Business

Government borrows GH¢19,087.87m in first quarter

Admin Editor January 25, 2020 52 0

Government says it plans to borrow an amount of GH¢19,087.87 million this first quarter, of which GH¢15,685.81 million would be used to rollover maturities, while the remainder of GH¢3,402.06 million goes to take care of government financing. According to the Ministry of Finance which disclosed Read More

Business

Ghacem calls for fair competition in cement industry

Admin Editor January 25, 2020 45 0

The Managing Director of Ghana Cement (Ghacem), Stefano Gallini, has called on the government to provide a level playing field for all manufacturers of cement in the country. Mr Gallini noted that giving all industry players a fair opportunity “is a sure way to go, and Ghacem, a member of the second best cement company […]Read More

Business

Seek advice on application of chemicals – Cocoa farmers told

Admin Editor January 25, 2020 44 0

Nana Karikari Addo, Managing Director of the Quality Control Company of COCOBOD, has asked cocoa farmers to make maximum use of extension officers and always seek technical advice in the use and application of chemicals in their farms. This, according to him, would help maintain the quality of the country’s cocoa beans and strengthen its […]Read More

Business

Oil slump deepens as China virus casts cloud over fuel demand, economy

Admin Editor January 23, 2020 68 0

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1% on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago. Brent crude futures LCOc1 were down 82, or 1.3%, […]Read More

Business

Ride the wave of the AfCFTA – Adesina

Admin Editor January 23, 2020 69 0

Africa is on the cusp of unmatched economic transformation, and the UK must engage in a “partnership of change,” African Development Bank President Akinwumi Adesina said Tuesday in a keynote address at a UK Parliamentary Symposium. “The Africa of the 21st century is very different. The Africa of the 21st century is new and more […]Read More

Business

18 mutual Funds still without fund managers

Admin Editor January 23, 2020 74 0

Eighteen Mutual Fund and Unit Trusts have failed to appoint new fund managers till now despite the Securities and Exchange Commission (SEC) having directed their Boards of Directors and Trustees to do so. This directive followed the revocation of the licenses of 53 Fund Management Companies last year by SEC, in accordance with section 88 […]Read More

Business

Upper West’s struggling shea industry

Admin Editor January 22, 2020 81 0

Shea butter extraction, which is a major industry in the Upper West Region, needs a lot of financial support to enhance production for the economic development of the country. At the moment, the extraction of the shea is done on a very small scale by women in addition to their socially assigned roles as child-bearers […]Read More

Business

It’s better to print money to settle depositors and win 2020 elections – Kwame Pianim

Admin Editor January 22, 2020 78 0

As part of devising strategic ways to settle depositors whose monies have been locked up at various institutions due to the financial sector clean-up, Ghanaian economist, Kwame Pianim has placed a clarion call to the Bank of Ghana (BoG) to print cedi notes to settle them. According to him, the financial sector clean-up exercise is […]Read More

Business General

After losing $2.3 billion at UBS, Kweku Adoboli now seeks redemption in Ghanaian bonds

Admin Editor January 22, 2020 118 0

Former UBS Group AG trader, Kweku Adoboli, fought to avoid deportation from the U.K. to the nation of his birth after his conviction for a $2.3 billion loss at the Swiss bank. Now, he is seeking a comeback in Ghana with a plan to kick-start its mortgage-backed bond market. The 39-year-old was extradited to Ghana […]Read More

Business

NIC cancels Issuance of manual insurance stickers

Admin Editor January 22, 2020 79 0

The National Insurance Commission, NIC has canceled the issuance of manual motor insurance stickers in the country. NIC in a letter signed by Commissioner of Insurance, Justice Yaw Ofori directed all insurance companies which provide motor insurance to end the issuance of manual insurance stickers. The companies stated that insurance and brokerage firms are to […]Read More

Business

British Prime Minister, African leaders urge investors to accelerate economic role

Admin Editor January 22, 2020 75 0

The UK-Africa Investment Summit, the first of its kind hosted by the UK Government, was attended by the foreign secretary, Dominic Raab, the international development secretary, Alok Sharma, and Prince Harry UK companies must leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities, several African leaders said at […]Read More

Business

Oil slides as IEA predicts surplus, Libya disruption concerns fade

Admin Editor January 22, 2020 72 0

Oil prices dropped on Wednesday as the International Energy Agency’s (IEA) forecast of a market surplus in the first half of this year was enough to cancel out concerns about military disruptions that have slashed Libya’s crude output. Brent crude LCOc1 was down 30 cents, or 0.5%, at $64.29 a barrel at 0731 GMT, after […]Read More

Business

AfCFTA Secretariat ready by March – Akufo-Addo

Admin Editor January 22, 2020 67 0

President Nana Addo Dankwa Akufo-Addo has given an assurance that the Secretariat of the Africa Continental Free Trade Area (AfCFTA) will be up and running by March this year for trading activities to begin in the free trade area by July this year. He said to reap the fruits of the AfCFTA and realise the […]Read More

Business

‘2020 is year of growth and dominance’ – GRIDCo CEO

Admin Editor January 21, 2020 88 0

Chief Executive of the Ghana Grid Company, Jonathan Amoako-Baah is predicting a year of growth and dominance in the sub-region for the power transmitter. In a New Year message to staff, the Chief Executive implored employees to rally together and embrace 2020 with enthusiasm as they seek to maintain stability and efficiency on the grid […]Read More

Business

NISCOPS launched to promote sustainable and climate-smart oil palm production

Admin Editor January 21, 2020 85 0

Solidardidad, a non-governmental organisation working to transform the agricultural sector, over the weekend, launched of the National Initiatives for Sustainable and Climate-Smart Oil Palm Smallholders (NISCOPS) to support sustainable climate-smart production of the tree crop. The NISCOPS is a five-year strategic programme aligned with existing national climate policy Read More

Business

Gold slumps below US$1,557.20

Admin Editor January 21, 2020 82 0

Gold prices stay mostly downbeat while taking rounds to $1,557.20, following an uptick to $1,559, during the early hours of Monday’s trading. The yellow metal fails to respond to the power play in Libya and protests in Iraq amid the broad US dollar strength. Also exerting downside pressure on the quote are hopes that the […]Read More

Business

WAPCo shuts down offshore pipeline today

Admin Editor January 21, 2020 89 0

The Ministry of Energy has announced that the West African Gas Pipeline Company Limited (WAPCo), which operates the West African Gas Pipeline (WAGP), will today shut down its offshore pipeline from Nigeria to Ghana for two months. The shutdown is to make way for a clean-up and inspection exercise of the offshore pipeline between the […]Read More

Business

Forex Development Committee won’t usurp BoG’s mandate – Franklin Cudjoe

Admin Editor January 20, 2020 109 0

A member of the newly established Forex Development Committee Franklin Cudjoe says their work will not to usurp the mandate of the Central bank. In his view, the committee, instead, will bring more value to the work of the Bank of Ghana in finding solutions to the destabilisation of the Cedi. Critics of the committee […]Read More

Business

Ghana to sign £40m agreement with UK to upgrade Kumasi Airport

Admin Editor January 20, 2020 107 0

British Prime Minister Boris Johnson and Ghana’s President Akufo-Addo are expected to sign a £40m agreement this week which will see the construction of a new terminal as part of the upgrade of the Kumasi Airport. The facility which forms part of a pre-financing agreement between the two countries will be disbursed after the UK-Africa […]Read More

Business General

We won’t falter on economy – Gov’t pledges ahead of 2020 elections

Admin Editor January 20, 2020 137 0

The government has given the strongest assurance yet that it has put in place adequate measures to ensure that election-year fiscal slippages do not recur. Ghana will go to the polls this year to elect a President and Members of Parliament (MPs). Since 2000, it has overshot its fiscal deficit targets in all election years, […]Read More

Business General

Owners of collapsed banks could face over 5 years in jail – Lecturer

Admin Editor January 20, 2020 128 0

Owners of collapsed financial institutions may face up to over 5 years in jail for money laundering, financial Consultant and Lecturer at the Ghana Banking College, Nana Dr Richmond Attuahene has said. According to Dr Attuahene, who is also Lecturer at the Ghana Banking College, money laundering in Ghana is a serious offence and its […]Read More

Business General

Bawumia fails to arrest cedi with 170 questions

Admin Editor January 20, 2020 101 0

It was challenge after challenge to the National Democratic Congress, from the camp of the New Patriotic Party. Under the Mahama administration and with the late Kwesi Ammissah Arthur as Vice President and Former Governor of the Central Bank, then Economist, and running mate, Dr. Mahamudu Bawumia threw some 170 questions about the economy after […]Read More

Business

Cabinet approves community water and sanitation agency policy reform

Kobina Nyame January 17, 2020 175 0

The Sustainable Development Goal 6 (SDG 6), enjoins member countries, including Ghana to provide at all times clean water and sustainable sanitation facilities for its citizens and also ensure the availability and sustainable management of its water resources. The SGD 6 aligns with Government of Ghana’s vision for the sector, enshrined in the Water Sector […]Read More

Business

Government must set lower target for inflation – IMF

Admin Editor January 16, 2020 147 0

The International Monetary Fund (IMF) has advised government to set a lower medium-term target for inflation in order for the economy to remain competitive among its peers in sub-Saharan Africa. Government maintained its medium-term inflation target of 8±2 in the 2020 Budget, despite a rebasing of the basket in August 2019 that saw inflation drop […]Read More

Business

Ghana’s fiscal position ‘very bad’ – Economist

Admin Editor January 16, 2020 149 0

An economist, Dr Said Boakye, has expressed concern about the fiscal position of the country, saying the rate and quantum of borrowing by the government is alarming. According to him, “The country’s fiscal position is very bad”, wondering: “How are we paying for it?” “You are borrowing money to do so, and we are going […]Read More

Business

Ghana ranks 1st in Africa, 4th globally in latest Global Retail Development Index

Admin Editor January 16, 2020 158 0

Ghana has been ranked 4th in the world in the 2019 Global Retail Development Index which studies the global retailing landscape. China has assumed the 1st position, India has dropped to the 2nd position while Malaysia maintains the 3rd positions in the bi-annual study. In Africa, Ghana is ranked 1st and has been described as […]Read More

Business

Gov’t borrowed GHC4.2bn in December 2019

Admin Editor January 15, 2020 161 0

The Government of Ghana borrowed GHC4.2 billion in notes and bonds in December 2019. This consists of GHC3.2 billion 2-Year Notes, GHC505.4 million of 3-Year bonds and GHC478.6 million of 4-Year bonds. Some of the securities were to be rolled over while the rest were fresh funds. The yield on the 2-Year notes were 20.95%, […]Read More

Business

Banks face cyber security attacks from silent hackers

Admin Editor January 15, 2020 161 0

Some major banks across sub-Saharan Africa (SSA) face cybersecurity attacks. According to Kaspersky security researchers, there are thousands of notifications of attacks on major banks located in the region by silence hacker groups. They are known to be responsible for the theft of millions of dollars from banks across the world. The Silence Group is […]Read More

Business

Siemens, GRIDCO sign $250m Energy Infrastructure Deal

Admin Editor January 15, 2020 143 0

Siemens, a German global powerhouse focusing on the areas of electrification, automation and digitalization, has signed a Memorandum of Understanding (MOU) with Ghana through the Ghana Grid Company Limited (GRIDCo) under the G20 Compact with Africa (CwA) initiative. The agreement will see Siemens working collaboratively with GRIDCo to upgrade and extend Ghana’s power Read More

Business General

Fuel prices may go up January 15, 16 – COPEC predicts

Admin Editor January 14, 2020 179 0

Executive Secretary of Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has said fuel prices may go up in a few days if government does not devise strategic ways to face the crisis. According to him, oil firms have added about 6 or 7 pesewas to the normal price due to the upsurge of the product […]Read More