Business Archives - Page 2 of 392

11 Apr

Cedi Trades At GH¢15.53 To A Dollar On The Interbank Market As Of April 11

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¢15.51 and a selling price of GH¢15.53 to a dollar. The British pound is being bought at GH¢20.06 and sold at GH¢20.08, while the euro trades at a buying price of GH¢17.35 and a selling price of GH¢17.37. Checks by GhanaWeb Business on April 11, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.05 to the dollar, while the pound…

11 Apr

Mining Industry Pushes Back Against New 3% Levy

CUD Wontumi0 CommentsBusiness3% levy, Mining industry

The Ghana Chamber of Mines has pushed back against recent justifications for increasing the Growth and Sustainability Levy (GSL), saying that they misrepresent the mining industry’s contribution to the national economy. Government recently raised the GSL from 1 percent to 3 percent in the 2025 Budget, arguing that the country has yet to fully capture economic rent from its natural resources – particularly in the wake of rising global gold prices. However, the Chamber contends that this narrative overlooks key facts. “Some reports suggest that extractive sector rents represent 14 percent of gross domestic product while extractive sector revenue accounts…

11 Apr

US Lawmaker Urges IMF To Direct Next Ghana Disbursement Towards Settling Debts Owed To American Firms

CUD Wontumi0 CommentsBusiness, Newsimf, US Lawmakers

The Chairman of the United States House Foreign Affairs Committee, Brian Mast, has called for a portion of Ghana’s next International Monetary Fund (IMF) disbursement to be directly allocated to settling outstanding debts owed to Independent Power Producers (IPPs), including facilities partly owned by U.S. pension funds and taxpayers. In a letter addressed to U.S. Treasury Secretary Scott Bessent, Chairman Mast expressed concern over what he described as Ghana’s continued failure to honour financial commitments under its ongoing IMF-supported programme. “I now recommend that the United States Executive Director to the IMF, once appointed and confirmed, formally request that a…

10 Apr

Trump Hikes China Tariffs From 104% To 125% Despite Global Pause For Three Months

CUD Wontumi0 CommentsBusiness, NewsTARIFFS ON CHINA, Trump

President Donald Trump announced a complete three-month pause on all the “reciprocal” tariffs that went into effect at midnight, with the exception of China, a stunning reversal from a president who had insisted historically high tariffs were here to stay. But enormous tariffs will remain on China, the world’s second-largest economy. In fact, Trump said they will be increased to 125% from 104% after China announced additional retaliatory tariffs against the United States earlier Wednesday. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the…

10 Apr

Global Digital Business Services Provider TP Expands Operations In Ghana To Employ 5,000 Ghanaians

CUD Wontumi0 CommentsBusinessTP

Global digital business services provider TP has launched its third office in Accra, a move aimed at creating new job opportunities and contributing to Ghana’s economic development. The expansion is in collaboration with the Government of Ghana through the Ministry of Communication, Digital Technology, and Innovation. Deputy Chief Executive Officer of TP, Thomas Mackenbrock, reaffirmed the company’s commitment to job creation, stating that TP plans to hire over 5,000 young Ghanaians nationwide. He noted that the initiative aligns with government efforts to reduce unemployment across the country. Mackenbrock explained that TP has experienced rapid growth in Ghana since commencing operations…

10 Apr

Ghana Used Clothing Dealers Association in Accra declares strike action

CUD Wontumi0 CommentsBusinessStrike, thrift dealers

The Ghana Used Clothing Dealers Association, Accra Chapter, has declared a strike action for Thursday, April 10, 2025, in response to what they call “continued defamatory statements and publications” by the OR Foundation. This foundation has frequently criticized the secondhand clothing trade in Ghana, particularly the activities within the Kantamanto Market. In a statement, the association accused the OR Foundation of spreading “false, unbalanced, and damaging narratives” about the industry. They claim these reports have misrepresented their operations and overlooked the significant contributions the used clothing sector makes to the economy, including job creation, poverty reduction, and providing sustainable livelihoods…

09 Apr

Exercise Prudence In Adjusting Lending Rates Up – BoG Governor To Banks

CUD Wontumi0 CommentsBusinessBoG, Lending rates

The Bank of Ghana Governor(BoG), Dr. Johnson Asiama, has urged commercial banks to exercise prudence in adjusting their lending rates following the increase in the policy rate. According to him, the commercial banks should maintain transparent communication with clients in carrying out this action. He disclosed this at a meeting with captains of the commercial banks after the Monetary Policy Committee meeting. The engagement was part of the Bank of Ghana’s maiden meeting with the heads of the various commercial banks at the Bank Square, the headquarters of the central bank. This was also the first meeting with the banks…

09 Apr

Donald Trump Slaps 104% Tariff On China As Trade Tensions Escalate

CUD Wontumi0 CommentsBusiness104% Tariff On China, Donald Trump

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike, aiming to — as he claims — restore fairness and boost American manufacturing. Goods from China, by far the biggest target, are now subject to at least a 104% tariff. Trump tacked on even higher tariffs than initially announced after Beijing didn’t back off its promise to impose 34% retaliatory tariffs Tuesday. The reciprocal…

08 Apr

BoG Disassociates From Criminal Use Of Currency Boxes, Urges Prosecution

CUD Wontumi0 CommentsBusinessBoG, Currency boxes

The Bank of Ghana has clarified that its currency containers are not designed for criminal purposes, as a recent National Security operation suggested. According to the apex bank, the boxes are durable and robust, and while primarily used for carrying currency, they can also serve other purposes. It noted that the boxes could be repurposed and used for alternative, non-currency-related functions. In a write-up titled “Use and Misuse of Bank of Ghana Currency Transport Boxes,” the BoG debunked assertions that it may be involved in the criminal use of these boxes, stating that the wooden containers are used for currency import operations and are…

08 Apr

Cedi Sells At GH¢16.05 To A Dollar At Forex Bureaus

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¢15.51 and a selling price of GH¢15.52 to a dollar. The British pound is being bought at GH¢19.75 and sold at GH¢19.77, while the euro trades at a buying price of GH¢16.91 and a selling price of GH¢16.92. Checks by GhanaWeb Business on April 8, 2025, at 08:00 AM indicate that the cedi is trading at GH¢16.05 to the dollar, while the pound…