Business

Food Vendors Banned From Selling Vegetables To Curb Cholera Outbreak In Western Region
11 Dec

Food Vendors Banned From Selling Vegetables To Curb Cholera Outbreak In Western Region

Wontumi10 CommentsBusiness, News
The Western Regional Coordinating Council (WRCC) has announced immediate measures to combat a severe cholera outbreak that has gripped the region, with alarming infection rates and fatalities. As of December 7, 2024, the outbreak has resulted in 789 suspected cases and eight deaths, with over 60 new cases reported daily. The Sekondi-Takoradi Metropolitan and Effia Kwesimintsim Municipal areas are the epicenters of the outbreak, accounting for 95% of the reported infections. Environmental surveillance has identified contaminated vegetables—particularly salads, leaves, and green peppers sold by food vendors—as the primary source of the infections, linking them to 96% of cases. In response,…
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Cedi To Close Year Stable
11 Dec

Cedi To Close Year Stable

Wontumi10 CommentsBusiness,
The Ghanaian cedi is expected to remain stable, driven by an influx of foreign exchange from increased tourism, recent IMF disbursements, and the conclusion of peaceful general elections. Over the past month, the cedi has gained against major trading currencies, supported by the Bank of Ghana's (BoG) interventions, including injecting $240.4 million into the FX market. The IMF’s approval of the third review of its Extended Credit Facility (ECF) and the disbursement of $360 million further boosted investor confidence. Additionally, the anticipated arrival of two million tourists in 2024, generating over $3 billion in revenue, is projected to enhance FX…
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Food Import Hits US$817M In H1
11 Dec

Food Import Hits US$817M In H1

Wontumi10 CommentsBusiness
Ghana imported consumer-oriented food products worth $817 million between January and July 2024, marking a 13% increase ($104 million) compared to the same period in 2023, according to the USDA. The country heavily relies on imports to support local processors and meet consumer demand, with 2023 imports totaling $1.36 billion. The U.S. remains Ghana's fourth-largest supplier, with a 37% growth in food exports to Ghana ($65 million), competing with the EU (31% market share) and China (25%). Key imports include rice, poultry, and dairy products, with Ghana importing 55% of its rice consumption. A proposed trade policy aims to reduce…
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“A Fragrance Your Enemies Can’t Resist!” – Trump Uses Photo With Biden’s Wife To Promote His Perfume
10 Dec

“A Fragrance Your Enemies Can’t Resist!” – Trump Uses Photo With Biden’s Wife To Promote His Perfume

Wontumi10 CommentsBusiness, ,
President-elect Donald Trump on Sunday used a photo of himself sitting next to first lady Jill Biden to announce a new line of fragrances on his Truth Social app, with the caption, "A fragrance your enemies can't resist!" The fragrance line, called "Fight, Fight, Fight," includes cologne for men and a perfume for women, each retailing for $199. Trump is also selling bundles of two or more fragrances, with the second item 50% off, according to the GetTrumpFragrances.com website. The photo of Jill Biden seated near Trump was taken Dec. 7 when they, along with dozens of heads of state…
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CBG Resumes Foreign Exchange Operations Following BoGSsuspension
10 Dec

CBG Resumes Foreign Exchange Operations Following BoGSsuspension

Wontumi10 CommentsBusiness
Consolidated Bank Ghana (CBG) has announced the resumption of its foreign exchange trading operations after the Bank of Ghana (BoG) lifted its suspension of the bank’s forex trading license. The suspension, which took effect on November 26, 2024, was imposed for one month following several regulatory breaches identified in CBG’s foreign exchange operations. In a statement issued on November 12, 2024, the Bank of Ghana cited violations of market regulations and stated that the suspension was in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723). CBG confirmed in a statement on Friday, December 6, that it had worked closely with…
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10 African Countries Still Paying Colonial Tax
10 Dec

10 African Countries Still Paying Colonial Tax

Wontumi10 CommentsBusiness
Colonialism officially ended decades ago, but its effects are still felt in some African countries in form of colonial tax — a system where former French colonies pay money to France. These payments, created during colonial times, continue through agreements made at independence. This system allows France to take about 85% of the annual income from its former colonies. As a result, these African countries struggle financially and have to borrow their own money back from France’s central bank as loans. They can only request up to 20% of the money they sent, and if they ask for more, it…
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KMA Mayor Allays Fears Over Kejetia Market Closure On Election Day
05 Dec

KMA Mayor Allays Fears Over Kejetia Market Closure On Election Day

Wontumi10 CommentsBusiness, ,
The Mayor of the Kumasi Metropolitan Assembly (KMA), Samuel Pyne, has dismissed claims on the closure of the Kejetia Market on December 7, 2024. The Mayor has described the claims as false and baseless. The proposed closure was reportedly suggested by the running mate of the New Patriotic Party (NPP), Dr. Matthew Opoku Prempeh, during a meeting with market representatives at the Kumasi Culture Centre. The move is alleged to ensure active participation of the traders in the 2024 election, amidst resistance from the market women who have cited severe impact on their business. But Mr Pyne has told Accra-based…
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London Court Set To Decide On GRA’s $400M Tax Dispute With Tullow Oil
05 Dec

London Court Set To Decide On GRA’s $400M Tax Dispute With Tullow Oil

Wontumi10 CommentsBusiness, ,
Tullow Oil has provided an update in its Trading Report released on November 29, 2024, revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA). The case centres around a $400 million tax assessment, and a verdict is expected by the close of the year after both parties presented their arguments. In the report, Tullow Oil confirmed that a hearing took place in October 2023, with the court’s decision anticipated before the year’s end. Tullow’s CEO, Rahul Dhir, discussed the potential consequences of the court’s ruling earlier this…
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Ghana’s Economy Is Rebounding Strongly – Finance Minister
05 Dec

Ghana’s Economy Is Rebounding Strongly – Finance Minister

Wontumi10 CommentsBusiness,
Dr Mohammed Amin Adam, the Minister for Finance, says Ghana’s economy has rebounded very strongly from the recent challenges. He said notably the macroeconomic front for 2024 showed a strong recovery with growth averaging 5.8 per cent for the first half of 2024, which was the highest recorded in the last five years and inflation was trending downwards and the cedi gaining strength. The Minister was speaking at the monthly briefing to provide an update on developments in the economy since the last engagement in October 2024 in line with the resolve to update the public on the economy He…
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Ghana Achieves GH₵3.9Bn Trade Surplus In Months Of 2024 – GSS
05 Dec

Ghana Achieves GH₵3.9Bn Trade Surplus In Months Of 2024 – GSS

Wontumi10 CommentsBusiness,
Ghana recorded a trade surplus of GH₵3.9 billion in the months of 2024, the Ghana Statistical Service (GSS) has stated. According to the GSS, exports in the third quarter of 2024 amounted to GH₵74.8 billion, while imports totalled GH₵70.9 billion. This marked a significant improvement, with a turnaround of a trade deficit of GH₵2.3 billion in quarter 3 2023 to a surplus of GH₵3.9 billion in Q3 2024. In US dollar terms, the total trade amounted to US$9.6 billion, consisting of US$4.9 billion in exports and US$4.7 billion in imports. Gold Bullion Is Top Exporter Gold bullion, valued at GH₵46.5…
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