Business Archives - Page 2 of 567

17 Dec

We Are Handing Over A Strong Economy – Finance Minister

Wontumi10 CommentsBusinessAmin Adam, Ghana's economy

Finance Minister, Dr. Mohammed Amin Adam has expressed confidence in the state of Ghana’s economy as the New Patriotic Party (NPP) prepares to hand over to the newly elected administration of John Dramani Mahama. Speaking to journalists in Accra on Tuesday, December 17, 2024, Dr. Amin Adam emphasized the resilience and recovery of Ghana’s economy despite recent global and domestic challenges. “We are handing over a strong economy,” he stated. “The first four years of this administration were marked by impressive achievements, including the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances.…

16 Dec

China Leads World In Energy Transition, Wood Mackenzie Says

Wontumi10 CommentsBusinessCHINA, Energy transition

China is leading the global energy transition, aiming to source half of its power from low-carbon sources by 2028, including solar, wind, nuclear, and energy storage, according to Wood Mackenzie. The country is also outpacing global competition in the electric vehicle (EV) sector, with BEVs projected to account for two-thirds of China’s car sales by 2034. This shift is transforming both the domestic and global markets, with Chinese EV brands like BYD gaining significant ground. China’s dominance extends to its clean energy sector, where low-carbon sources will provide half of the country's electricity by 2029, and solar and wind power…

16 Dec

Gold Coin Prices Continue Descent Amid Appreciating Cedi

Wontumi10 CommentsBusinessBoG Gold Coin

The prices of the Bank of Ghana’s gold coins declined marginally last week, reflecting the appreciation of the cedi. The coins, available in 1oz, 0.5oz, and 0.25oz denominations, were priced at GHS 41,206, GHS 21,004, and GHS 10,933, down slightly from the previous week’s GHS 41,305, GHS 21,057, and GHS 10,964. The decline followed a week-on-week cedi appreciation from GHS 14.90 to $1 to GHS 14.67 to $1. Prices are tied to the previous day’s London Bullion Market Association (LBMA) PM gold price, which was $2,684.35 as of December 13, 2024. Part of the central bank’s domestic gold program, the…

16 Dec

ADB Threatens Legal Action Over False Claims Against Deputy Managing Director

Wontumi10 CommentsBusinessADB Bank

The Agricultural Development Bank PLC (ADB) has strongly refuted circulating allegations aimed at tarnishing the reputation of the Bank and its Deputy Managing Director, Eno Ofori-Atta. In a press release, ADB categorically dismissed the claims as false and defamatory, emphasizing its unwavering commitment to professionalism, transparency, and adherence to regulations. According to the Bank, the recent termination of employment for certain staff members, which has fueled these allegations, was a decision made by the Board of Directors during a duly convened regular meeting. ADB clarified that, all decisions within the institution are governed by strict compliance with relevant laws, regulations,…

16 Dec

T-bills Auction: Government Records 19.75% Oversubscription; Interest Rates Near 30%

Wontumi10 CommentsBusinessTreasury bill

The government recorded a 19.75% oversubscription of treasury bills barely a week after President Mahama won the presidential elections. According to the Bank of Ghana’s T-bill auction results, demand for the short-term instruments soared following successful general elections. The government got GH¢8.20 billion from selling the short-term instruments. All the bids were accepted. A little over GH¢6.740 billion were secured from the 91-day bill, representing 82.1% of the total bids. For the 182-day bill, GH¢951.67 million were tendered. The 364-day bill also recorded GH¢508.15 million from the sale of the 364-day bill. Meanwhile, interest rates neared the 30% mark. The…

13 Dec

UK Economy Shrinks For Second Month In A Row

Wontumi10 CommentsBusinessUK economy

The UK economy contracted by 0.1% in October, marking a second consecutive monthly decline. This follows a drop in September and reflects ongoing concerns about the government's Budget, which contributed to reduced confidence. Sectors such as pubs, restaurants, and retail experienced weak performance. Despite this, Chancellor Rachel Reeves emphasized policies aimed at long-term economic growth. However, Shadow Chancellor Mel Stride attributed the downturn to the government's actions. Economists suggested uncertainty before the Budget and high interest rates were key factors holding back economic activity. Manufacturing saw the sharpest decline, while services remained stagnant. Small business owner Rick Gaglio noted that…

13 Dec

Elon Musk’s Record $447 Billion Fortune Means He’s Nearly $200 Billion Ahead Of Jeff Bezos

Wontumi10 CommentsBusinessElon Musk

Elon Musk is nearly $200 billion richer than Jeff Bezos, and personally worth more than Costco, after adding $63 billion to his fortune in a single day. His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX’s valuation leaped to $350 billion based on employee share sales. Musk’s fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon’s Bezos ($249 billion) and Meta’s Mark Zuckerberg ($224 billion). Musk is now more than twice as wealthy as Oracle’s Larry Ellison ($198…

12 Dec

Proposals To Review Ghana’s Programme Should Be Guided By ECF Objectives- IMF Warns

Wontumi10 CommentsBusinessIMF

The International Monetary Fund (IMF) has revealed that proposals to re-negotiate Ghana’s programme must be guided by the fiscal objectives of the Extended Credit Facility (ECF). The IMF noted that leading presidential contenders before the December 7 Elections “have also promised vast spending programmes, which will need to be carefully executed to ensure continued adherence to the programme’s fiscal objectives”. The concerns were captured in the IMF staff report, which was submitted to its board on December 2, 2024, following discussions with government at the end of October 4, 2024. President-elect John Dramani Mahama has already pledged to review and…

12 Dec

GRA Refutes Claims Of Vehicle Auctioning, Warns Against Fraudulent Notices

Wontumi10 CommentsBusinessGRA

The Ghana Revenue Authority (GRA) has categorically denied recent reports alleging its involvement in the auctioning of vehicles. In a statement issued on December 11, the GRA described the claims as “false” and reaffirmed its strict adherence to established procedures for auctioning vehicles and goods through its Customs Division. The authority cautioned the public to remain vigilant against fraudulent schemes and advised individuals not to make payments to unauthorized persons or groups linked to these false reports. Reiterating its commitment to transparency, the GRA urged the public to rely solely on official communications for accurate and reliable information about its…

11 Dec

Ghana’s Economy Grows By 7.2 Per Cent In 2024 Q3

Wontumi10 CommentsBusinessGDP

Ghana’s economy grew by 7.2 per cent in the third quarter of 2024, marking a significant recovery compared to the 2.2 per cent growth recorded during the same period in 2023, according to data released today by the Ghana Statistical Service. The growth is the strongest since pre-pandemic levels, with the last comparable performance being a 9.1 per cent expansion in the second quarter of 2019. On a seasonally adjusted basis, the country’s real Gross Domestic Product (GDP) increased by 1.7 per cent in Q3 2024 compared to the second quarter, slightly higher than the 1.6 per cent recorded in…