Business

Ghana’s Petroleum Fund Investment Surge To $1.4 Billion – BoG Report
28 Jan

Ghana’s Petroleum Fund Investment Surge To $1.4 Billion – BoG Report

CUD Wontumi0 CommentsBusiness
The Bank of Ghana has released its report on the performance of Ghana’s Petroleum Funds for the second half of 2024. The report revealed a significant increase in oil revenue and a substantial boost to fund allocations as growth in investments in Ghana’s petroleum funds reached $1.4 billion. According to the report, issued under the provisions of the Petroleum Revenue Management Act (PRMA), a total of $543 million was received from crude oil lifting during the period. This, combined with other income sources such as corporate taxes paid by oil and gas companies, surface rentals, and income from the Petroleum Holding Fund…
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BoG Governor Dr. Ernest Addison And Deputies Lead Press Tour Of New Headquarters
28 Jan

BoG Governor Dr. Ernest Addison And Deputies Lead Press Tour Of New Headquarters

CUD Wontumi0 CommentsBusiness
Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, along with his deputies, Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, hosted members of the press for an exclusive tour of the BoG’s newly constructed headquarters, known as 'The Bank Square' on Monday, January 27, 2025. The tour followed the year’s first Monetary Policy Committee (MPC) press briefing, marking a significant milestone as it was held in the new building for the first time. The new headquarters, which is currently in use with the bank’s staff already working there, symbolizes the Bank of Ghana’s commitment to modernising its operations. The edifice boasts state-of-the-art…
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National Chief Imam Visits BOST
28 Jan

National Chief Imam Visits BOST

CUD Wontumi0 CommentsBusiness,
Alhaji Dr. Sheikh Osmanu Nuhu Shaributu, the revered Chief Imam of Ghana, paid a significant visit to the Head Office of the Bulk Oil Storage and Transport Company (BOST) in Accra on Monday, January 27, 2025. This visit was particularly special as it was aimed at congratulating the newly appointed Managing Director, Mr. Afetsi Awoonor, who is regarded as a son of the Chief Imam. The bond between their families runs deep, as Alhaji Dr. Sheikh Osmanu Nuhu Shaributu was a long-time friend of Afetsi’s late father, the esteemed Professor Awoonor. During his visit, the Chief Imam expressed his heartfelt…
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Ghana’s Public Debt Drops To GH¢736illion – Bank of Ghana
27 Jan

Ghana’s Public Debt Drops To GH¢736illion – Bank of Ghana

CUD Wontumi0 CommentsBusiness,
Ghana's public debt stock has seen a decline, falling to GH¢736.0 billion in November 2024 from GH¢761.0 billion in October 2024, according to the latest data from the Bank of Ghana's January 2025 Summary of Economic and Financial Data. This reduction represents a 3.3 percent decrease within a month and reflects efforts to stabilise the country’s fiscal outlook. The decline in the public debt stock has been attributed to adjustments in external and domestic debt levels during the period under review. The data reveals that Ghana's external debt fell to GH¢425.3 billion in November 2024 from GH¢453.7 billion in October…
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Banks’ Average Lending Rate Hovered Around 30% During The Second Half Of 2024
27 Jan

Banks’ Average Lending Rate Hovered Around 30% During The Second Half Of 2024

CUD Wontumi0 CommentsBusiness,
Banks’ average lending rates hovered around the 30% bracket during the second half of the year, after declining from 32% at the beginning of the year. According to data from the Bank of Ghana, the average lending rate stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024, respectively. The average lending rate began in January 2024 at 32.94% and took a nosedive in February 2024 and March 2024, respectively. It stood at 32.77% in February 2024 and further dropped to 32.35% in March 2024. It again eased in April 2024 to 31.25%.…
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IEA Calls For Budget To Address Huge Legacy Debt And Restore Financial Sustainability
27 Jan

IEA Calls For Budget To Address Huge Legacy Debt And Restore Financial Sustainability

CUD Wontumi0 CommentsBusiness
The Institute of Economic Affairs (IEA) is calling for a budget that specifies a comprehensive plan to address the huge legacy debt in the energy sector while returning the sector to financial sustainability. In its bi-monthly Economic Outlook, the economic think tank stated that the budget should also include measures to ensure stable and less costly power to enhance the competitiveness of the economy. Additionally, the IEA emphasized the need for a budget that acknowledges the lack of fiscal space to support economic development due to limited government revenue. “While taking steps to increase tax revenue, it is also important to…
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Digital Economy Key To Africa’s Future – World Economic Forum
24 Jan

Digital Economy Key To Africa’s Future – World Economic Forum

CUD WontumiBusiness
The 2025 World Economic Forum (WEF) has underscored the pivotal role of digitalisation in Africa's economic transformation, declaring the digital economy as indispensable for the continent's development. During a four-day summit, attended by over 60 world leaders and global economic giants, discussions centred on pressing global issues such as economic growth, climate change, and emerging technologies. A special session dedicated to Africa reached a consensus: adopting emerging technologies, including artificial intelligence, the Internet of Things, and digitised economies, is critical for the continent’s progress. Urgent call for digitalisation At a roundtable discussion featuring Botswana’s President, Duma Boko, and the Secretary-General…
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Cedi Now Sells At GH¢16.10 At Forex Bureaus
24 Jan

Cedi Now Sells At GH¢16.10 At Forex Bureaus

CUD WontumiBusiness,
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¢15.11 and selling at GH¢15.12. The British Pound is being bought at GH¢18.62 and sold at GH¢18.64. The Euro trades at a buying price of GH¢15.72 and a selling price of GH¢15.73. Checks by GhanaWeb Business on January 24, 2025, at 8:40 AM show that the cedi is trading at GH¢16.10 to the dollar, while the pound is trading at GH¢19.60 at some major…
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Delta Named Most On-Time North American Airline
24 Jan

Delta Named Most On-Time North American Airline

CUD WontumiBusiness
Delta retained its status as North America’s most on-time airline in 2024 and its people earned the Platinum Award for Operational Excellence from Cirium for the fourth consecutive year. Cirium's Platinum Award is presented to airlines that deliver outstanding on-time performance while navigating complex operations — all while limiting the impact of disruption to its customers. Airline’s reputation The recognition underscores the airline’s reputation for and commitment to reliability as it kicks off its centennial year. “It’s an honour to have Cirium once again recognise the hard work and operational excellence of Delta people. “Safe, consistent operational excellence is the…
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Crucial MPC Meeting Begins Today — Policy Rate To Dominate Discussions
24 Jan

Crucial MPC Meeting Begins Today — Policy Rate To Dominate Discussions

CUD WontumiBusiness
The Monetary Policy Committee (MPC) of the Bank of Ghana will begin its first meeting for the year today, to consider developments in the global economy, domestic economic conditions and deliberate on the appropriate monetary policy stance. With the policy rate at 27 per cent and inflation closing the year at 23.8 per cent as against an end-year target of 15 per cent and 18 per cent set by the government and the BoG respectively, the determinants of the benchmark interest rate are expected to dominate discussions at the meeting. Giving its reasons for maintaining the policy rate at 27…
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