Business Archives - Page 3 of 383

14 Feb

Total Value Of Secured Loans In Q4 Hits GH¢8.2Bn – BoG

CUD Wontumi0 CommentsBusinessBoG, loans

The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions (SDIs) in Quarter 4 (Q4) 2024 was GH¢8.2 billion. This is relative to the GH¢5.9 billion recorded in Q4 2023, indicating an increase of 38.9% year-on-year. Banks accounted for GH¢5.7 billion of the total value of secured loans in Q4 2024, depicting an increase of 26.7% from GH¢4.5 billion recorded in Q4 2023. On the other hand, the total value of secured loans recorded by SDIs in Q4 2024 amounted to GH¢2.5 billion, an increase of 78.6% from GH¢1.4 billion recorded for the same period in 2023.…

14 Feb

ECG, GRIDCo To Upgrade Transformer To Boost Power Supply In Ashanti Region

CUD Wontumi0 CommentsBusinessECG, GRIDCo

The Electricity Company of Ghana (ECG) and the Ghana Grid Company (GRIDCo) have signed a strategic agreement to enhance electricity supply capacity in the Ashanti Region to meet growing demand. As part of the initiative, an existing 66MVA transformer at the Bulk Supply Points managed by GRIDCo and ECG will be upgraded to a 145MVA power transformer. This upgrade is expected to significantly boost installed capacity, ensuring a more stable electricity supply, particularly during peak hours between 7 PM and 11 PM. Previously, the 66MVA transformer at the Anwomaso Bulk Supply Point (BSP) was frequently overloaded during peak periods. The…

13 Feb

Ghana Must Continue To Lead The Charge For Pan-African Digital Liberation

CUD Wontumi0 CommentsBusiness, NewsDr Augustine Blay

Listen, if there’s one thing we must grasp about our times, it’s this: the struggle for freedom never truly ends with the attainment of political independence. As Kwame Nkrumah once declared, “The independence of Ghana is meaningless unless it is linked up with the total liberation of the African continent.” Today, that liberation must extend into the digital realm—a realm that is fast becoming the very foundation of our economic, social, and cultural lives. Now, consider the current state of Africa’s digital landscape. Despite being home to 1.4 billion people, our digital markets remain fragmented. We see exorbitant data costs,…

13 Feb

World Bank Warns Ghana Against Premature Return To Int’l Capital Markets

CUD Wontumi0 CommentsBusinessInt’l capital markets, world bank

World Bank Country Director for Ghana, Liberia, and Sierra Leone, Robert Taliercio, has cautioned Ghana against rushing back to international capital markets, warning that such a move would be premature and risky. According to him, an early return could undermine investor confidence and reverse the gains made under Ghana’s debt restructuring efforts, exposing the country to unsustainable borrowing costs. Taliercio made these remarks at the launch of the World Bank’s latest Public Finance Review report, titled Building the Foundations for a Resilient and Equitable Fiscal Policy. His warning follows Ghana’s successful restructuring of its domestic and external debts, which secured significant…

12 Feb

GPHA Responds To Allegations Of Corruption In Boankra Inland Port Project

CUD Wontumi0 CommentsBusinessCorruption, GPHA

The Ghana Ports and Harbours Authority (GPHA) has refuted claims of corruption and mismanagement regarding the $90 million Boankra Inland Port Project, following allegations published in The Insight newspaper on January 29, 2025. The allegations, raised by the Forum for Development and Accountable Governance (FDAG), have prompted GPHA to issue a detailed response clarifying its position on the matter. GPHA emphasized that the Boankra Inland Port Project is a national infrastructure initiative under the Ghana Shippers’ Authority (GSA), with oversight from the Ministry of Transport. According to the Authority, all its engagements in the project were duly authorized by the…

12 Feb

It Will Be Suicidal, Financially Ill-Advised Not To Tax Betting – John Kwakye

CUD Wontumi0 CommentsBusinessBetting tax, Dr. John Kwakye

Economist and Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has firmly asserted that betting must be taxed, warning that failing to do so is both reckless and detrimental to the economy. In a compelling post on his X page, he declared, “Betting is poised to become a significant component of the economy, presenting a substantial opportunity for tax revenue. Allowing betting to remain untaxed is unequivocally fiscally irresponsible and, indeed, suicidal!” His comments come as the Mahama administration seeks to remove the 10% betting tax, following a campaign promise made during the 2024 election period.…

11 Feb

Cedi Sells At GH¢15.48 To $1 On The Interbank Market

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¢15.47 and a selling price of GH¢15.48 to a dollar. The British pound is being bought at GH¢19.16 and sold at GH¢19.18, while the euro trades at a buying price of GH¢15.95 and a selling price of GH¢15.97. Checks by GhanaWeb Business on February 11, 2025, at 8:00 AM indicate that the cedi is trading at GH¢15.90 to the dollar, while the pound…

11 Feb

Elon Musk And Investors Make $97.4 Billion Bid To Acquire ChatGPT’s Parent Company OpenAI

CUD Wontumi0 CommentsBusinessAI, Elon Musk

In a high-stakes bid that could reshape the future of artificial intelligence, Elon Musk is leading a group of investors who have offered to buy OpenAI, the parent company of ChatGPT, for $97.4 billion. Musk has long feuded with OpenAI CEO Sam Altman and has filed a number of legal complaints against the company and Altman, claiming that the AI company and its leadership have misrepresented OpenAI as a philanthropy. Musk claims that OpenAI has broken with its founding charter by seeking to make a profit with its AI tools. OpenAI is operated by a nonprofit that controls an entity…

07 Feb

Was Mahama On Mars? – Former Finance Minister Rejects Economic Crisis Claims

CUD Wontumi0 CommentsBusinessAmin Adam, Mahama

The immediate past Finance Minister has pushed back against President John Mahama’s claim that he inherited a struggling economy, questioning the basis of Mahama’s call for a national economic dialogue. Dr. Mohammed Amin Adam, speaking on Joy News’ PM Express Business Edition on Thursday, expressed disbelief at Mahama’s characterization of the economic situation, highlighting recent positive assessments by international financial bodies. “This is why, when I hear President Mahama say that he inherited a struggling economy, I worry,” he stated. “He’s calling for a national economic dialogue. I worry. I wonder, where is he from? Was he on Mars?” The Karaga MP…

07 Feb

Former BOST MD Defends ‘Gold For Oil’ Programme, Rejects Criticism

CUD Wontumi0 CommentsBusinessBOST, Dr. Edwin Alfred Nii Obodai Provencal

The former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr. Edwin Alfred Nii Obodai Provencal, has robustly defended Ghana’s ‘Gold for Oil’ (G4O) initiative against recent criticisms. His response comes after remarks by Dr. Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMC), who questioned the programme’s efficacy and transparency. In a rejoinder, Dr. Provencal emphasised the programme’s success in stabilising fuel prices and reducing foreign exchange pressures. He noted, “Premiums on petroleum products dropped from $135 per metric tonne to $65 currently, and diesel prices have fallen from GHS23 per litre in…