Business Archives - Wontumi Online

17 Apr

Gold Hits New Record Over US-China Trade War Fears

CUD Wontumi0 CommentsBusinessnew gold record, US-China trade war

Gold has jumped to a fresh high as investors fret over the impact of the trade war between the US and China. Spot gold touched $3,357.40 (£2,540) per ounce on Wednesday, before dipping from its peak. It has risen by around a third since the start of the year. The rise follows comments by the head of US central bank who said President Donald Trump's tariff policies are likely to mean slower growth, higher prices and unemployment risks. The precious metal is viewed as a safer asset for investors during times of economic uncertainty. At the Economic Club of Chicago…

17 Apr

Chinese Mining Company Acquires Newmont’s Akyem Gold Mine Project For $1 Billion

CUD Wontumi0 CommentsBusinessLtd, Newmont's Akyem Gold Mine, Zijin Mining Group Co.

Zijin Mining Group Co., Ltd., a Chinese multinational mining firm, has officially completed the acquisition of the Akyem Gold Mine Project in Ghana from US-based Newmont Corporation. The $1 billion transaction marks a major shift in ownership of one of Ghana's most prominent gold-producing assets and aligns with Zijin’s aggressive strategy to expand its global gold footprint. According to an announcement released by Zijin on 16 April 2025, the deal was finalised after all conditions set out in the agreement were either met or waived. The acquisition was executed through Gold Source International, Zijin’s overseas wholly-owned subsidiary, which now assumes…

16 Apr

GUTA Opposes Utility Tariffs Increment

CUD Wontumi0 CommentsBusinessGUTA, utility tariff increment

The Ghana Union of Traders’ Associations (GUTA) has vehemently rejected the recent utility tariff increase approved by the Public Utilities Regulatory Commission (PURC). In a statement signed by the General Secretary, Alpha Shaban, GUTA described the tariff hike as unjustified and warned that it would place an unfair burden on consumers. GUTA pointed to systemic inefficiencies, corruption, and mismanagement within the utility sector, accusing both the PURC and utility providers of failing to tackle wastage and corruption within the industry. The PURC, on Friday, April 11, 2025, announced that electricity tariffs would rise by 14.75% and water tariffs by 4.02%,…

16 Apr

MTN MoMo Denies System Breach In Viral GH¢11,000 Fraud Claim, Cites Customer Negligence

CUD Wontumi0 CommentsBusinessMTN Momo

MobileMoney Limited (MoMo), the operator of MTN Ghana's mobile money service, has refuted allegations of a system breach following a viral social media complaint from a customer who claimed GH¢11,000 was withdrawn from her mobile wallet without her consent. The incident, which sparked widespread concern online, was detailed by the affected customer in a TikTok video posted on Saturday, April 12, 2025. In the video [attached below], the woman accused MTN Ghana of failing to safeguard user funds and expressed frustration over what she described as poor customer service after reporting the case. "MTN Ghana, I was just lying here when…

16 Apr

Minority Demands GH₵6,000 Cocoa Price, Warns Of Increased Smuggling

CUD Wontumi0 CommentsBusinesscocoa pricing

The Minority Caucus in Parliament has called for the immediate increase of the cocoa producer price from GH₵3,000 to GH₵6,000 per 64-kilogramme bag, in line with promises made to Ghanaians. They warned that failure to act swiftly could result in economic sabotage, cross-border smuggling, and a betrayal of Ghana’s hardworking cocoa farmers. Speaking at a press conference held on Monday, April 14, 2025, at the Miklin Hotel in Kumasi, the Minority Caucus, led by its Ranking Member on Food, Agriculture and Cocoa Affairs, Isaac Yaw Opoku, urged the Ghana Cocoa Board (COCOBOD) and the current administration to desist from “shifting…

16 Apr

Volta Region Power Fluctuations Caused By GRIDCO Supply Shortfall – ECG

CUD Wontumi0 CommentsBusinessECG

The Electricity Company of Ghana (ECG) has attributed the recent power interruptions in the Volta Region to insufficient supply from the Ghana Grid Company (GRIDCo). Residents in the region have been grappling with persistent low voltage, power fluctuations, and intermittent outages, particularly during the evenings. In a statement issued by its Volta Regional Public Relations Unit, ECG clarified that the situation stems from the limited power supply delivered from GRIDCo’s Asiekpe Bulk Supply Point, which is then distributed to customers. “We want to clarify that the root cause of this situation is not due to ECG’s distribution of power, but…

15 Apr

Cedi To Remain Stable In Coming Weeks; One Dollar Equals GH¢16.00

CUD Wontumi0 CommentsBusinessCedi to dollar

The market sentiment towards the Ghana Cedi is anticipated to improve in the coming weeks, following an announcement from the International Monetary Fund (IMF) that it has reached a staff-level agreement with the Government of Ghana over the Economic Credit Facility (ECF) programme. Last week, the local currency remained stable at GH¢16.00 to a dollar in the retail market for most of the week, maintaining a year-to-date depreciation of 2.36%. It also depreciated by 2.25% week-on-week against the euro but remained unchanged against the pound. The Bank of Ghana’s intervention of US$178.2 million helped contain depreciation pressures, keeping the cedi…

14 Apr

Trump Threatens New Tariffs On Smartphones Days After Exempting Them

CUD Wontumi0 CommentsBusinessUS Tariffs on china smartphones

Donald Trump says Chinese-made smartphones and other electronics will not be exempt from tariffs - adding they are simply moving into a different levy "bucket". European stock markets bounced up on Monday morning after Friday's official announcement that some of these products would escape levies of up to 145%. China has called on Donald Trump to "completely cancel" his tariffs regime, and "return to the right path of mutual respect". However US officials said on Sunday that products would be subject to a "semiconductor tariff" instead, with Trump expected to reveal more details later. US Commerce Secretary Howard Lutnick said…

14 Apr

China Urges US To ‘Completely Cancel’ Tariffs

CUD Wontumi0 CommentsBusinessUS tariffs on china

Chinese officials are calling on US President Donald Trump to "completely cancel" his so-called reciprocal tariffs, as a trade war between the world's two biggest economies grinds on. This week, Trump announced a 90-day pause on a host of global tariffs he had planned, but increased levies on Chinese imports to 145%. "We urge the US to take a big step to correct its mistakes, completely cancel the wrong practice of 'reciprocal tariffs' and return to the right path of mutual respect," China's commerce ministry said in a statement. The Trump administration seemed ready to offer a concession on Friday…

11 Apr

China Raises Retaliatory Tariffs On US Imports From 84% To 125%

CUD Wontumi0 CommentsBusinessChina tariffs on US

China has raised its retaliatory tariffs on US imports from 84% to 125%, on Friday, April 11, 2025. This follows US President Donald Trump’s announcement of a 145% tariff imposition on China. According to a statement from the spokesperson of the Chinese Commerce Ministry, and available to the CNN, China has no plans to increase its tariffs on US goods beyond 125%. “The successive imposition of excessively high tariffs on China by the US has become nothing more than a numbers game, with no real economic significance. It merely further exposes the US practice of weaponising tariffs as a tool…