Business Archives - Page 380 of 390

27 May

We Want Ghanaians To Own 30% Of MTN Ghana Shares By End Of 2022 – GROUP CEO

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Group CEO of leading telecommunications company MTN, Ralph Mupita has revealed the network’s goal of further localizing the company by having Ghanaians own at least 30% of MTN shares in the country by the end of this year. The telecom company concluded its Initial Public Offering (IPO) in August 2018, selling over 1.5 million shares and raising an amount of GH¢ 1.146 billion at the time. Though the IPO couldn’t attract the estimated GH¢ 3.5 billion target, the GH¢ 1.146 billion it raised is considered remarkable as it is the largest volume of offers in the history of the Ghana…

26 May

BoG Urged African DFIs To Enhance Credit Rating Positions To Boost Investment

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The Bank of Ghana is urging Development Finance Institutions across Africa to ramp up efforts to enhance credit rating positions to attract more global investments. Access to global debt capital and loan markets continues to remain a problem hence the call by the Central Bank for these financial institutions to implement policies that will attract investments on more favourable terms. Development Finance Institutions (DFIs) provide risk capital for economic development projects on a non-commercial basis. Ghana is currently in the process of setting up such an outfit called the Development Bank Ghana with funding from internal and global partnership sources.…

26 May

Ghana Life Insurance Ltd Accused Of Employing Delay Tactics In Payment Of Claims

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Some disgruntled customers of Ghana Life Insurance Company Limited are accusing the company of using delay tactics in the payment of their matured insurance policies. According to the customers the delay in the payment of their matured funds comes after investing with the company for about 6 years. Most of the customers Citi Business News engaged were holders of an insurance investment policy known as the Master Plan Policy for 6 years with the company. Ghana Life Insurance Company Limited has been operating as a life insurance firm since 1980 without any issues, offering products such as their educational, funeral…

25 May

Integrate Capital Markets For Faster Economic Recovery, Development – VP Bawumia

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A faster and deeper integration of Capital Markets is crucial if the West Africa sub-region is to recover from the double hits of the Covid 19 pandemic and the ongoing Russia-Ukraine conflict, Vice President Bawumia has stated. Speaking at the second edition of the biennial Conference of the West Africa Markets Conference (WACMaC), organized by the West Africa Securities Regulators Association (WASRA) in Accra on Tuesday, May 24, 2022 Vice President Bawumia said such integration would not only facilitate cross-border trade, but also help raise the needed capital for local development. “A well-integrated West Africa Capital Market can accelerate the…

25 May

Boost For Organic Fertilizer Production As Agric Ministry Offers Support For Local Companies

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As part of efforts to address the shortage of agro-chemicals, the Ministry of Food and Agriculture (MoFA) has announced that the government was proactively working with local fertiliser producers to produce quality organic fertilisers on a large scale for farmers across the country. According to the sector Minister, Dr. Owusu Afriyie Akoto, organic agriculture has taken a huge premium on the international market, adding that the mass production of quality organic fertiliser will make Ghana less dependent on inorganic fertiliser. Dr. Afriyie Akoto was briefing journalists following a stakeholder meeting with local fertiliser producers on the production and promotion of…

25 May

Gov’t Expenditure Needs To Be Checked To Help Deal With Inflation – ICAG

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The Institute of Chartered Accountants Ghana is calling for fiscal discipline amidst the current high inflation and policy rate. Some stakeholders have blamed unbudgeted spending by government Ministries, Departments and Agencies (MDA’s) for contributing to the high level of inflation in the country. Since May 2021, when national inflation stood at 7.5%, the rate has increased consistently for 11 straight months, climbing all the way to 23.6% in April 2022. While backing the recent hike in the policy rate to 19 % to help check inflation, President of the Institute of Chartered Accountants, Professor William Atuilik said internal systems of…

25 May

Gold Exports Push Ghana’s Trade Surplus To $1.3 Billion In April

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New figures from the Bank of Ghana have shown that Ghana’s total balance of trade recorded a surplus of US$1.33 billion in the first four months of this year. This, according to the Central Bank’s Summary of Economic and Financial Data, is equivalent to 1.9 percent of Gross Domestic Product (GDP). The surplus recorded is higher than the US$1.1 billion recorded in the entire 2021. The figures which summarise Ghana’s economic activities in the month of April stated that Ghana’s total exports increased to US$6.1 billion as of April 2022. This was a 34 percentage points increase from the US$4.5…

23 May

Cedi Depreciation Pushes Ghana’s Debt To Over GH¢390 Bn In April; 78% Of GDP

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Recent data released by the Bank of Ghana puts Ghana’s total public debt stock as of March 2022, at US$ 55.1 billion or GH¢391.9 billion. In Dollar terms, the debt dropped by over $3 billion in the first 3 months of the year, from $58.4 billion in January to $55.1 billion in March. In Cedi terms, however, the total debt stock within the first 3 months of this year increased by about GH¢ 40 billion, from GH¢351.7 billion in January 2022, to GH¢391.9 in March 2022. The March 2022 debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio…

23 May

Government Partners Private Companies To Mine Abandoned Iron Ore In Oti Region

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Ghana’s iron ore and steel industries are set to receive significant boosts following the initiative by the government, and some potential investors to mine an abandoned ore reserve in the Oti Region. The reserve, which holds about 500 million tonnes of iron ore, will boost steel production in the country and also provide several direct and indirect employment to locals and other Ghanaians. According to the Ghana Integrated Iron and Steel Development Corporation, iron ore deposits discovered in parts of the Oti region including Akrokrowa and Akpafu, both farming communities, are “of the highest grade”. Speaking to Citi Business News during a…

20 May

Nigeria Begins Processes To Join Ghana-Côte d’Ivoire Cocoa Initiative

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As part of efforts to bring some relief to cocoa farmers in Nigeria and help them achieve a living income, the world’s fourth leading producer of cocoa has begun processes to join the Ghana-Côte d’Ivoire Initiative. The Ghana-Côte d’Ivoire Initiative was promulgated by the two leading producers of cocoa in the world, Ghana and Côte d’Ivoire to improve the livelihood of cocoa farmers. As part of the move, the two countries pushed for a US$400 a tonne Living Income Differential (LID) on cocoa sales for the 2020/21 crop season which will directly go to farmers. This move comes after reports…