Business Archives - Page 2 of 375

17 Jan

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

CUD Wontumi0 CommentsBusinessworld 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 Wontumi0 CommentsBusinessworld 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 Wontumi0 CommentsBusinessECG

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 Wontumi0 CommentsBusinessfuel, 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 Wontumi0 CommentsBusinessFuel 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 Wontumi0 CommentsBusinessAkufo-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 Wontumi0 CommentsBusinessAmin 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…

15 Jan

Rising Bond Yields Point To Fiscal Challenges For Sovereigns – Fitch

CUD Wontumi0 CommentsBusinessRising 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 Wontumi0 CommentsBusinessTreasury 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 Wontumi0 CommentsBusinessCoconut 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…