Business Archives - Page 3 of 392

08 Apr

Secondary Bond Market Activity Drops By 51.67%

CUD Wontumi0 CommentsBusinessBond market

The secondary bond market experienced a sharp decline of 51.67% week-on-week, with a drop of GH¢483 million from GH¢999 million the previous week. This decline is primarily attributed to the Islamic holidays. Trading activity in the general category of maturities was modest, with the February 2030 maturity leading at an average yield to maturity (YTM) of 23.5%. The shorter end of the local currency yield curve accounted for 51% of trading activity, averaging a YTM of 23%. Meanwhile, the belly to tail end represented 49% of trades, with an average YTM of 22%. Analysts predict that secondary bond market activity…

07 Apr

National Security Uncovers Fake Cash In Boxes Belonging To BoG At Sapeiman

CUD Wontumi0 CommentsBusinessBoG, fake cash, sapeiman

The discovery of official Bank of Ghana (BoG) cash boxes at the center of a major counterfeiting operation at Sapeiman, a suburb of the Ga West Municipality in the Greater Accra Region, has raised serious concerns over potential regulatory failures and the security of Ghana’s financial systems. The incident has brought to light the alarming possibility of insider involvements in what is being described as one of the most sophisticated criminal operations uncovered in recent years. During a site inspection, the Director of Special Operations at the National Security Secretariat, Richard Jakpa, confirmed that the recovered money boxes were authentic Bank of Ghana properties.…

07 Apr

US Tariffs Pose ‘Significant Risk’ To Global Economy – IMF Chief

CUD Wontumi0 CommentsBusinessimf, US Tariffs

IMF chief Kristalina Georgieva on Thursday said new US tariffs “clearly represent a significant risk to the global outlook” and urged Washington to work with its trade partners. The statement was the first from the IMF chief after President Donald Trump’s latest worldwide tariff salvo deepened a trade war that many fear will invite global recession and fuel inflation. The tariffs “clearly represent a significant risk to the global outlook at a time of sluggish growth,” the head of the International Monetary Fund said in a statement. “It is important to avoid steps that could further harm the world economy,”…

04 Apr

‘No Suspended Projects In Ghana’ – World Bank Clarifies

CUD Wontumi0 CommentsBusinessworld bank

The World Bank has issued a definitive statement dispelling speculation about the status of its funded projects in Ghana. In a brief but crucial communication released today, the global financial institution stated unequivocally, “No projects in the World Bank-financed portfolio in Ghana are currently suspended.” This clarification comes amidst recent concerns and reports suggesting that certain World Bank-backed initiatives in Ghana may have been halted due to financial or governance issues. The statement reassures stakeholders, including government agencies, development partners, and beneficiaries, that all projects under the World Bank’s portfolio in the country remain active and operational. The World Bank…

02 Apr

Forbes List: These Are The Richest People In Africa

CUD Wontumi0 CommentsBusinessForbes africa

Forbes has released its 2025 Billionaires List, showcasing Africa’s wealthiest individuals, with business moguls Aliko Dangote, Johann Rupert, Nicky Oppenheimer, and Mike Adenuga making the cut. The annual ranking, published on Saturday, reveals that Africa now boasts 22 billionaires, with their collective wealth soaring to $105 billion—up from $82.4 billion in 2024. This surge has been attributed to rising market valuations and economic gains. At the helm of the list is Aliko Dangote, owner of Dangote Petroleum Refinery, with a staggering net worth of $23.9 billion, a sharp increase from $13.9 billion last year. Forbes credited this jump to the…

02 Apr

Fuel Prices Set To Rise From Today; But Not All OMCs Will Follow Suit

CUD Wontumi0 CommentsBusinessfuel prices

Prices of petroleum products are expected to see marginal increases at the pumps starting today, April 2. This is based on the latest Pricing Outlook Report obtained by JoyBusiness, which guides Oil Marketing Companies (OMCs) from April 1 to April 15, 2025. According to the report, petrol prices are projected to rise by 2%, bringing the price per liter to GHC 15.20, while diesel will increase by 1.1% to GHC 15.35 per liter. However, there is a slight relief for Liquefied Petroleum Gas (LPG), which is expected to drop marginally by 0.3%, with a kilogram selling at GH¢17.30. These price…

01 Apr

MoMo Transactions Hit GH¢649.2Bn In Only 2 Months Of 2025

CUD Wontumi0 CommentsBusinessmomo

The total value of mobile money transactions in the first two months of 2025 increased to GH¢649.2 billion. This represented a year-on-year growth of 64.68%. In the first two months of 2024, the total value of mobile money transactions was estimated at GH¢394.2 billion. According to data from the Bank of Ghana, the value of mobile money transactions in January 2025 was GH¢333 billion. It however fell to GH¢316.2 billion in February 2025. This is despite the existence of the Electronic Transaction Levy (E-levy) which was abolished by the new government last week. Analysts are anticipating that mobile money transactions…

31 Mar

Gold Prices Surge Past $3,100 Amid Economic And Geopolitical Concerns

CUD Wontumi0 CommentsBusinessGold

Gold prices soared to an all-time high on Monday, surpassing $3,100 per ounce for the first time, as investors sought refuge in the safe-haven asset amid growing economic uncertainty and geopolitical tensions. Reuters reports that spot gold hit a record-breaking $3,106.50 per ounce, continuing its upward trajectory after breaching the psychological $3,000 mark earlier this month. The precious metal has gained over 18 per cent since the start of the year, solidifying its position as a hedge against economic instability and inflationary pressures. Market analysts attribute the rally to a combination of factors, including concerns over U.S. President Donald Trump’s tariff…

28 Mar

Ghana Revenue Authority Refutes Claims Of Freezing Richard Quaye’s Bank Accounts

CUD Wontumi0 CommentsBusinessGRA, Richard Nii-Armah Quaye

The Ghana Revenue Authority (GRA) has dismissed reports circulating on social media alleging that it has frozen the bank accounts of Richard Nii Armah Quaye, the founder of Bills Micro Credit Ltd. While confirming that a personal income tax assessment has been raised against him, the Authority clarified that no enforcement action, including the freezing of accounts, has been taken. In a statement issued by its Communication and Public Affairs Department, the GRA stressed that it follows a structured process in assessing and collecting taxes. The process begins with taxpayers being engaged and requested to voluntarily declare their incomes. If…

28 Mar

Ghana Revenue Authority Explains Why It Freezes Accounts Of Taxpayers

CUD Wontumi0 CommentsBusinessAccounts freezing, GRA

The Ghana Revenue Authority (GRA) has clarified its enforcement measures regarding tax compliance, explaining that it only freezes the bank accounts of taxpayers who fail to cooperate after being assessed for outstanding tax obligations. The clarification follows reports circulating on social media claiming that the Authority had frozen the accounts of Richard Nii Armah Quaye, the founder of Bills Micro Credit Ltd. In a statement issued by its Communication and Public Affairs Department, the GRA stated that it follows a structured process in assessing the incomes of taxpayers. This involves requesting individuals and businesses to voluntarily declare their earnings. If…