Business Archives - Page 62 of 392

26 Jul

Government Revises Economic Targets Upwards For 2024

wontumionlineBusinessEconomic target

Government has revised the 2024 macroeconomic framework due to recent domestic and global economic developments, including the debt restructuring programme with external and domestic creditors. The development has also led to the upward revision of the fiscal framework with the expectation that the primary balance on a commitment basis remains unchanged at the targeted surplus of 0.5 per cent of Gross Domestic Product (GDP). Dr Amin Adam, the Minister of Finance, made this known during a presentation of the Mid-year Budget Review on the floor of Parliament. “Mr Speaker, key revisions to the macro-fiscal targets for 2024 include, overall real…

26 Jul

Herbert Krapa Commissions Largest Rooftop Solar In Africa

wontumionlineBusinessHerbert Krapa, largest rooftop solar

The Minister of State at the Ministry of Energy, Herbert Krapa, has commissioned Africa’s single largest rooftop photovoltaic solar plant that produces 16.8 megawatts of electricity at the Tema Free Zones Enclave. Mr Krapa who was spotted wearing protective gear, climbed the three-storey high roof top to inspect the panels and also turned on the switch for the $17 million which covers project to commence provision of electricity. He commended owners, Helios Solar Energy, a subsidiary of LMI Holdings putting the project together and helping government achieve its overall all target of increasing renewable energy in the provision of electricity.…

26 Jul

Cedi Depreciates 19.5% Against Dollar As Of July 2024 – BoG

wontumionlineBusinesscedi against dollar

The Ghana cedi has depreciated by about 19.6% to the US dollar on the interbank forex market as of July 2024, the Bank of Ghana has disclosed This is lower than the about 21% loss in value to the American greenback on the retail market. According to the Central Bank’s July 2024 Summary of Financial and Economic Data, the cedi lost 7.7% in value to the dollar in March 2024 and depreciated by 10.5% against the dollar in April 2024. It again 15.9% and 18.6% in value to the world’s most important currency in June 2024 and July 2024. Whilst…

25 Jul

Singapore Has World’s Most Powerful Passport; US Drops To 8th – Passport Index

wontumionlineBusinesssingapore

Singapore has reclaimed its bragging rights as having the world’s most powerful passport. The latest ranking published by London-based immigration consultancy firm, Henley & Partners, showed Singapore at the top, ahead of France, Germany, Italy, and Spain. This development for travelers means that having a Singapore passport will provide visa-free entry to a record 195 global destinations. A year ago, four European countries - France, Germany, Italy, and Spain - held the top spot but have now moved into the second position along with Japan. Additionally, the Henley Passport Index saw seven countries taking the third spot for the first…

25 Jul

Government Defends Retention Of COVID-19 Levy

wontumionlineBusinesselevy

Government insists that the COVID-19 levy remains crucial for addressing the lingering financial impacts of the pandemic, despite widespread calls from the business community for its repeal. In the lead-up to the mid-year budget review, the business community called for the removal of several taxes they deem redundant, including the COVID-19 levy. Many businesses argued that the tax, which was initially implemented to mitigate the financial impact of the pandemic, has outlived its usefulness and now poses a significant burden, making Ghana less attractive to investors. Despite these concerns, the government has defended the retention of the COVID-19 levy. Abena…

25 Jul

Ghana’s Oil Revenue Increases To US$840M In First Half Of 2024

wontumionlineBusinessGhana's oil revenue

Ghana’s oil revenue surged to $840 million in the first half of 2024, marking a 36% increase from the $540 million recorded in the same period in 2023. The total petroleum revenue comprises proceeds from oil liftings, corporate taxes, surface rentals, and interest on the Petroleum Fund account. According to the Petroleum Holding Fund report released by the Bank of Ghana, most of the revenue came from liftings from six oil fields, which contributed $470 million to the total revenue. Corporate tax revenue amounted to $350 million, surface rentals recorded $580,000, and interest earnings totalled $7 million. During this period,…

24 Jul

Ghanaian Banks Warned Of Cybercrime Risk Resulting From Fake CrowdStrike Update

wontumionlineBusinessCrowdStrike Update, Cybercrime

The Africa Centre for Digital Transformation (ACDT) has issued a warning to banks in Ghana about potential cybercrime threats following a global software failure. The incident, which occurred on July 19, 2024, involved a defective update from cyber-security firm CrowdStrike, affecting millions of Microsoft Windows devices worldwide. The software glitch, which lasted for 78 minutes, disrupted various sectors including banking, aviation, and healthcare. Microsoft confirmed that the faulty update impacted 8.5 million Windows devices, leading to widespread system failures. Despite CrowdStrike’s rapid response to rectify the issue, the damage was extensive, causing numerous flight cancellations and operational disruptions at banks.…

24 Jul

GPHA Dismisses Ex-Casual Workers Compensation Claims

wontumionlineBusinessGPHA

The Ghana Ports and Harbours Authority (GPHA) has stated that a group of former casual workers threatening a demonstration over alleged unpaid severance compensation have no valid case and are only misleading the public. A spokesperson for the aggrieved workers, Moses Kwanayah, said over 4,000 individuals were affected by a World Bank program to restructure port operations between 2001 and 2002. He claimed after Supreme Court ruling and later addressed by the President, these workers are yet received a severance package commensurate with their service. But GPHA claims this group resurfaces during election year with similar threats just to coerce…

24 Jul

Supreme Court Vindicates BoG In UniCredit Licence Revocation

wontumionlineBusinessBoG, license revocation, Unicredit

The Supreme Court of Ghana has affirmed that the Bank of Ghana (BoG) acted within its legal rights when it revoked the operating licence of UniCredit Ghana Limited. The highest court’s unanimous decision reverses an earlier judgment by the Court of Appeal, thus upholding the High Court’s initial ruling. The Supreme Court panel consisting of Chief Justice Gertrude Araba Esaaba Sackey Torkornoo; Justice Mariama Owusu; Justice Prof. Henrietta Joy Abena Nyarko Mensa-Bonsu; Justice Ernest Yao Gaewu; and Justice Yaw Darko Asare ruled that the BoG did not err in its decision to declare UniCredit insolvent and subsequently revoke its licence. Initial High…

23 Jul

Finance Minister Seeks US$12 Billion Investment From Saudi Arabia

wontumionlineBusinessfinance minister Amin Adam, saudi arabia

Finance minister Dr. Mohammed Amin Adam has called on Saudi investors to contribute its quota in raising US$12billion over the next three years. This, he explains, remains critical to helping the country recover to the pre-COVID era’s level. The appeal was made during a high-profile meeting with the Arab Bank for Economic Development in Africa (BADEA), under the theme ‘Ghana: unleashing opportunities through strategic investments’. Dr. Adam underscored the critical role of foreign investment in the country’s post-COVID recovery efforts, saying: “If you can help us raise US$12billion over the next three years to finance our recovery and finance our…