Business Archives - Page 12 of 384

14 Jan

Gold, Cocoa Prices To Surge In 2025, But Crude Oil To Tumble – Report

CUD WontumiBusinesscocoa price, Oil price

Gold and cocoa prices are expected to perform strongly in 2025, while that of Brent crude will tumble. This would driven by geopolitical tensions, potential US Fed interest rate cuts, and supply shortfalls. According to Databank Research, gold prices may reach US$2,600-US$3,100, while cocoa prices could rise between US$7,000 and US$9,600. “We expect gold prices to trade higher in 2025, ranging from US$2600-US$3100 on the prolonged effect of geopolitical tension. We are optimistic about a recovery in gold prices throughout 2025 as geopolitical uncertainties are likely to drive safe-haven demand. Additionally, we foresee further interest rate cuts by the US…

13 Jan

Don’t Be Scared; We Won’t Default On Our Debt Obligations – Ato Forson To Akufo-Addo

CUD WontumiBusinessNana Akufo-Addo

The Finance Minister-designate, Dr. Cassiel Ato Forson, has assured former President Nana Akufo-Addo and the people of Ghana that the country will not default on its debt obligations under his leadership. Speaking before the Appointments Committee of Parliament on Monday, January 13, Dr. Forson addressed concerns raised by the former President during his final State of the Nation Address. In his address on January 3, 2025, Nana Akufo-Addo emphasised the critical importance of maintaining Ghana’s financial commitments, urging the incoming Finance Minister to prioritise the nation’s debt repayments. He also announced that his government had made a payment of $346…

13 Jan

US Returns $53 Million In Alleged Stolen Funds To Nigeria

CUD WontumiBusinessNigeria, stolen funds, US

Close to $53m (£43m) in alleged illicit funds recovered from Nigeria's former oil minister Diezani Alison-Madueke among others will be used to fund public services, the country's justice ministry says. The money is being sent back to Nigeria from the US, whose authorities allege that Alison-Madueke enriched herself, and others, while leading Nigeria's state oil firm by awarding contracts in exchange for bribes. The US alleged that the money was then used to buy a 65-metre superyacht called the Galactica Star plus multiple luxury properties in California and New York. Alison-Madueke, 64, has always denied all allegations of wrongdoing. Her…

13 Jan

Nkrumah Memorial Park Records 200,000 Monthly Visitors

CUD WontumiBusinessKwame Nkrumah Memorial Park

The Kwame Nkrumah Memorial and Mausoleum Park (KNMMP) has recorded a surge in patronage, welcoming about 200,000 visitors every month since its reopening in July 2023. This remarkable achievement follows an extensive rehabilitation project funded by the World Bank in collaboration with the government. Edward Quao, acting Director of the park, highlighted the progress during a visit to the site by a delegation from the World Bank, led by its President for Western and Central Africa – Ousmane Diagana. According to Mr. Quao, the park’s transformation has significantly boosted its appeal to both domestic and international tourists. “Before 2019, the…

13 Jan

Ghana Stock Exchange Tops Africa, Rally Set To Continue In 2025

CUD WontumiBusinessStock exchange

The Ghana Stock Exchange (GSE) emerged as Africa’s best-performing market in 2024, recording a 56.17 percent gain during the period as a slow debt market pointed investors in the direction of equities. The exchange’s composite index rose from 3,130.23 to 4,888.53, marking its strongest performance in 10 years – since 2013’s 78.8 percent return. The GSE’s rally is projected to continue in 2025, supported by favourable market conditions, robust corporate earnings and improving investor sentiment toward the equity market. Analysts anticipate that the Composite Index (GSE-CI), which tracks the performance of the main market, will surpass the 5,000-point mark in…

13 Jan

BoG Rates Drop Slightly, Cedi Sells At GH¢15.85 At Forex Bureaus

CUD WontumiBusinessBoG, CEDI

Ghana's local currency, the cedi, has experienced marginal gains against major trading currencies, especially the dollar, at some forex bureaus. The Central Bank, in its daily update, noted that the cedi is trading at a buying price of GH¢14.74 and selling at GH¢14.75. The British Pound is being bought at GH¢17.98 and sold at GH¢17.99. The Euro trades at a buying price of GH¢15.08 and a selling price of GH¢15.09. Checks by GhanaWeb Business on January 13, 2025, at 8:00 AM show that the cedi is trading at GH¢15.85 to the dollar, while the pound is trading at GH¢19.70 at some major…

10 Jan

Gov’t To Borrow GHȼ200bn From T-bill Market In 2025 – Report

wontumionlineBusiness, News, TrendingDatabank, Government, T-bill market

The government is expected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, representing a reduction from an estimated GH₵220 billion in 2024, according to Databank Research. This projection reflects an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion in the previous year. In its 2025 Ghana Market Outlook report, Databank Research attributes the decline in short-term borrowing to improved access to alternative funding sources and a strategic pivot toward long-term securities. This shift aligns with Ghana’s broader economic recovery efforts and increased access to international financial markets, offering the government greater flexibility in exploring…

08 Jan

AfCFTA To Accept NSS Postings In 2026

wontumionlineBusiness, Trending

The African Continental Free Trade Area (AfCFTA) Secretariat has announced an initiative to admit Ghanaian National Service Personnel (NSP) beginning in 2026. This move is part of the Secretariat’s commitment to creating opportunities for the youth and fostering a deeper integration of Ghanaian talent into the workings of international institutions. The announcement was made by the Secretary-General of AfCFTA, Wamkele Mene, during a meeting with Ghana’s President Nana Addo Dankwa Akufo-Addo. The AfCFTA Secretariat, headquartered in Accra, Ghana, plays a pivotal role in coordinating the world’s largest free trade area, uniting 54 African nations under a single market framework. In…

08 Jan

Reschedule Loan Payments For Traders Affected By Kantamanto Fire – GUTA begs banks

wontumionlineBusiness, TrendingGUTA, Kantamanto Fire, Loan

The Ghana Union of Traders Association (GUTA) has appealed to banks and financial institutions to reschedule the financial obligations of traders at the Kantamanto market, following the devastating fire outbreak last week. Speaking to journalists after the association donated GH₵40,000 to support the reconstruction of the market, the First Vice Chairman of GUTA Clement Boateng emphasized the need for financial institutions to reschedule loan payments for traders affected by the fire. “I will take this opportunity to appeal to the banks because I know that there are a lot of people here who have taken some facilities from the bank.…

08 Jan

Mahama To Hold Emergency Meeting With Energy Sector Players Over Threat Of Dumsor

wontumionlineBusiness, Trendingdumsor, Emergency meeting, Mahama

The Member of Parliament (MP) for Yapei-Kusawgu and former Deputy Energy Minister John Abdulai Jinapor has disclosed that President John Mahama has instructed the Chief of Staff to hold an emergency meeting with power sector players regarding the looming power crisis. “Today at 10 am, His Excellency the President instructed that the Chief of Staff chairs a meeting with all stakeholders,” he said. The meeting will involve various power generation companies in the country to find ways to stabilise power supply and prevent 'dumsor'. Speaking on Joy FM’s Super Morning Show on Wednesday, January 8, the MP explained that the meeting was necessary…