Business Archives - Page 2 of 383

19 Feb

T-bills: Government To Borrow GH¢7.73Bn On Friday; Yields To Continue Falling

CUD Wontumi0 CommentsBusinessTbills

The government plans to raise GH¢7.73 billion this Friday February 21, 2025 through the issuance of the 91-day, 182-day, and 364-day bills. This will cover GH¢7.24 billion in maturing bills. However, the recent rejection of bids by the Treasury indicates that the government would not take all the bids that would be tendered. This would compress excessive yields that have taken a nose dive for the last three weeks. In a striking display of fiscal restraint, the Treasury rejected GH¢8.27 billion bids last week, marking its largest rejection since March 2023. It accepted only GH¢9.43 billion from a total offer…

19 Feb

Domestic Banks Dominate Secured Loans In 2024 Q4 – BoG

CUD Wontumi0 CommentsBusinessBoG

The Bank of Ghana’s (BoG) latest Quarterly Collateral Registry report has revealed that the share of secured loans granted by domestically owned banks increased significantly in the fourth quarter (Q4) of 2024. According to the report, domestically owned banks accounted for 48.5% of the total value of secured loans, up from 25.4% in Q4 2023. Conversely, the percentage share of secured loans granted by foreign-owned banks in Ghana declined to 51.5% in Q4 2024 from 74.6% in Q4 2023. “The share of the value of secured loans granted by domestically owned banks increased to 48.5% in Q4 2024 from 25.4%…

18 Feb

‘The Mafia In The Oil Industry Is More Deadly, But I Have Been Fighting Battles All My Life’ – Dangote

CUD Wontumi0 CommentsBusinessDangote, oil industry

Nigerian industrialist and billionaire Aliko Dangote has once again raised concerns about the existence of a powerful “oil mafia” within the downstream petroleum industry, describing it as more dangerous than drug cartels due to its widespread influence and deep-rooted networks. Speaking in an exclusive interview with Forbes, Dangote emphasized the challenges he has faced in establishing and operating the $23 billion Dangote Refinery, which is Africa’s largest and the world’s sixth-largest by production capacity. “The oil mafia is more deadly than the one in drugs because, with the oil mafia, there are so many people involved,” Dangote stated. “You might…

18 Feb

MoMo Agents Call For Increased Security Amidst Rising Attacks

CUD Wontumi0 CommentsBusinessMoMo Agents

Chairman of the Mobile Money Agents Association of Ghana (MoMAG), Joshua Edmundson, has issued a strong call for enhanced security measures to protect vendors in the wake of a surge in violent attacks. Speaking in an interview on Adom FM’s morning show, Dwaso Nsem, Mr. Edmundson revealed that the lives of many agents have been irreversibly changed after facing violent attacks, with some sustaining injuries and others tragically losing their lives. “Many of our vendors’ lives have never been the same after some were attacked, injured, and sadly, some lost their lives. These incidents are becoming all too frequent,” Mr. Edmundson said, underscoring…

18 Feb

DDEP: NPP Did Not Default; We Ensured Smooth Payments Before Leaving Office – Dr. Amin Adam

CUD Wontumi0 CommentsBusinessAmin Adam, DDEP

Former Finance Minister Dr. Mohammed Amin Adam has credited the New Patriotic Party (NPP) for ensuring timely coupon payments under the Domestic Debt Exchange Programme (DDEP), stating that the Akufo-Addo government had laid strategic plans for smooth payment processes. Dr. Amin, who is also the Karaga MP, dismissed claims that the decision to honour the fourth coupon payment to bondholders was solely due to a directive from President John Mahama. In a Facebook post on Monday, February 17, 2025, he clarified that the NPP government had already committed resources to meet these obligations before the current administration took office. “The NDC Government has announced that the President has directed the Minister for Finance to honour coupon payments…

18 Feb

Pensioner Bondholders Express Cautious Optimism Over Govt’s Commitment To Payments

CUD Wontumi0 CommentsBusinessPensioner Bondholders

Pensioner bondholders in Ghana have expressed cautious optimism following the government’s commitment to honouring coupon payments, marking the first instalment under the new administration. Speaking on Joy News’ PM Express on Monday, February 17, Dr. Adu Anane Antwi, Convener of the Pensioner Bondholders Forum, affirmed that forum members welcome the adherence to the agreed payment schedule. Dr. Antwi, the former Director-General of the Securities and Exchange Commission (SEC), explained that the settlement dates for payments follow a six-month cycle. “A settlement day was February 17, meaning six months down the line, the affairs agreement was due, and that has now…

17 Feb

Appiatse Community’s New Market To Restore Livelihoods, Revitalize Local Economy – Cudjoe

CUD Wontumi0 CommentsBusinessAppiatse Community'

A new market facility has been established in the Appiatse community of the Western Region. The market, established through a collaboration between Genser Energy and Ghana Union Assurance (GUA), is part of the town’s recovery following the devastating explosion in January 2022. It is seen as a crucial step in revitalizing the local economy and providing new livelihoods for community members affected by the disaster. The initiative was made possible through a fundraiser launched after the explosion, where donations were received and matched by Genser Energy and GUA. The American Chamber of Commerce (AmCham) in Ghana played a key role…

17 Feb

Cedi Sells At GH¢15.85 To $1 At Forex Bureaus Post Valentine’s Day

CUD Wontumi0 CommentsBusinessCedi to dollar

Ghana's local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus. In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.49 and a selling price of GH¢15.50 to a dollar. The British pound is being bought at GH¢19.53 and sold at GH¢19.55, while the euro trades at a buying price of GH¢16.27 and a selling price of GH¢16.28. Checks by GhanaWeb Business on February 17, 2025, at 8:00 AM indicate that the cedi is trading at GH¢15.85 to the dollar, while the pound…

17 Feb

Fisheries Commission To Acquire Market Space For Sale Of Farmed Fish

CUD Wontumi0 CommentsBusinessfish farming, Fisheries Commission

The Fisheries Commission, together with the Greater Kumasi Fish Farmers Cooperative Union (GKFFCU) has acquired a space at the Kumasi Racecourse market to promote the sale of farmed fish. This is to ensure that fish farmers gain the required profit from their investment since the farmed fish would be sold at standard prices at the market. Mr. Gideon Boakye, the Ashanti Regional Director of the Fisheries Commission told the Ghana News Agency in an interview in Kumasi that, the measure was to prevent cheating and help fish farmers obtain appropriate prices for their produce and thereby recoup their investment. He…

17 Feb

Global Oil Prices Drop, But Cedi Depreciation Keeps Fuel Prices High

CUD Wontumi0 CommentsBusinesscedi depriciation, fuel prices

Consumers are facing mixed outcomes at the pumps as global fuel prices decline, but the depreciation of the local currency could undermine potential relief. Despite a steady drop in Brent crude prices and refined petroleum product costs on the international market, the Ghanaian Cedi’s 2.18% fall against the U.S. Dollar is keeping fuel prices volatile. According to a press release by the Institute for Energy Security (IES), the first pricing window of February 2025 saw an increase in fuel prices in Ghana for the third time this year. Gasoil rose by GH₵0.45 per litre, while gasoline increased by GH₵0.24 per…