Business

10 Aug

GPRTU Officially Launches ‘Oya App’ To Drive Digitalisation Initiative

wontumionlineBusiness
The Ghana Private Road Transport Union (GPRTU) has taken the lead amongst all transport unions in the country to launch its much-anticipated ‘Oya App’ to drive its digitalisation agenda. The launch of the pace-setting App was held at the forecourt of the Trades Union Congress (TUC) in Accra on Tuesday, August 9. The bus tracking and digital payment app is the biggest technological reform introduced by the GPRTU in the last three decades of operations. Oya is in line with the Union’s vision of providing safe transportation through digitalization. Primarily, the app will improve road safety, enhance passenger security, ensure…
Read More
10 Aug

Ghana Mines Workers’ Union Threatens Industrial Action

wontumionlineBusiness
The Ghana Miners Workers’ Union has threatened to embark on an eminent strike action. This threat comes at a time when the country is experiencing dire economic challenges. The General Secretary of the Union, Abdul-Moomin Gbana says government has refused to meet their concerns during stakeholder engagement sessions. Among other things on the table, the Union is calling on government to ensure their safety in their line of work. In an interview with Citi Business News, Abdul-Moomin Gbana said, “The Ghana Miners Union will not hesitate to embark on an indefinite strike action to drive home our demands of paying…
Read More
10 Aug

Leverage Recent Digitalisation Drive To Expand Tax Base, Close Fiscal Deficit – Deloitte To Government

wontumionlineBusiness, , ,
Auditing firm, Deloitte Ghana, has urged the government to leverage its recent digitalisation drive and registration of citizens by the National Identification Authority (NIA) to expand its tax base and generate more revenue. Again, it wants current tax policies to be strongly implemented to generate more revenue. Government missed its revenue target of ¢43.4 billion for the first half of the year by ¢5.6 billion. The revenue deficit was largely due to shortfalls in non-oil tax revenue which fell short by ¢4 billion representing 12.7% of target for the period and the delay in implementing some revenue measures, particularly the…
Read More
10 Aug

Rising External Debt Sparks Foreign Currency Demand, Cedi Depreciation

wontumionlineBusiness, , ,
Auditing and management firm, Deloitte Ghana is warning that the country’s rising external debt will lead to increased demand for foreign currency for debt repayment and further depreciation of the cedi. This may also lead to further strain on the government’s finances as it will need to raise more cedi revenue to repay the external debt. In its critique of the 2022 Mid-Year Budget Review, it said the downgrading of Ghana’s credit rating by Fitch and Moody’s has adversely affected the government with Ghana Eurobonds currently trading at distressed debt levels, which has led to increased and prohibitive Eurobond borrowing…
Read More
09 Aug

Government Could Secure $3bn From IMF For Economic Programme

wontumionlineBusiness
Government could secure $3 billion from the International Monetary Fund to stabilise the economy. Joy Business understands that the fund which will come in the form of balance of payment support will be spread within three years. A billion dollars is expected to come in immediately if the Fund approves an economic programme by the government. The amount is double what the country was considering a month ago as it tries to shore up its finances and gain access to the global markets. “Since negotiations for the programme are starting now, it’s too early to comment on the final form the programme…
Read More
09 Aug

Cement Prices To Hit ¢68 Per Bag Due To Cedi Depreciation – Manufacturers

wontumionlineBusiness,
Cement prices are expected to be increased from next week. Joy Business is learning that the wholesale price of a 50 kilogram bag is expected to hit ¢68.00, from the current price of ¢59.00. Why the increase? According to some of the leading manufactures in the country, the action has been influenced by a sudden rise in the cost of operations, from July 2022, due to the sharp depreciation of the cedi over the past month. Officials at one of the manufacturing firms told Joy Business on condition of anonymity that, “when the factory price (whole sale price) of a…
Read More
09 Aug

GEXIM CEO Is One Of Ghana’s 100 Most Influential Business Leaders

wontumionlineBusiness
The Chief Executive Officer of the Ghana Exim Bank (GEXIM), Lawrence Agyinsam, was on Friday, 5th August, 2022, named as one of the 100 Most Influential Business Leadership Personalities in Ghana at the second edition of the National Governance and Business Leadership Awards 2022 which took place at the Labadi Beach Hotel. According to the organisers of the awards, the recognition follows his remarkable strides and noteworthy success as a business leader and corporate governance personality in addition to his tremendous contribution in strategic leadership and strategy to achieve business success at Ghana Exim Bank. A team from the Bank led…
Read More
09 Aug

Tax Incentive For Young Entrepreneurs-opportunities And Challenges

wontumionlineBusiness
Introduction Starting a business is not easy, let alone being a young person but the reward is often significant compared to employment. Generally, raising capital, finding first customers, gaining the needed experience and having the conducive business environment in the early stages of a start-up can be tricky. Many young people therefore prefer employment rather than starting their own business. Even existing businesses often find themselves in a dilemma.  They may want to expand their business to meet demand, but tight financial circumstances can make it difficult to expand. Mostly government and the private sector work together to achieve a…
Read More
08 Aug

Gold Coast Refinery Receives International Certification

wontumionlineBusiness
Gold Coast Refinery Limited has been certified to the Code of Practices of the Responsible Jewellery Council (RJC). It thus becomes the first gold refinery in Ghana and West Africa to be certified to the Code of Practices of the RJC, an affiliate of the London Bullion Market Association (LBMA) responsible for the jewelleries and watches industry. Gold Coast Refinery was recently handed the right to mint the Asantehene’s commemorative gold coin. RJC is the leading standards authority in the global watch and jewellery industry and works with members worldwide to create a sustainable supply chain. By this measure, Gold…
Read More
08 Aug

Invest For Jobs And Partners Of N4G Project Graduates 654 Girls Trained In Fashion Skills

wontumionlineBusiness
The Network for Enterprise Development Learning through Sewing (NEEDLES) for Girls – (N4G) project was officially launched in Tamale on May 26, 2021, amidst a career day event. Fourteen months down the lane, 654 girls have successfully completed the training out of 850 girls who were selected from 1,500 girls who registered for the project. Through the collaboration of the Samira Empowerment and Humanitarian Project (SEHP) and the Ghana Export and Import Bank (EXIMBANK), the N4G project sought to address the lack of qualified staff needed in the fashion space in Ghana whilst empowering young and vulnerable girls with employable…
Read More