Business Archives - Page 10 of 384

20 Jan

MoMo Fraud On The Rise – Bank Of Ghana Warns

CUD WontumiBusinessbank of ghana, Momo fraud

The Director of Fintech and Innovation at the Bank of Ghana, Mr. Kwame Oppong, says cases of mobile money fraud are on the increase, with fraudsters devising various means to scam both mobile money vendors and users of the mobile money platform. Speaking at the swearing-in ceremony of the new executives of the Mobile Money Advocacy Group, Mr. Oppong said the Mobile Money Regulatory framework in Ghana has been adjudged the number one globally, which is a big boost to the fintech industry, hence the need to protect the sector. Since the introduction of mobile money in Ghana, sending and receiving…

18 Jan

Market Fires: Victims Share Harrowing Tales Of Loss And Recovery

CUD WontumiBusinessKantamanto Fire

Ghana recorded 4,650 fire incidents between January and September 2024, raising serious concerns about public safety. The recurrent market fires have affected countless individuals, leaving them grappling not only with the loss of their livelihoods but also enduring profound psychological impacts. On January 2, 2025, another fire at Kantamanto Market in Accra destroyed properties and livelihoods, adding to the growing list of fires ravaging major markets nationwide. Beyond the statistics and destruction lie deeply emotional stories of resilience and despair. Barbara, a victim of the Kantamanto fire, shared her harrowing experience: “When I saw the fire ravaging everything I owned,…

18 Jan

Fraudsters Undermining Public Trust In MoMo Payment Systems

CUD WontumiBusinessFraud, Mobile Money

Mobile money has quickly become a powerful tool for financial inclusion in Ghana, promising convenience and improved financial services. But the explosive digital financial landscape is coming along with cybersecurity challenges, as mobile money users bear the greatest brunt. Mobile money fraudsters are advancing strategies that utilize the trust and reliance of patrons on mobile money agents. Ella Baby is an ardent mobile money user who received what she thought was a blow of luck. “I got a message that read that I had received GHS780. Within minutes, I received 3 calls from an unknown number. I wanted to confirm…

17 Jan

Global Economy Stabilizes, But Developing Economies Face Tougher Slog – World Bank

CUD WontumiBusinessworld bank

The World Bank’s Global Economic Prospects report indicates that developing economies, which contribute 60% of global growth, are projected to experience their weakest long-term growth outlook since 2000. Global growth is expected to slow to 2.7% in 2025 and 2026 while developing economies will maintain steady growth at around 4%. However, this growth is insufficient to meet poverty alleviation and development goals. After rapid growth in the 2000s, progress slowed post-2008, with global trade restrictions and diminished foreign direct investment. Developing economies, now accounting for 45% of global GDP, remain crucial but are still reliant on advanced economies for growth.…

17 Jan

World Bank Sets Africa Terms To Win $40 Billion In Power Finance

CUD WontumiBusinessworld bank

The World Bank and African Development Bank have outlined conditions for African countries to secure $40 billion in financing to address the continent's electricity crisis. The "Mission 300" program aims to bring electricity to 300 million Africans by 2030, with $30 billion from the banks and an additional $10 billion from private institutions. To qualify, countries must implement regulations that attract private investment, prioritize low-cost renewable energy, and ensure competitive tenders for power generation projects. They must also commit to sustainable pricing for utilities and develop plans for universal access to electricity. The initiative targets connecting half of the population…

17 Jan

GH₵490m Unaccounted For By ECG In Three Months – Audit Report

CUD WontumiBusinessECG

An audit of the Electricity Company of Ghana’s (ECG) revenue collection revealed a discrepancy of GH₵490 million between October and December 2023. This discrepancy concerns the company’s tariff and non-tariff revenue generated. In the audit report shared by the Public Utilities Regulatory Commission (PURC), the discrepancy was identified between the regional bank accounts and the headquarters’ account of ECG. According to the report, “Between October and December 2023, ECG reported a revenue of GH₵3.38 billion. However, based on information from the Head Office bank accounts analysed, the recorded revenue was GH₵3.87 billion.” The report disclosed that the unaccounted funds were…

16 Jan

Ghana Drops To 13Th In Africa With Lowest Fuel Price

CUD WontumiBusinessfuel, world Fuel rank

Ghana has dropped to 13th place in Africa for the lowest fuel prices, with an average petrol price of $1.051 per liter in January 2025, up from $0.985 in December 2024. This change has moved Ghana from 43rd to 53rd globally. Libya remains Africa’s leader with the lowest price at $0.030 per liter, followed by Angola and Egypt. Other countries like Algeria, Sudan, Nigeria, Tunisia, Ethiopia, and Liberia also feature in the top rankings. Fuel prices in Ghana are expected to increase slightly starting from January 17, 2025, driven by rising global crude prices and a depreciating cedi, according to…

16 Jan

Bulk Oil Distributors Deny Imminent Fuel Shortage

CUD WontumiBusinessFuel Shortage

The Ghana Chamber of Bulk Oil Distributors (CBOD) has dismissed claims of an imminent fuel shortage, assuring the public of adequate fuel supplies. According to CBOD CEO Dr. Patrick Ofori, there is sufficient fuel at the port, with an additional 100,000 metric tonnes of petrol expected soon. He emphasized that Bulk Oil Distributors (BDCs) face no financial or capacity issues and urged calm. Despite these reassurances, the Chamber of Oil Marketing Companies (OMCs) has warned of a potential crisis, attributing it to the suspension of the gold-for-oil program and Sentuo Oil refinery's operational halt. OMC CEO Dr. Riverson Oppong criticized…

16 Jan

IMF Boss Hails Akufo-Addo’s Economic Reforms, COVID-19 Fight

CUD WontumiBusinessAkufo-Addo, COVID-19 fight, imf, IMF boss

IMF Managing Director Kristalina Georgieva has commended former President Nana Addo Dankwa Akufo-Addo for his administration’s economic reforms and adept handling of the COVID-19 pandemic. In a letter marking the end of his tenure, Georgieva praised the proactive measures undertaken by Akufo-Addo’s government, which she described as essential for mitigating the pandemic's impact and maintaining macroeconomic stability. She acknowledged the administration’s collaboration with the IMF, highlighting its role in strengthening Ghana’s economic resilience. Georgieva also credited Akufo-Addo’s advocacy for sub-Saharan Africa during the pandemic for mobilizing critical resources. The successful third review of the IMF-supported program and progress toward restoring…

16 Jan

Amin Adam Has Inspired Confidence In Ghana’s Economic Future – IMF Boss

CUD WontumiBusinessAmin Adam, imf

Former Finance Minister Dr. Mohammed Amin Adam has received high praise from IMF Managing Director Ms. Kristalina Georgieva for his exceptional leadership in stabilizing Ghana’s economy during his tenure. In a farewell letter, Ms. Georgieva lauded his pivotal role in implementing Ghana's $3 billion IMF-supported program, which restored macroeconomic stability, ensured debt sustainability, and fostered inclusive growth during tough economic times. Highlighting his impact, Ms. Georgieva noted that his efforts bolstered Ghana’s financial outlook and inspired confidence in the country's future. She also expressed optimism about Dr. Amin Adam's continued contributions as a Member of Parliament, commending his passion for…