Business

Ghana’s Cocoa Production Output Hit 429,323 Metric Tons At The End Of June – Report
16 Jul

Ghana’s Cocoa Production Output Hit 429,323 Metric Tons At The End Of June – Report

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Ghana's cocoa production output reached 429,323 metric tons at the end of the harvest in June this year, according to data released by the cocoa regulator, COCOBOD. Reuters reports that this production output is less than 55 percent of the average seasonal output. The decline in cocoa output has been attributed to disastrous harvests caused by poor weather conditions, swollen pod disease, and illegal mining activities, particularly in Ghana. These developments, along with supply chain disruptions, have pushed up the prices of cocoa on the international market. Cumulatively, Ghana and Ivory Coast account for about 60 percent of the global…
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Fuel Prices Cross GH¢15 Per Litre At The Pumps
16 Jul

Fuel Prices Cross GH¢15 Per Litre At The Pumps

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Some Oil Marketing Companies (OMCs) across the country have started to increase their prices for petroleum products at the pumps as the second pricing window for July has begun. This means that petroleum consumers are expected to pay more for various products effective July 16, 2024. Checks by GhanaWeb Business showed that leading oil marketing companies such as Shell have raised the price of a litre of petrol from GH¢14.80 to GH¢15.10. Similarly, the price of a litre of diesel has gone up from GH¢14.92 to GH¢15.25. In the coming days and hours, it is expected that more OMCs operating in the…
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Cedi To Make Some Recovery Against Dollar In Coming Months; To Regain 9% Loss
16 Jul

Cedi To Make Some Recovery Against Dollar In Coming Months; To Regain 9% Loss

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The Ghana cedi is expected to recoup some losses against the dollar in the coming months, Fitch Solutions has revealed. According to the London-based firm, this is due to improved investor sentiment, higher dollar inflows, and easing external conditions, It mentioned in an article dubbed “Sub-Saharan Africa currency round-up: greater stability ahead in second half of 2024” that external conditions would offer more support to Sub Sahara African currencies in the coming quarters. “We expect the Ghanaian cedi to fare better in H2 [second-half of 2024]. In the year to date, the cedi has lost 19.2% of its value against the US…
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Here’s Why SSNIT Terminated Sale Of 4 Hotels To Rock City
15 Jul

Here’s Why SSNIT Terminated Sale Of 4 Hotels To Rock City

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The Social Security and National Insurance Trust (SSNIT) had announced its decision to sell its 60 percent stake in four hotels to Rock City Hotel, which is owned by the Minister of Food and Agriculture, Bryan Acheampong. However, this move was fraught with several challenges as some Ghanaians, including Organized Labour and the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, cited conflict of interest, procurement breaches, and lack of due process. After several agitations, Rock City withdrew from the bidding process, and SSNIT subsequently announced the termination of the sale of its 60 percent stake in the four…
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Fuel Prices Set To Increase By 4% On July 16 – COPEC
15 Jul

Fuel Prices Set To Increase By 4% On July 16 – COPEC

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The prices of petrol, diesel, and LPG will all see a 4% rise starting on Tuesday, July 16, 2024, as announced by the Chamber of Petroleum Consumers (COPEC). Duncan Amoah, the Executive Secretary of COPEC, attributed this increase in prices to changes in global petroleum Free on Board (FOB) prices and the depreciation of the local currency. Currently, the Cedi is selling at GH¢15.66 to $1 and GH¢20.27 for £1 at various forex bureaus. Previously, petrol was priced at GH¢14.795 per litre, while diesel was GH¢15.332 per litre at various pumps. The mean price for petrol and diesel from Tuesday…
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Why I Don’t Own A Residential Property Abroad – Aliko Dangote Explains
15 Jul

Why I Don’t Own A Residential Property Abroad – Aliko Dangote Explains

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For most wealthy individuals, owning assets and properties comes with various motivations. This can often be associated with diversified investments, luxury, status, or residential use. For Nigerian industrialist, who is also the wealthiest person in Africa, Aliko Dangote, not having a residential property abroad is based on his primary focus on industrialization at home. Speaking at a gathering in Nigeria over the weekend, Dangote shared that despite his vast wealth, he does not own a residential property abroad. He explained that his only residential properties are his house in Lagos, Nigeria; the one in his hometown of Kano, also in…
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SSNIT Hotels Sale: Organised Labour Calls Off Strike After Emergency Meeting
15 Jul

SSNIT Hotels Sale: Organised Labour Calls Off Strike After Emergency Meeting

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Organised Labour has called off its strike following an emergency meeting held on Monday, July 15, 2024. In a press statement signed by the Secretary General of the Trades Union Congress, Dr Yaw Baah; the Chairman of the Forum of Public Sector Workers, Dr Isaac Bampoe Addo; and the Deputy Secretary General of the Ghana Federation of Labour, Kenneth Koomson; the unions have given SSNIT one month to engage with them and resolve all outstanding issues related to the management of their pensions. Additionally, all members have been requested to resume work on July 16. The unions, however, threatened to…
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German Parliamentary Delegation Advocate More Private Sector Investments In Ghana
12 Jul

German Parliamentary Delegation Advocate More Private Sector Investments In Ghana

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Accra, July 10, GNA – A delegation from the German Parliament’s Committee on Development Cooperation has called for increased private sector investments in Ghana, as well as stronger economic collaboration between Ghana and Germany. The six-member delegation, during their working visit to Ghana, encouraged German investors to explore partnership opportunities in Ghana’s pharmaceutical, Information Technology (I.T), energy sectors, among others. Dr. Christoph Hoffman, Acting Chairperson of the Committee on Economic Cooperation and Development, who led the delegation, told journalists in Accra on Monday that the Committee would push for a framework to guide investments in Africa. “We are convinced that…
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Finance Minister to present Mid-Year Budget Review on July 23
12 Jul

Finance Minister to present Mid-Year Budget Review on July 23

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The Finance Minister is expected to present the 2024 Mid-Year Budget review on Tuesday, July 23, 2024. During the address, Dr Mohammed Amin Adam is expected to spell out the government's economic policy for the rest of the financial year. This was announced by Member of Parliament for Nsawam-Adoagyiri, Frank Annoh Dompreh on Friday, July 12. Two weeks ago, the International Monetary Fund (IMF) announced the completion of the IMF Executive Board’s second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement. Approved back in May 2023, this review was a critical checkpoint for the country. The completion…
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Loans Ranked 1st As Highest Customer Complaint – BoG
12 Jul

Loans Ranked 1st As Highest Customer Complaint – BoG

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The highest complaint type received by the Bank of Ghana in 2023 was loans. According to the 2023 Complaints Management Report, the Central Bank recorded 209 (30%) of total complaint as loans. These complainants registered their dissatisfaction with the personal, business and mortgage loans they secured from regulated institutions. The main concerns, according to the report, included variations in interest rates and tenure changes on existing loans. The next highest complaint type was investment products and services which recorded 194 (28%) of total complaints for 2023. The main concern was the inability to withdraw these investments on maturity due to…
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