Business Archives - Page 7 of 392

10 Mar

Kenyan President’s $150,000 Donation To Church Sparks Clashes

CUD WontumiBusinessKenya president church donation

Police in Kenya have fired tear gas to disperse protesters who tried to occupy a church that was recently given a substantial donation by President William Ruto. The gift to the Jesus Winner Ministry in the Roysambu suburb of Nairobi of 20m shillings ($155,000; £120,000) drew criticism from some young Kenyans struggling with the high cost of living. Ruto has defended his donation and has offered a similar gift to another church in Eldoret. Last year, both Kenya's Catholic and Anglican leaders rejected donations, arguing that there was a need to protect the church from being used for political purposes.…

07 Mar

We Saved The Economy Before Leaving Office – Amin Adam

CUD WontumiBusinessAmin Adam, Economic Recovery

Former finance minister Mohammed Amin Adam has defended the economic decisions taken under his administration, stating that despite the difficulties faced by Ghanaians, necessary steps were taken to save the economy before his government left office. Speaking on Good Evening Ghana with Paul Adom-Otchere monitored by MyNewsGH, he emphasized that the reduction in Treasury bill rates was not due to any extraordinary measures by the new administration but rather the natural outcome of policies previously implemented. He pointed out that government bondholders had been paid after a two-year delay, explaining that although the situation was regrettable, sacrifices were needed to…

07 Mar

Cedi Trades At GH¢15.90 To A Dollar At Forex Bureaus Post Independence Day

CUD WontumiBusinessCEDI, DOLLAR RATE

Ghana's local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus. In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.51 and a selling price of GH¢15.52 to a dollar. The British pound is being bought at GH¢19.95 and sold at GH¢19.97, while the euro trades at a buying price of GH¢16.68 and a selling price of GH¢16.69. Checks by GhanaWeb Business on March 7, 2025, at 8:00 AM indicate that the cedi is trading at GH¢15.90 to the dollar, while the pound…

07 Mar

T-bills: Government To Borrow GH¢5.74 Billion In Its Today’s Auction

CUD WontumiBusinessTbills

Government plans to borrow GH¢5.74 billion in its next treasury bill auction on March 7, 2025. Interest rates on treasury bills have declined to 20.7% in the government's recent auction on February 28, 2025. Demand for short-term instruments has surged in recent weeks, with the government consistently recording over 100% subscription rates. In this week's auction, the government secured an oversubscription of 181%, receiving bids worth GH¢18.25 billion but accepting GH¢7.42 billion. A total of GH¢10.83 billion in bids was rejected. The auction results released by the Bank of Ghana showed that the 91-day and 364-day treasury bills attracted the…

07 Mar

Former Finance Minister Warns Against Over-Reliance On Treasury Bill Trends

CUD WontumiBusinessAmin Adam

Former finance minister Mohammed Amin Adam has raised concerns about the current administration’s approach to managing Treasury bill rates, questioning whether there is a clear long-term strategy behind the recent declines. He argued that the drop in Treasury bill rates is not the result of any innovative economic policy but rather the consequence of excess liquidity in the system. According to Amin Adam, the government’s decision to reject some Treasury bill bids is not a calculated financial strategy but a reaction to the influx of funds in the domestic market. He attributed this surge in demand partly to non-resident investors…

05 Mar

Average Market Rate For Cedi Hits GH₵15.81 To The Dollar

CUD WontumiBusinessCEDI, DOLLAR RATE

The cedi continues to depreciate against the U.S. dollar on the foreign exchange market, with rates rising steadily. As of the close of business on March 4, 2025, the average rate for $1 stood at ₵15.81, up from ₵15.55 three months ago. Since the beginning of the year, when the cedi traded at ₵14.40 to a dollar, it has depreciated by approximately 7.9%. Below are the exchange rates quoted by different market operators: Bank Rates: CalBank – ₵15.67 Stanbic Bank – ₵15.66 Zenith Bank – ₵15.66 NIB – ₵15.66 OmniBSIC – ₵15.66 Absa – ₵15.65 Fidelity – ₵15.65 CBG –…

04 Mar

We Need To fix Structural Economic Issues – Nhyiaeso MP

CUD WontumiBusinessHON Dr. Stephen Amoah

Former Deputy Finance Minister, Dr. Stephen Amoah, has emphasized the urgent need for Ghana to tackle fundamental economic issues to achieve long-term stability. Speaking on JoyNews’ PM Express on Monday, March 3, the Nhyiaeso MP argued that Ghana’s economic struggles are rooted in structural weaknesses that have persisted across successive governments. “There are so many wrong economic fundamentals that if we fail to realise and fix them, it doesn’t matter who is in government,” he stated. Key Concerns Raised by Dr. Amoah: Heavy Dependence on Imports: He described Ghana’s reliance on external economies as a major weakness, making the country vulnerable to global shocks, as seen…

04 Mar

Ghana’s Real GDP Growth To Remain Below Pre-Crisis Levels Until 2029 – IFS

CUD WontumiBusinessGhana's GDP, IFS

The Institute for Fiscal Studies (IFS) has projected that Ghana’s real GDP growth will remain significantly below pre-crisis levels until 2029, raising concerns about job creation and employment generation. According to the economic think tank, the country’s GDP growth rate is expected to range from 4.0% to 5.0%, with an average rate of 4.4% between 2024 and 2029. Given Ghana’s high unemployment rate, especially among the youth, the IFS has urged the incoming government to implement strategic interventions to boost economic growth beyond these projections. “The Institute is, however, aware of the country’s weak fiscal position. We therefore recommend that…

04 Mar

US Tariff War: The Ripple Effect On Ghana’s Fragile Economy

CUD WontumiBusinessPresident Trump, US Tariff

United States President Donald Trump under an executive order on Tuesday March 4, 2025 imposed a sweeping 25% tariff on goods from Mexico and Canada, alongside a sharp increase in tariffs on Chinese imports. The decision which has been described by many as an extraordinary measure aimed at addressing security concerns and trade imbalances, has already set the stage for economic retaliation from key US trading partners. As the trade war escalates, the impact is expected to extend beyond North America and China, reverberating across global markets, including Ghana’s economy. GhanaWeb Business examines the ripple effect of these tariffs on Ghana's…

04 Mar

AI Will Not Supercharge GDP Growth

CUD WontumiBusinessAI, GDP Growth

Everyone knows that artificial intelligence is a hugely powerful technology with immense economic implications. US equity prices reflect not only confidence in the prospects of technology companies but also a belief that AI will fuel a broader boom. The growth-obsessed UK government views AI development as a top priority, and everyone at the World Economic Forum in Davos this January wanted to hear from the world’s AI leaders. We have been here before. In the 1960s, computers were too enormous and expensive to be used by anyone but the largest government agencies and businesses. Yet so great were concerns about…