Business Archives - Page 6 of 383

30 Jan

Ghana Standards Authority Issues Guidelines On Cement Use For Construction

CUD Wontumi0 CommentsBusinesscement, Ghana Standard Auhority

The Ghana Standards Authority (GSA) has specified the appropriate type of cement for construction projects to ensure structural integrity and safety. The announcement is part of a public education campaign led by the Cement Manufacturing Development Committee (CMDC) under the Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (L.I. 2480). According to the GSA, the proper application of cement types enhances durability and efficiency in construction. The authority has thus categorised cement based on grades and specific uses – aiming to guide industry professionals and the public in making informed decisions. Source: Citinews

30 Jan

ECG Overhaul Crucial For Reliable Power Supply And Loss Reduction – IPPs Boss

CUD Wontumi0 CommentsBusinessECG, IPPs

Power Systems Economist and Chief Executive Officer of the Chamber of Independent Power Producers (IPPs), Dr. Elikplim Kwabla Apetorgbor has called for urgent reforms to address inefficiencies that threaten the country’s energy security and economic growth. According to him, the Electricity Company of Ghana (ECG) faces mounting pressure to modernise its operations, with system losses currently pegged at 20%. Authentic Ghanaian cuisine recipes In an article on the state of ECG’s infrastructure, Dr. Apetorgbor noted that more than 30% of the company’s assets have been in use for over three decades, contributing significantly to operational losses and frequent outages. He…

30 Jan

See How Much Gold The Bank Of Ghana Has In Its Reserves

CUD Wontumi0 CommentsBusinessBOG Gold reserve

The Bank of Ghana (BoG) has increased its gold holdings, rising from 19.5 tonnes in December 2023 to 30.5 tonnes in December 2024. This marks a substantial boost of 11 tonnes in the central bank’s gold reserves within a year. The value of the BoG’s current gold reserves is about $2.72 billion. The sharp increase in Ghana’s gold reserves aligns with the BoG’s strategic efforts to enhance the country’s financial stability, strengthen the cedi, and reduce reliance on foreign currencies, particularly the US dollar. This expansion is largely attributed to initiatives such as the Domestic Gold Purchase Programme (DGPP) and…

30 Jan

Meta To Pay $25M To Settle Trump Lawsuit Over Ban

CUD Wontumi0 CommentsBusinessMeta, Trump lawsuit

US President Donald Trump has signed a legal settlement that will see Facebook and Instagram owner Meta pay out roughly $25m (£20m). Trump sued the social media giant and its chief executive, Mark Zuckerberg, in 2021 over the suspension of his accounts after the 6 January Capitol riots that year. In July 2024, Meta lifted the final restrictions on Trump's Facebook and Instagram accounts in the lead up to US presidential elections. The settlement was first reported by the Wall Street Journal. Around $22m of the settlement will go to a fund for Trump's presidential library. The balance will be…

30 Jan

BoG Introduces Directive On Financial Inclusion For Persons With Disabilities

CUD Wontumi0 CommentsBusinessBoG

The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities. This directive is in line with internationally accepted financial inclusion principles, which include safe, efficient, and widely reachable financial infrastructures, access to a broad network of service points, interoperability, and effective awareness and financial literacy initiatives. It is issued pursuant to sections 6 and 7 of the Persons with Disability Act, 2006 (Act 715), section 53 of the Borrowers and Lenders Act 2020 (Act 1052), section 92(1) of the Banks & Specialised Deposit Taking Institutions Act, 2016 (Act 930), and section 101(2)(f) of the Payment…

29 Jan

Takoradi Port Will Operate Oil And Gas Terminal This Year – Director

CUD Wontumi0 CommentsBusinessOil and Gas, Takoradi Port

The Port of Takoradi has projected a positive outlook for 2025 to maintain its position as a premier platform in the West African sub-region maritime space, the Port Director, Peter Amoo-Bediako, has forecasted. He added “As we reflect on our achievements, we will continue to prioritise our focus on the future. We anticipate promising developments and accomplishments in this year.” Mr Amoo-Bediako made the projection at a press soiree organised by the Takoradi Port, on Monday, to reflect with journalists on their collective journey and the opportunities ahead. He indicated that the Port of Takoradi would, this year, initiate the…

29 Jan

Ghana To Get $150 Million From World Bank To Improve Energy Sector

CUD Wontumi0 CommentsBusinessenergy sector, imf

The World Bank Board of Directors has approved a $1.6 billion landmark investment programme to bolster regional power system integration, enhance energy security, and advance the transition to a more affordable, sustainable, and lower carbon power sector in West Africa. Out of the portfolio, Ghana would be allocated $150 million to support the country’s energy sector to ensure reliable electricity supply to households in the country, industries and businesses. The $1.6 billion multiphase West Africa Regional Electricity Market Programme (WA-REMP), supported by the International Development Association (IDA), would address crucial electricity needs for households, industries, and medium-sized companies, as well…

29 Jan

Cedi Drops To GH¢15.90 To 1 Dollar At Forex Bureaus

CUD Wontumi0 CommentsBusinessCEDI, DOLLAR RATE

Ghana's local currency, the cedi, has experienced marginal gains against major trading currencies, especially the dollar, at some forex bureaus. The Central Bank, in its daily update, noted that the cedi is trading at a buying price of GH¢15.24 and selling at GH¢15.25. The British Pound is being bought at GH¢18.94 and sold at GH¢18.96. The Euro trades at a buying price of GH¢15.88 and a selling price of GH¢15.90. Checks by GhanaWeb Business on January 29, 2025, at 8:20 AM show that the cedi is trading at GH¢15.90 to the dollar, while the pound is trading at GH¢19.70 at…

29 Jan

World’s Richest People Lose $108 Billion After DeepSeek Selloff

CUD Wontumi0 CommentsBusinessdeepseek, world's richest people

The world’s 500 richest people, led by Nvidia Corp. co-founder Jensen Huang, lost a combined $108 billion on Monday as a tech-led selloff tied to Chinese AI developer DeepSeek sent major indices plunging. Billionaires whose fortunes are linked to artificial intelligence were the biggest losers: Huang saw his fortune fall $20.1 billion, a 20% drop, while Oracle Corp. co-founder Larry Ellison’s $22.6 billion loss was larger in absolute terms, but represented just 12% of his fortune, according to the Bloomberg Billionaires Index. Dell Inc.’s Michael Dell lost $13 billion, and Binance Holdings Ltd. co-founder Changpeng “CZ” Zhao shaved $12.1 billion.…

29 Jan

IMF Talks Loom — As Ghana Misses Inflation Target

CUD Wontumi0 CommentsBusinessimf

Ghana's inflation performance in 2024 has fallen short of expectations, necessitating fresh discussions with the International Monetary Fund (IMF) regarding policy adjustments. The country recorded a December inflation rate of 23.8%, significantly higher than both the government's 15% target in the 2024 budget and the Bank of Ghana's revised target of 18%. In response to a question from the Graphic Business at the Monetary Policy Committee press conference in Accra yesterday, Bank of Ghana Governor, Dr Ernest Addison, acknowledged that the 23.8% inflation rate has reached a critical threshold requiring IMF consultation. "We need to discuss with the fund about…