Business Archives - Page 58 of 393

12 Aug

High Court Clears Tobinco Of Fake Drugs Import Allegations

wontumionlineBusinesshigh court, Tobinco

The High Court in Accra has cleared Tobinco Pharmaceuticals Limited (TPL) and its Group Chairman, Elder Dr. Samuel Amo Tobbin, of any wrongdoing in the case filed against the company by the Food and Drugs Authority (FDA), accusing it of importing fake drugs into the country. According to a press release issued on Sunday, August 11, 2024, by Tobinco, the court presided over by Her Ladyship Audrey Kocuvie-Tay, in a ruling dated July 29, 2024, stated that the company never imported fake drugs into Ghana. The company indicated that it sued the FDA on July 19, 2019, when it was…

12 Aug

COCOBOD Invests ¢943M In Cocoa Rehabilitation, Confident Of Producing 800k Tons Next Year

wontumionlineBusinessCocoa Rehabilitation, COCOBOD

The Ghana Cocoa Board (COCOBOD) has invested almost a billion cedis last year to rehabilitate aged cocoa farms and those ravaged by swollen shoot diseases to help increase national production in the short to medium term. The amount adds to similar spending in previous years to replace farms attacked by the virus, leading to reduced cocoa production in recent years. The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, said in an interview that the initiative was part of efforts to sustain cocoa production and the livelihoods of farmers. He was, therefore, confident that the country would produce more than…

09 Aug

Bawumia Proposes Anchoring Cedi To Gold For Long-Term Stability

wontumionlineBusinessBawumia, Cedi To Gold

Vice President, Dr Mahamudu Bawumia has unveiled plans to stabilize the cedi by anchoring its value to gold, a move aimed at mitigating currency depreciation and addressing ongoing foreign exchange challenges. This strategy follows the success of the domestic gold purchase programme, which has enabled the Bank of Ghana to amass 65.4 tons of gold worth US$5 billion, significantly strengthening the country’s gold reserves. During the inauguration of the Royal Ghana Gold Refinery in Accra on Thursday, Dr Bawumia emphasized that this new foreign exchange policy is intended to ensure the long-term stability of the cedi. “I propose a new…

09 Aug

Ministry Of Finance Announces Measures To Address Debt Crisis And Reduce Borrowing

wontumionlineBusinessdebt, ministry of finance

The Ministry of Finance, following the recent domestic debt restructuring and ongoing negotiations with international creditors, has implemented strategies to stabilise the economy. Deputy Minister of Finance, Dr Alex Ampabeng discussed some measures to provide a clear roadmap out of the crisis. “What we are doing with GRA, and actually I am leading that with the Ghana Revenue Authority, is to reform a taxpayer database. We want to clean it to the point where the less active ones, we are able to track individuals and their businesses with the help of Ghana card, with the help of digitization, with the…

08 Aug

PPP Viable To Close Road Financing Gap – Bawumia

wontumionlineBusinessPublic-Private partnership

Vice President, Dr. Mahamudu Bawumia, says Public-Private Partnerships (PPP) is one of the surest ways to bridge the financing gap in road infrastructure in order to enhance economic development. Speaking at the 50th Anniversary of the Ministry of Roads and Highways high- level expert discussion in Accra on the theme, “Closing the Financing Gap in Road Infrastructure Development in Ghana,” he said such collaboration between the public sector and private investors would help the country unlock new funding streams and leverage expertise in project implementation. According to him, successful PPPs have been implemented worldwide and have demonstrated their potential to deliver…

08 Aug

Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG

wontumionlineBusinessBoG, unregistered businesses

The Institute of Statistical, Social and Economic Research (ISSER) has urged the Bank of Ghana (BoG) to take decisive action against unregistered and unregulated foreign exchange (forex) businesses to ensure macroeconomic stability and curb exchange rate volatility. This recommendation is part of ISSER’s 2024 Mid-Year Budget Review, titled “A Critical Assessment of the 2024 Mid-Year Budget by ISSER.” The review notes some improvements in Ghana’s macroeconomic environment in 2024, as evidenced by various monetary and financial sector indicators. Inflation rates have decreased, with an average rate from January to June of 23.9% in 2024, down from 46.1% in the same…

08 Aug

We Need $271.7Bn To Expand Roads – Finance Minister

wontumionlineBusinessFinance Minister, road.

The country needs an estimated $271.7 billion to achieve its target of expanding the road network from 78,401km in 2016, to 253,000 km by 2047. The target, which was captured in the Ghana Infrastructure Plan, is also to increase paved roads to 70 per cent while linking urban areas with multi-lane carriageways and constructing long-span bridges across the Volta Lake. The Minister of Finance, Mohammed Amin Adam, who announced this, said the targets translated into approximately $9 billion annually. Additionally, he said, $1.3 billion would be required annually for road maintenance and improvements. Dr Amin Adam, who was speaking at…

08 Aug

SSNIT Has Made Positive Strides In Recent Years – Osafo-Maafo

wontumionlineBusinessosafo marfo, SSNIT

The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has highlighted the significant progress made by the management in enhancing the Trust. He emphasized that the management has anchored its efforts on three key pillars to ensuring the scheme’s sustainability, embracing advanced technology, and guaranteeing adequate benefits. These strategies are integral to the continued success and stability of the scheme. Speaking at the 2024 Annual Operations and Benefits Conference in Elmina, Central Region, Mr Osafo-Maafo underscored the importance of the conference in formulating strategies to broaden the scheme’s coverage and leverage appropriate technologies. Despite…

08 Aug

GRA Grants Amnesty To Users Of Uncustomed Vehicles

wontumionlineBusinessAmnesty, GRA

The Customs Division of the Ghana Revenue Authority (GRA) has granted a two-month amnesty period for users of uncustomed vehicles. The amnesty which took effect from August 1 will end on September 30, 2024. In a press release, GRA said all penalties that would have been imposed should such vehicles be impounded by personnel of the Customs Division will not be applied during the stated period. Meanwhile, all users of uncustomed vehicles have been urged to take advantage of this window and regularise documentation of their vehicles that have been illegally imported into the country. Find the statement below: Source: Adomonline

07 Aug

Secondary Bond Market Improves But Still Below Pre-DDEP Levels

wontumionlineBusinessBond market, DDEP

The secondary bond market activity improved in the first half of 2024 compared to the same period last year, but is still below pre-Domestic Debt Exchange Programme levels. Investors are still focusing more on the money market. According to trading results, market activity improved for Government of Ghana securities, partly due to growing participation from some offshore investors. Additionally, significant improvement and transparency in sell-buyback trades partly benefited secondary market activity. Overall, the market recorded turnover was worth GH¢19.18 billon. Meanwhile, the completion of external debt rework could be beneficial to the Ghanaian secondary bond market. Ghana’s debt restructuring primarily…