidia temporarily joined the ranks, with its share price rising more...
Business

Phase two of nuclear power infrastructure devt in Ghana completed – Deputy Energy Minister

Deputy Energy Minister, Andrew Egyapa Mercer, has revealed that Ghana has successfully concluded the second phase of the Nuclear Power Project. This initiative is a significant step towards attaining a zero-carbon energy status and enhancing...
Business

$100m more needed for steel import to proceed National Cathedral project – Boss

Executive Director of the National Cathedral of Ghana, Dr. Paul Opoku Mensah, has defended the expenditures that has been incurred in the cathedral's construction. This comes as many Ghanaians have described the cathedral project...
Business

We are establishing a vibrant tourism industry – President

President Nana Addo Dankwa Akufo-Addo has stated that the country is better prepared than ever to establish an all-inclusive, booming tourism industry - not just in the sub-region, but across the entire continent. The president...
Business

A dollar sells GHS12.00 at forex, GHS10.97 on BoG interbank

The Bank of Ghana's interbank forex rates for today, May 31, 2023, show that the Ghana Cedi is trading versus the dollar at a purchasing price of 10.9670 and a selling price of 10.9780. At...
Business

Ghana Trade Fair Centre to house a huge data center worth $300m

As part of the Ghana Trade Fair Redevelopment Project, Africa Data Centres (ADC) will soon commence building of its strategic international data center. This serves as a major boost for Ghana in the Government’s push...
Business

Minority orders gov’t to Transfer JOHL shares to GNPC without delay

Upon the resumption of Parliament, the Minority declared its intention to submit an urgent question seeking clarification regarding the proposed divestment of Ghana's stake in Jubilee Oil Holdings (JOHL) to the Petroleum Gas Corporation...
Business

Put in more interventions to restore confidence in financial sector – Economist to BoG

Banking consultant Dr. Richmond Atuahene has criticized the Bank of Ghana's efforts to restore confidence in the financial sector, stating that they are insufficient. Dr. Atuahene's comment comes in response to the International Monetary Fund's...
Business

Time to boost interest in local poultry business- CADA Veep

An appeal has been made by the newly-appointed Vice President-Confederation for the Development of Poultry in Africa (CADA), Mr. John Bewuah Edusei, calling for commitment to revive the local poultry industry and the agricultural...
Business

A robust African economy requires a single currency – Experts

The necessity for an African single trade currency was emphasized by participants and speakers at the recently concluded 7th Ghana International Trade and Finance Conference (GITFiC). According to the stakeholders, a common currency will not...
Business

Algeria’s Issad Rebrab prohibited from managing any business activity

The former CEO of Cevital Group, Rebrab, who announced his resignation from the management of Cevital Group in June 2022 and who handed over the torch to his son, Malik, will not be able...
Business

GAB advocates for a comprehensive solution to solve credit culture loopholes

There is an urgent need for coordinated efforts to aggressively address difficulties impacting the country's credit climate according to John Awuah, Chief Executive Officer of the Ghana Association of Banks (GAB). Speaking during a webinar...
Business

Cedi pressured as US debt ceiling negotiations persist

The local currency has lost 1.48 percent of its recent advances. At the end of last week, it was worth GH10.98 to the US dollar. Initially, positive market sentiments prevailed and were attributed to approval...
Business

A dollar selling at GHS12.00 at forex, GHS11.00 on BoG interbank

The Bank of Ghana's interbank forex rates for today, May 30, 2023, show that the Ghana Cedi is trading against the dollar at a purchasing price of 10.9932 and a selling price of 11.0042. At...
Business

Energy Ministry finds fault with Aker’s US$1.7 billion FPSO bill

The Ministry of Energy has raised concerns over a US$1.7 billion bill for a Floating Oil Production Storage Offloading (FPSO) vessel purchased by the Norwegian company Aker Energy Ghana Limited for US$35 million as...
Business

T-bills: Government fails to meet auction target, gets GHS2.78b

Government has received GH2.78 billion from the sale of treasury bills in its most recent auction on May 15, 2023. The target for the auction was GH¢3.33 billion. Even though this was a bit higher than...
Business

Overcoming creditor committee obstacle is a positive indicator for recovery – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo told representatives of the Catholic Bishops Conference that the Paris Club's establishment of the Creditor Committee, co-chaired by China and France, is a significant step toward securing Ghana's much-anticipated...
Business

Treasury bill: Government to borrow GHS2.73 billion this week

Government plans to borrow GH¢2.732 from treasury bills auction on May 19, 2023. The target is expected to be generated from the 91, 182, and 364-day treasury bills. This week, the government secured GH¢2.78 billion...
Business

The IMF agreement faces substantial challenges

Following a staff-level agreement achieved on December 12, 2022, the Paris Club's development of an Official Creditor Committee (OCC) has given impetus to the country's efforts to restructure its debt and finally get a...
Business

Joe Biden moves to ‘break’ 31.4tn US debt ceiling to avoid loan default

US President Joe Biden has stated that a bipartisan agreement to raise the $31.4 trillion US debt ceiling and prevent a default is ready to be presented to Congress, and he has asked lawmakers...
Business

Citizens and businesses entreated to brace themselves for tough times as IMF conditions hit

Economist and Senior Lecturer, Wisconsin University, Rev Dr Samuel Worlanyo Mensah, has entreated Ghanaians and businesses to brace themselves for tough times ahead as IMF conditions hit. He said though the implementation of economic programmes...
Business

Ghana cannot go to the capital market for the next 3 years – Analyst

A political risk analyst, Dr. Theo Acheampong, has argued that Ghana is currently lacking the legitimacy to enter the international capital market. According to him, Ghana can only enter the market after three years –...
Business

Credit to the private sector is becoming more affordable – BoG

Bank of Ghana (BoG), has indicated that the rate of increase in credit given to the private sector has slowed as a combination of factors, including a tight monetary policy stance, bank portfolio rebalancing,...
Business

A dollar going for GHS12.00 at forex, GHS10.98 on BoG interbank

The Bank of Ghana's interbank forex rates for today, May 29, 2023, show that the Ghana Cedi is trading versus the dollar at a purchasing price of 10.9700 and a selling price of 10.9810. At...
Business

Customers should be wary of MOMO fraudsters – ECG cautions

The Electricity Company of Ghana has warned customers to be wary of fraudsters who call ECG users and ask them to make payments to specific mobile money accounts in order to access ECG services. The...
Business

Ghana warned against borrowing for long-term development

The African Development Bank (AfDB) has cautioned Ghana not to rely too much on loans for long-term national growth. Professor Kevin Chika Urama, Chief Economist of AfDB, said that relying on loans, especially from the...
Business

Driving fines are’manifestly improper’ for MPs to claim on expenses

Chris Bryant, leader of parliament's standards committee and Labour MP for Rhondda, told Sophy Ridge on Sunday that MPs should not claim the cost of fines on expenses. It comes as it has emerged today...
Business

Enhance stability fund to aid struggling banks – Dr Atuahene to govt and BoG

An expert in banking and finance, Dr. Richard Atuahene, has asked the Bank of Ghana (BoG) and the government to boost the Ghana Financial Stability Fund in order to guarantee the survival of struggling...
Business

Biden and McCarthy in tentative debt ceiling deal

President Joe Biden and his Republican opponents have made an announcement on an agreement in principle to lift the US debt ceiling and avoid a default. President Joe Biden described the agreement as a "compromise",...
Business

Lands Ministry partners China to grow mineral investment

To deepen their bilateral relations and ramp up economic and trade ties for the mutual benefit of citizens of both countries, a delegation from the Hunan Sub-Council of the China Council for the Promotion...
Business

$254m gained from fish export in 2022 – Fisheries minister

Minister of Fisheries and Aquaculture, Mrs Mavis Hawa Koomson, has stated on Friday May that Ghana will earn approximately $254 million from the export of fish and fishery products in 2022. She stated at...
Business

Sainsbury’s boss denies profiting from high prices

The president of Sainsbury's has told the BBC that supermarkets have not used high inflation rates to justify bigger profits. When asked if the UK's second largest supermarket had profited, Simon Roberts responded, "Absolutely not." Food...
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