Business Archives - Page 11 of 384

15 Jan

Rising Bond Yields Point To Fiscal Challenges For Sovereigns – Fitch

CUD WontumiBusinessRising Bonds

Fitch Ratings has highlighted the growing fiscal challenges faced by sovereigns, including Ghana, in 2025, as government bond yields rise despite major central bank policy rate cuts. The impact on sovereign credit metrics will depend on the extent and duration of these increases, which reflect both monetary policy actions and broader economic factors. In early 2025, yields in the US, eurozone, and UK surged, with US 10-year yields rising over 100 basis points since the Federal Reserve's policy rate cuts in September 2024. Fitch attributed this to inflation risks, upward pressure on real interest rates, and rising concerns over government…

15 Jan

T-bills Auction: Government To Raise GH¢6.35Bn On January 17, 2025

CUD WontumiBusinessTreasury Bill

The government plans to raise GH¢6.35 billion on January 17, 2025, through the issuance of 91-day, 182-day, and 364-day treasury bills. This will refinance maturing bills worth GH¢5.53 billion. Analysts attribute last week’s oversubscription to renewed investor confidence and the appeal of Ghana's high short-term yields, supported by the cedi’s strong performance. Last week’s auction saw an oversubscription of GH¢2.88 billion, with total accepted bids of GH¢8.08 billion, surpassing the target of GH¢5.20 billion and maturities of GH¢4.85 billion. Despite strong demand, yields rose slightly to 28.33% (+14 basis points) for 91-day bills, 28.96% (+5 basis points) for 182-day bills,…

15 Jan

Coconut Sellers Recording Hiigh Sales In Tema Due To Dry Season

CUD WontumiBusinessCoconut sellers

The harmattan season has sparked a surge in coconut water consumption as people turn to it for hydration and cooling during the dry weather. This increased demand has boosted the income of coconut vendors, with many reporting higher earnings compared to other seasons. Vendors like Daniel Arhin and Lucas Arthur shared that the season is particularly lucrative, with Arhin selling multiple rounds of stock daily and Arthur moving between communities to meet demand. However, rising transport costs have led to higher coconut prices, now averaging GHS7.00 each. While consumers appreciate the health benefits of coconut water—ranging from hydration to improved…

15 Jan

WAPCo Reschedules Offshore Pipeline Maintenance To February 3

CUD WontumiBusinessWAPCO

The West African Gas Pipeline Company Limited (WAPCo) has revised the start date for its offshore pipeline cleaning and inspection exercise, commonly referred to as “pigging.” Initially slated for January 20, 2025, the operation will now commence on February 3, 2025, to better accommodate stakeholder interests. In a statement issued on Wednesday, January 14, WAPCo announced that the four-week exercise will involve the temporary suspension of reverse gas flow from Ghana’s Western Region to Tema, as well as the shutdown of key facilities in Tema, Lomé (Togo), and Cotonou (Benin). During this period, subsea valves at these strategic locations will…

15 Jan

COCOBOD Seizes Three Trucks With Smuggled Cocoa And Lumber In Bono Region

CUD WontumiBusinessCOCOBOD, Smuggled cocoa

The Bono Regional Office of the Ghana Cocoa Board (COCOBOD) has seized three heavy-duty trucks loaded with bags of cocoa and lumber suspected of being smuggled to either, neighbouring Burkina Faso, Togo or Cote D’Ivoire. The ‘Man diesel trucks’ with registration numbers GR 7237-21, AS 5278-23 and GR 314-24 were impounded at Nkrankwanta in the Dormaa West District of the Bono Region. The Bono Regional Administrator of the COCOBOD, Michael Paddy Kwasi Asumanu, who disclosed this in an interview with the Ghana News Agency (GNA) in Sunyani, said the trucks were seized upon a tip-off, saying the drivers, however, absconded.…

15 Jan

OMCs Warn Of Looming Fuel Shortages

CUD WontumiBusinessFuel Shortage

The Chamber of Oil Marketing Companies (OMCs) has raised concerns about a potential fuel shortage in the coming days. The Chamber links this looming crisis to the suspension of the gold-for-oil programme and the stoppage of refining operations at Sentuo Oil. Dr. Riverson Oppong, the Chief Executive Officer of the Chamber, called on the government to take immediate and decisive action to prevent the expected shortage. “When the gold-for-oil programme began, it reached a peak, and we in the petroleum sector foresaw this issue. Whenever a graph peaks, a decline follows, and we warned the government, but it didn’t heed…

14 Jan

Tariff Increase: Cost Of Data In Nigeria, Ghana, South Africa, And Kenya Compared

CUD WontumiBusinesscost of data, Traiffs

The Nigerian Communications Commission (NCC) is set to announce a new tariff regime for the telecommunications sector, which will result in higher costs for data, voice, and SMS services. This follows years of requests from telecom operators, who cited the rise in operating costs due to the forex crisis and inflation as reasons for the increase. Despite these pressures, the Minister of Communications, Dr. Bosun Tijani, has indicated that the government is willing to allow price hikes but dismissed a 100% increase requested by operators. A comparative analysis shows Nigeria has the lowest cost for 2GB of data in Africa,…

14 Jan

Fuel Shortage Persists In Damongo Despite NPA’s Assurances

CUD WontumiBusinessFuel Shortage, NPA

Despite assurances from the National Petroleum Authority (NPA) to normalize fuel supplies in the Savannah Regional capital of Damongo, the product is still in short supply, compelling some motorists to buy and hoard the commodity. On Sunday night, a Joy News team monitored fuel stations and found that only two out of the five stations in Damongo had fuel (petrol and diesel). Some pump attendants at the Zen and Dukes stations confirmed they received a delivery of petrol on Sunday, January 12, 2025. However, stations like Petrosol and Nasona were still waiting for their stock, with their managers currently in…

14 Jan

PUWU Reiterates Opposition To ECG Privatisation

CUD WontumiBusinessECG, Public utility workers union

The Public Utility Workers’ Union of TUC Ghana (PUWU) has reiterated its opposition against the privatisation of the Electricity Company of Ghana (ECG). In a statement to congratulate President John Mahama, PUWU said its position forms part of its commitment to sustainable solutions for the energy sector. PUWU said it has taken notice of the recommendations of the proposal to the energy sector crisis from various interest groups. The union, however, criticized the proposals for their lack of evidence and insufficient stakeholder engagement, particularly regarding those advocating for privatization. “We are not unaware of the numerous local and international groups seeking to…

14 Jan

Fuel Supply, Financial Challenges Top Priorities For Energy Sector – John Jinapor

CUD WontumiBusinessEnergy Ministry

Energy Minister-designate, John Jinapor, has identified fuel supply and financial stability as the most pressing challenges confronting Ghana’s energy sector. Speaking during his vetting before Parliament’s Appointments Committee on Monday, January 13, Mr Jinapor outlined strategic measures to address these issues and ensure the resilience of the country’s power infrastructure. According to him, a significant fuel supply gap of 40 to 60 million standard cubic feet per day (mmcf/d), even with contributions from ENI, Jubilee, TEN fields, and Nigeria Gas (N-Gas). This deficit has forced reliance on alternative fuel sources, including light crude oil, heavy fuel oil, and distillate fuel oil,…