Business Archives - Wontumi Online

21 Mar

‘Nii Armah Quaye’s Personal Life Is Not Our Business’ – Bills Micro Credit

CUD Wontumi0 CommentsBusinessBills Microcredit, Richard Nii-Armah Quaye

Bills Micro Credit Limited has issued a strong statement clarifying its operational independence from its founder and board chairman, Richard Nii Armah Quaye. The company emphasized that while Mr. Quaye is the Founder, Chairman, and Majority Shareholder, his personal financial decisions, acquisitions, and lifestyle choices are entirely separate from the company’s operations. In a press release dated March 20, 2025, the microfinance institution stated, “Bills Micro Credit Limited wishes to unequivocally state that the company, as a distinct legal entity, operates independently from the personal acquisitions, financial decisions, and activities of its Board Chairman, Richard Nii Armah Quaye.” The statement…

21 Mar

Ghana Loses Approximately US$3 Billion Each Year To Corruption – GACC

CUD Wontumi0 CommentsBusinessCorruption

Ghana loses approximately US$3billion each year to corruption, depriving the nation of critical resources needed for development, according to President of the Ghana Anti-Corruption Coalition (GACC), Beauty Nartey. Speaking at the launch of the Strengthening the rule of law and fight against corruption in Ghana project—an initiative by the German Development Agency (GIZ) in partnership with the European Union (EU)—Mrs. Nartey lamented that this staggering loss is double the country’s annual foreign direct investment (FDI) inflows, which stand at US$1.5 billion. “What comes into our country as support is only about half of what we lose to corruption,” she said.…

19 Mar

FDA Issues Immediate Recall Of Grand Chateaux Sangria Forte Over Safety, Legality Concerns

CUD Wontumi0 CommentsBusinessGrand Chateaux Sangria Forte

The Food and Drugs Authority (FDA) has issued an immediate recall of Grand Chateaux Sangria Forte, specifically the Tetra Pak (250ml) and Canned (330ml Pétillante) variants, due to safety and regulatory concerns. According to the FDA, the product has been widely advertised on social media and available on the Ghanaian market, despite not being registered with the authority. In a statement on March 18, 2025, the FDA explained that the recall was prompted by violations of Sections 97, 98, and 103 of the Public Health Act, 2012 (Act 851), which mandates that all food and beverage products must be registered…

18 Mar

Cedi Now GH¢16.15 Against A Dollar At Forex Bureaus

CUD Wontumi0 CommentsBusinesscedi against dollar

Ghana's local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus. In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.53 and a selling price of GH¢15.54 to a dollar. The British pound is being bought at GH¢20.16 and sold at GH¢20.18, while the euro trades at a buying price of GH¢16.95 and a selling price of GH¢16.97. Checks by GhanaWeb Business on March 18, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.15 to the dollar, while the pound…

18 Mar

Akufo-Addo Govt Did Not Mismanage Economy – Amin Adam

CUD Wontumi0 CommentsBusiness

Former Finance Minister Dr. Mohammed Amin Adam has disagreed with President John Mahama’s assertion that the Akufo-Addo administration mishandled the economy. During an interview on Channel One TV, Dr. Amin Adam emphasized that the economic fundamentals were robust when the previous government concluded its term. Alleged Political Narrative He suggested that the current administration may be presenting a less favorable portrayal of the economy to justify its policy choices. “The new government, right from the beginning, tried to paint a certain picture of the economy they inherited. I think that they just wanted to give excuses by saying that the…

18 Mar

Amin Adam Defends Akufo-Addo’s Borrowing Amid COVID-19 Crisis

CUD Wontumi0 CommentsBusinessAkufo-Addo, Amin Adam, COVID-19

Former Finance Minister Dr. Mohammed Amin Adam has defended the Akufo-Addo administration’s borrowing practices, arguing that loans secured during the COVID-19 pandemic were essential and should not be deemed as mismanagement. Speaking in an interview on Channel One TV, Dr. Amin Adam responded to criticisms of the government’s debt strategy, emphasizing the necessity of these financial decisions in tackling the unprecedented challenges of the pandemic. “I don’t know how anybody would describe the borrowing to address the COVID-19 pandemic as reckless borrowing. I don’t know if anybody is right to call that reckless borrowing,” he stated. He stressed the importance…

17 Mar

Ghana Water Company Inaugurates Audit Committee To Deepen Financial Oversight

CUD Wontumi0 CommentsBusinessGhana Water Company

The Ghana Water Ltd (GWL) has inaugurated a new Audit Committee, in line with the Public Financial Management (PFM) Act, 2016 (Act 921), to strengthen internal control systems, ensure compliance, and enhance financial oversight within the institution. The five-member committee is chaired by Madam Gladys Gillian Naadu Tetteh, a seasoned governance and public financial management expert. The committee, among others, will be responsible for overseeing the implementation of internal and external audit recommendations, monitoring financial reporting processes, ensuring compliance with relevant laws and policies, and advising management on risk. It serves as an advisory body, supporting management to establish robust…

17 Mar

Citrus Industry Faces Liquidity Crisis

CUD Wontumi0 CommentsBusinessCitrus Industry

The domestic citrus industry is at risk of severe contraction as liquidity constraints and delayed payments threaten the survival of farmers and processors. Despite an annual production of 440,000 tons of citrus in 2024, stakeholders say only 40 percent of output is being economically utilised, with the rest either wasted or sold at a loss. The crisis, they argue, stems from a financing gap that prevents farmers from sustaining operations while awaiting payments from juice processors. At a meeting between the Orange Growers Association (OGA) and the Ministry of Food and Agriculture (MoFA) in Accra, industry representatives outlined the structural…

17 Mar

Cedi Trading At GH¢16.10 Against Dollar At Forex Bureaus

CUD Wontumi0 CommentsBusinessCEDI, DOLLAR RATE

Ghana's local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus. In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.52 and a selling price of GH¢15.53 to a dollar. The British pound is being bought at GH¢20.04 and sold at GH¢20.06, while the euro trades at a buying price of GH¢16.87 and a selling price of GH¢16.89. Checks by GhanaWeb Business on March 17, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.10 to the dollar, while the pound…

17 Mar

My Lecturer Prophesied My Success And Inspired Me To Buy A Private Jet – Richard Quaye

CUD Wontumi0 CommentsBusinessBills CEO, private jet, Richard Nii-Armah Quaye

Business mogul Richard Nii Armah Quaye, who recently acquired a private jet and a Bugatti Chiron, has opened up about his decision to celebrate his birthday with these expensive gifts. The Founder and Board Chairman of Bills Micro-Credit unveiled his latest acquisitions via an Instagram post on Wednesday, March 12, 2025. Richard Nii Armah Quaye, who turns 40 on March 21, 2025, sent social media into a frenzy after posting pictures and videos of his Gulfstream private jet and Bugatti Chiron. In an exclusive interview with ace broadcaster Bola Ray, the business magnate revealed that his lecturer, Michael Mainwaring, at…