Business Archives - Page 2 of 388

17 Mar

Citrus Industry Faces Liquidity Crisis

CUD Wontumi0 CommentsBusinessCitrus Industry

The domestic citrus industry is at risk of severe contraction as liquidity constraints and delayed payments threaten the survival of farmers and processors. Despite an annual production of 440,000 tons of citrus in 2024, stakeholders say only 40 percent of output is being economically utilised, with the rest either wasted or sold at a loss. The crisis, they argue, stems from a financing gap that prevents farmers from sustaining operations while awaiting payments from juice processors. At a meeting between the Orange Growers Association (OGA) and the Ministry of Food and Agriculture (MoFA) in Accra, industry representatives outlined the structural…

17 Mar

Cedi Trading At GH¢16.10 Against Dollar At Forex Bureaus

CUD Wontumi0 CommentsBusinessCEDI, DOLLAR RATE

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¢15.52 and a selling price of GH¢15.53 to a dollar. The British pound is being bought at GH¢20.04 and sold at GH¢20.06, while the euro trades at a buying price of GH¢16.87 and a selling price of GH¢16.89. Checks by GhanaWeb Business on March 17, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.10 to the dollar, while the pound…

17 Mar

My Lecturer Prophesied My Success And Inspired Me To Buy A Private Jet – Richard Quaye

CUD Wontumi0 CommentsBusinessBills CEO, private jet, Richard Nii-Armah Quaye

Business mogul Richard Nii Armah Quaye, who recently acquired a private jet and a Bugatti Chiron, has opened up about his decision to celebrate his birthday with these expensive gifts. The Founder and Board Chairman of Bills Micro-Credit unveiled his latest acquisitions via an Instagram post on Wednesday, March 12, 2025. Richard Nii Armah Quaye, who turns 40 on March 21, 2025, sent social media into a frenzy after posting pictures and videos of his Gulfstream private jet and Bugatti Chiron. In an exclusive interview with ace broadcaster Bola Ray, the business magnate revealed that his lecturer, Michael Mainwaring, at…

14 Mar

Gov’t To Borrow GH¢8.26Bn In T-bills Auction Today, March 14, 2025

CUD Wontumi0 CommentsBusinessTbills

The government is set to borrow GH¢8.26 billion through treasury bills today, March 14, 2025. The funds will be raised via the issuance of 91-day, 182-day, and 364-day bills to refinance GH¢7.91 billion in maturing bills. However, borrowing costs have been declining, with treasury bill yields dropping to nearly 16% last week. Bids in the treasury market have also slowed as some institutional investors shift towards shorter-term instruments for higher returns. This trend is reflected in the Bank of Ghana’s 56-day bill, which surged 65.81% week-on-week to GH¢8.94 billion last week. Analysts predict a near-term yield floor, as reduced participation…

14 Mar

Illegal Mining Threatens Cashew Production, Livelihoods In Bono Region

CUD Wontumi0 CommentsBusinessBono region, cashew production, Illegal Mining

The alarming surge of illegal mining, known locally as ‘galamsey’, has begun to devastate cashew farms in Bono Region – posing threats to the sustainability of cashew production and livelihoods of many farmers. Illegal miners, including nationals from China, have invaded key cashew production areas in Wenchi municipality and Banda district. Their activities are causing significant destruction to cashew farms, water bodies and agricultural lands. Communities such as Branam, Amponsakrom and Atuna in the Wenchi municipality, alongside Bandaboase, Surubokrom, Nipanikrom and ‘Operator’ in the Banda district, are under siege. The unscrupulous gold miners operate with alarming impunity, which directly threatens…

14 Mar

Cedi Moves From GH¢16.10 To GH¢16.20 Against A Dollar At Forex Bureaus

CUD Wontumi0 CommentsBusinessCEDI, DOLLAR RATE

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¢15.52 and a selling price of GH¢15.53 to a dollar. The British pound is being bought at GH¢20.08 and sold at GH¢20.11, while the euro trades at a buying price of GH¢16.85 and a selling price of GH¢16.87. Checks by GhanaWeb Business on March 14, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.20 to the dollar, while the pound…

13 Mar

Minority Dismisses 2025 Budget As Lacking Credibility

CUD Wontumi0 CommentsBusiness2025 BUDGET, Ato Forson

The Minority in Parliament has strongly criticised the 2025 Budget Statement presented by Finance Minister Dr Cassiel Ato Forson on Tuesday, March 11, describing it as lacking credibility due to inconsistencies in the figures. At a press conference on Thursday, March 13, former Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, led the Minority in challenging the accuracy of the budget. He argued that the figures cited by Dr Forson in Parliament did not align with those in the official budget documents, including its appendices, raising concerns about transparency and accountability in the government’s fiscal…

13 Mar

Cooking Figures Will Make Investors Punish You – Amin Adam Warns Finance Minister

CUD Wontumi0 CommentsBusinessAmin Adam

Former Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, has cautioned Finance Minister Dr Cassiel Ato Forson against manipulating economic figures, warning that such actions could erode investor confidence in Ghana. Speaking at a press conference for the Minority Caucus on Thursday, March 13, Dr Amin Adam accused Dr Forson of misrepresenting key economic data to paint a negative picture of the country’s financial situation. He argued that presenting misleading statistics could have serious consequences for Ghana’s economic credibility. “So, you see, if you cook figures to create a narrative to run your country down,…

13 Mar

NPP Gov’t Left Behind A Strong And Healthy Economy – Amin Adam

CUD Wontumi0 CommentsBusinessAmin Adam

Former Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, has insisted that the New Patriotic Party (NPP) administration left behind a stable economy before handing over to the National Democratic Congress (NDC) government. He maintained that key economic indicators showed the economy was in good shape despite attempts by the new administration to suggest otherwise. Speaking at a press conference for the Minority Caucus on Thursday, March 13, Dr Amin Adam accused Finance Minister Dr Cassiel Ato Forson of manipulating fiscal data to paint a negative picture of the economy. “Ladies and gentlemen, as you…

13 Mar

Business Mogul Richard Nii-Armah Quaye Acquires Private Jet And Bugatti To Mark 40th Birthday

CUD Wontumi0 CommentsBusinessBills Microcredit, Bugatti Chiron, private jet, Richard Nii-Armah Quaye

Ghanaian entrepreneur Richard Nii-Armah Quaye, CEO of Bills Microcredit, has made headlines after acquiring a branded private jet and a luxurious Bugatti Chiron as part of his 40th birthday celebrations. The businessman, who turns 40 on March 21, 2025, took to Instagram to share the news, sparking a wave of reactions from fans and celebrities alike. The private jet, boldly branded with his initials, RNAQ, was unveiled on his Instagram page with the caption, “…and I got myself a jet too #RNAQ40.” The acquisition of the jet came just hours after news broke of his purchase of a Bugatti Chiron,…