Business

Tourism Sector Gears Up For Busy Festive Season
19 Dec

Tourism Sector Gears Up For Busy Festive Season

Wontumi10 CommentsBusiness
As the festive season nears, Ghana’s tourism and hospitality industry is set to drive economic activity, with stakeholders intensifying efforts to attract and serve tourists. Dr. Edward Ackah Nyameke, National President of the Ghana Hotels Association, highlighted the sector’s potential for revenue growth during the period, fueled by increased tourist arrivals. Speaking to Citi Business News, he affirmed the industry’s dedication to providing exceptional services to both domestic and international visitors, reinforcing its role in Ghana’s economic recovery and growth. Dr. Nyameke noted that the peaceful post-election environment bodes well for the season, predicting high patronage of hotels and hospitality…
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Ghana’s LPG Consumption Up 4% In 2023
19 Dec

Ghana’s LPG Consumption Up 4% In 2023

Wontumi10 CommentsBusiness
Despite economic challenges in 2022, Ghana's Liquefied Petroleum Gas (LPG) consumption grew by 4% in 2023, increasing from 305,076 metric tons to 317,465 metric tons, according to the Ghana Chamber of Bulk Oil Distributors’ 2023 Industry Report. The growth is attributed to a rebound in economic activities following a slowdown in 2022 when cedi depreciation and an 86% hike in LPG prices caused demand to decline. The report highlights the inverse relationship between LPG consumption and pricing, noting that the 2022 downturn may hinder the government’s goal of 50% national LPG penetration by 2030. LPG remains the primary cooking fuel…
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Maintain A Tight Monetary Policy Stance – IMF To BoG
19 Dec

Maintain A Tight Monetary Policy Stance – IMF To BoG

Wontumi10 CommentsBusiness,
The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance given upside risks to inflation while doing more to advance the Fund’s advice on safeguards. According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures—stemming from the dry spell and the recent cedi depreciation—do not de-anchor inflation expectations while inflation gradually returns within the BoG target band. In its country assessment of Ghana after the third review of the Economic Credit Facility programme, the Bretton Woods institution said continued progress…
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Gabriel Kumi Elected Board Of The Chamber Of Oil Marketing Companies
19 Dec

Gabriel Kumi Elected Board Of The Chamber Of Oil Marketing Companies

Wontumi10 CommentsBusiness,
The Board of the Chamber of Oil Marketing Companies has elected the Executive Director of Trinity Oil Company Gabriel Kumi as board chair of the chamber, and CEO of Star Oil  Philip Teiku as Vice Chair. They take over from Mr William Tawiah, CEO of Zen Petroleum (outgoing chairman) and Mr Kwame Osei Prempeh  of Goil (Vice Chairman). Presently, Mr. Kumi serves as the Vice Chairman of the LPG Marketing Companies Association of Ghana, where he advocates for industry standards, regulatory improvements, and sustainable growth. He is a distinguished Chartered Marketer (CIM, UK) with a master’s degree in Entrepreneurship from…
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Ghana Records $316M In FDI In First Three Quarters Of 2024
19 Dec

Ghana Records $316M In FDI In First Three Quarters Of 2024

Wontumi10 CommentsBusiness
Ghana attracted Foreign Direct Investment (FDI) worth $316 million in the first nine months of 2024, reinforcing its reputation as a prime investment destination in West Africa. The Ghana Investment Promotion Centre (GIPC) disclosed this in its Third Quarter Report, which highlighted the registration of 108 projects with a total estimated investment value of $325.88 million. Local investments accounted for $9.88 million, showcasing robust foreign interest complemented by domestic participation. Out of the 108 registered projects, 85 were wholly foreign-owned, contributing $303.49 million, or 78.7% of the total investments. Joint ventures between Ghanaian and foreign entities made up 23 projects,…
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As Bitcoin Soars, Luxury Brands Consider Accepting Crypto Payments
18 Dec

As Bitcoin Soars, Luxury Brands Consider Accepting Crypto Payments

Wontumi10 CommentsBusiness
As Bitcoin's value surges, luxury brands and retailers are increasingly exploring cryptocurrency payments to tap into the growing wealth of crypto investors. French department store Printemps recently became the first European store to accept Bitcoin and Ethereum, in partnership with Binance. Other brands, such as S.T. Dupont and Virgin Voyages, are also moving towards crypto payments. Despite concerns about Bitcoin's volatility and limited real-world use, luxury brands see crypto payments as a way to cater to tech-savvy, younger consumers. Gucci and Balenciaga have embraced cryptocurrencies, with Gucci accepting them for purchases in the U.S. since 2022. While the move is…
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Honda And Nissan Hold Merger Talks
18 Dec

Honda And Nissan Hold Merger Talks

Wontumi10 CommentsBusiness,
Honda and Nissan have reportedly held exploratory talks about a potential merger to better compete against electric vehicle (EV) manufacturers, particularly in China. In March, the companies agreed to explore collaboration in the EV sector, and their discussions have focused on leveraging each other's strengths. While the companies have not confirmed a merger, they acknowledged ongoing talks, with an official update expected soon. The potential merger could face political challenges in Japan due to possible job cuts and Nissan’s existing alliance with Renault. Honda and Nissan, struggling to maintain market share in China, are attempting to strengthen their positions as…
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Bui Power Authority Commissions 50-Megawatt Solar Power Plant At Galgu
18 Dec

Bui Power Authority Commissions 50-Megawatt Solar Power Plant At Galgu

Wontumi10 CommentsBusiness
A 50-megawatt land-based solar power plant, targeted at fostering industrial growth and enhancing energy resilience in the country, has been commissioned at Galgu in the Yendi Municipality of the Northern Region. The facility, worth about $59 million, is spearheaded by the Bui Power Authority ( BPP) in collaboration with the Grid Company Limited, and financed by First Sky Limited under an engineering, procurement, construction, and financing agreement. The solar power plant, operated by harnessing sunlight and converting it into electricity, would be fed directly into the national grid. Samuel Kofi Dzamesi, Chief Executive Officer of Bui Power Authority, speaking during…
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Trump Meeting TikTok CEO As Ban Deadline Looms
17 Dec

Trump Meeting TikTok CEO As Ban Deadline Looms

Wontumi10 CommentsBusiness,
US President-elect Donald Trump is meeting with TikTok CEO Shou Zi Chew at his Mar-a-Lago estate to discuss the social media giant's battle against a potential ban in the US. A law passed this year mandates TikTok's sale by its Chinese parent company ByteDance before 19 January or face a ban due to alleged security concerns. TikTok has filed an emergency request with the US Supreme Court to delay the ban. Despite supporting a ban during his first term, Trump opposes it now, citing potential benefits to Facebook, which he accuses of aiding his 2020 election loss. TikTok argues that…
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Cedi Narrows Its Year-To-Date Loss; One Dollar Equals GH¢15.65
17 Dec

Cedi Narrows Its Year-To-Date Loss; One Dollar Equals GH¢15.65

Wontumi10 CommentsBusiness
The Ghana cedi clawed back further gains as its resurgence against the dollar continued abated. The local currency gained 3.8% week-on-week to the US dollar last week, narrowing its year-to-date loss to 22%. It also appreciated 4.36% versus the pound and 3.18% against the euro last week. At the close of the week’s trading, the cedi quoted at a mid-rate of GH¢15.65 to a dollar on the retail market.  It also begun the week at GH¢15.65 to a dollar. Again, it went for GH¢14.73 to a dollar on the interbank market. The boost in the local currency performance was supported…
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