Business Archives - Wontumi Online

21 Feb

10% Pay Rise For Govt Workers – Minimum Wage Now GH¢19.97.

CUD Wontumi0 CommentsBusinessgovt salary increment, Minimum Wage

The government and Organised Labour yesterday agreed on a new Base Pay of 10 per cent across the board for workers in the public sector. The development means that all public sector workers on the Single Spine Salary Structure will have an increment in their basic salaries by 10 per cent from January to December this year. In addition, the National Tripartite Committee (NTC) also set the National Daily Minimum Wage (NDMW) at GH¢19.97. This implies that any Ghanaian earning salary or allowance, including househelps, nannies and guards, must not be paid less than that in a day or GH¢559.16…

21 Feb

Cedi Performance: BoG Rates Increasing Marginally, $1 Sells At GH¢15.90 At Forex Bureaus

CUD Wontumi0 CommentsBusinessCedi Performance

Ghana's local currency, the cedi, has experienced marginal losses on the interbank foreign exchange market since last month. The Central Bank's exchange rates have been steadily increasing since the beginning of the year. Against major trading currencies, particularly the US dollar, the cedi has lost some value at various forex bureaus. In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.54 and a selling price of GH¢15.55 to the dollar. The British pound is being bought at GH¢19.64 and sold at GH¢19.66, while the euro trades at a buying price of…

21 Feb

Akufo-Addo Calls On Nigeria To Drive Africa’s Economic Integration

CUD Wontumi0 CommentsBusinessAkufo-Addo, Nigeria

Former President of Ghana, Nana Addo Dankwa Akufo-Addo, has urged Nigeria to take a leading role in driving Africa’s economic integration, emphasizing the need for bold leadership and concrete action for Africa to assert itself on the global stage. Speaking at an event hosted by the IBB Presidential Foundation in Abuja, Nigeria, on Thursday, February 20, 2025, Akufo-Addo underscored Nigeria’s strategic position in shaping Africa’s economic future. "Nigeria, with its enormous economic and human potential, must play a leading role in shaping Africa’s economic trajectory. We must move beyond rhetoric and translate our ambitions for integration into tangible actions," he stated.…

21 Feb

WAPCO Completes 70% Of Pipeline Cleaning

CUD Wontumi0 CommentsBusinessWAPCO

The West Africa Gas Pipeline Company Limited (WAPCo) has announced that ongoing maintenance work on its gas pipelines is expected to be completed by March 2, 2025, with 70 percent of the work already done. The company, which operates the 569-kilometre pipeline from Nigeria through Tema to Takoradi, temporarily shut down gas transmission on February 5, 2025, to facilitate maintenance activities, including pipeline cleaning and inspections. Speaking at a press conference at WAPCo’s Regulating and Metering Station in Tema, Operations and Maintenance Superintendent (West), Benoni Owusu Ayeh, explained that the shutdown was necessary to launch the Pipeline Inspection Gauge (PIG)…

21 Feb

‘Streamline VAT Or Businesses Will Suffocate’ – AGI Warns Gov’t

CUD Wontumi0 CommentsBusinessAssociation of Ghana Industries (AGI), VAT

The President of the Association of Ghana Industries (AGI) has charged government to urgently reform the Value Added Tax (VAT) system, describing it as “the killer in the room” for local businesses. Dr Humphrey Ayim-Darke underscored the distortions VAT creates in the market, stressing that its current structure is stifling the operations of companies, particularly small and medium-sized enterprises (SMEs). “The major tax issue that we have tabled is the rationalization of the VAT. We believe strongly that it is distorting a lot of operations,” he said on Joy News’ PM Express Business Edition on Thursday, February 20. He illustrated…

20 Feb

Oil Palm Exports Drop By Over 50%

CUD Wontumi0 CommentsBusinessPALM OIL EXPORT

Ghana’s oil palm export for 2024 dropped by more than 50%, according to the Oil Palm Development Association of Ghana. The president of the association, Samuel Avaala, attributed the decline to the lack of support for the sector and the influx of cheap oil from other countries. Speaking to Joy Business, he made a passionate call for the local oil palm industry to be protected. Mr. Avaala urged the government to step up efforts against the illegal intrusion of foreign oil products, which are affecting local producers. “We want to develop it ourselves, and it is in a state where…

20 Feb

Minority Demands Increase In Cocoa Producer Price

CUD Wontumi0 CommentsBusinessCocoa prices, Minority

The Minority NPP Caucus in Parliament has called on the government to increase the producer price of cocoa, citing promises made before and after the 2024 elections. According to the Minority, key NDC figures, including Minister for Agriculture Eric Opoku and Minister for Finance Dr. Cassiel Ato Forson, had previously accused the former government of shortchanging cocoa farmers by offering low prices. The Caucus argues that the world market price of cocoa has surged to $10,000 per ton, significantly higher than before, and insists that farmers deserve two-thirds of the global price, as stated during the election campaign. They stress…

20 Feb

Producer Price Inflation Hits 28.5% In January 2025

CUD Wontumi0 CommentsBusinessProducer Price Inflation

Producer price inflation at ex-factory prices for all goods and services rose to 28.5% in January 2025, up from 26.1% in December 2024. The month-on-month producer inflation between December 2024 and January 2025 was 3.6%, higher than in December 2024. The Producer Price Inflation (PPI) in the industry sector, excluding construction, increased from 40.2% in December 2024 to 43.7% in January 2025. The rate in the construction sector also rose to 29.8% in January 2025. In the services sector, inflation stood at 7.7%. Mining and quarrying (47.5%), construction (29.8%), and accommodation and food service activities (29.0%) recorded inflation rates above…

20 Feb

BoG Launches Comprehensive Audit Of Remittance Activities

CUD Wontumi0 CommentsBusinessBoG, remittances

The Bank of Ghana (BoG) has commenced an audit of remittance activities covering the fourth quarter of last year, from October 1 to December 31, 2024. This was announced in an official notice issued by the Central Bank today. According to the BoG, the audit aims to assess the remittance process, recommend improvements to the existing regulatory framework, and ensure full compliance with all relevant regulations, including the Foreign Exchange Act, 2006 (Act 723). The Bank emphasized that all market participants are required to fully adhere to these regulatory obligations, underscoring its commitment to promoting transparency, efficiency, and integrity within…

19 Feb

Minority Sets Record Straight On DDEP Bond Payments

CUD Wontumi0 CommentsBusinessDDEP, Minority

The New Patriotic Party (NPP) Minority Caucus in Parliament, has clarified the alleged misconceptions surrounding the payment of coupons to bondholders, emphasising that the previous NPP administration made timely payments. Dr Stephen Amoah, NPP Member of Parliament for Nhyiaeso, speaking at a press conference on behalf of Dr Mohammed Amin Adam, a former Finance Minister, said: “…We started paying them from 2023, and never ever since then defaulted on coupons. We want to make this clear to our stakeholders and the public. “… The previous NPP administration paid a total of GH¢17.25 billion in cash and GH¢9.77 million in kind…