Business

How Nigeria’s $20 Billion Oil Refinery Is Disrupting European Markets
22 Jan

How Nigeria’s $20 Billion Oil Refinery Is Disrupting European Markets

CUD WontumiBusiness,
Two months ago, Nigeria’s beleaguered energy sector witnessed a very significant event: the Dangote Oil Refinery began producing gasoline and selling it domestically to Nigeria's state oil firm, Nigerian National Petroleum Company (NNPC), marking the first time in decades Africa’s largest oil producer is refining its own crude. The state-of-the-art $20.5 billion refinery was launched in January 2024, but only began producing gasoline in September, expected to reach full operations in November. The giant refinery has a capacity to process 650,000 barrels of crude per day, considerably bigger than any refinery in Europe and more than enough for Nigeria’s needs.…
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Police Intercept Truck Carrying Over 150 Bags Of Cocoa At Gulumpe
22 Jan

Police Intercept Truck Carrying Over 150 Bags Of Cocoa At Gulumpe

CUD WontumiBusiness
The Ghana Police Service has intercepted a truck carrying over 150 bags of cocoa beans at Gulumpe, a town on the Kintampo-Buipe highway in the Bono East Region. The driver and his mate were arrested in connection with the incident. According to police sources, the truck, with registration number 3166D303, was reportedly transporting the cocoa beans from Circle, Accra, to Burkina Faso. The interception occurred when the driver stopped at Gulumpe to rest, and residents, who detected the distinct smell of cocoa, alerted the police. Upon interrogation, the suspects confessed they were hired by an unidentified individual to transport the…
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Trump Threatens 25% Tariffs On Mexico And Canada On February 1
21 Jan

Trump Threatens 25% Tariffs On Mexico And Canada On February 1

CUD WontumiBusiness, ,
President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers. Mexico and Canada are two of America’s top three trade partners. Last year, the US imported $475 billion worth of goods from Mexico and $418 billion from Canada, collectively accounting for 30% of the value of all the goods the US exported last year, according to federal trade data. Meanwhile, the US exported $354 billion worth of goods to…
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Cedi Selling At GH¢16.20 At Forex Bureaus
21 Jan

Cedi Selling At GH¢16.20 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¢14.99 and selling at GH¢15.00. The British Pound is being bought at GH¢18.42 and sold at GH¢18.45. The Euro trades at a buying price of GH¢15.58 and a selling price of GH¢15.60. Checks by GhanaWeb Business on January 21, 2025, at 8:40 AM show that the cedi is trading at GH¢16.20 to the dollar, while the pound is trading at GH¢19.60 at some major…
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ECG Leverages National Identification Card To Curb Revenue Losses
21 Jan

ECG Leverages National Identification Card To Curb Revenue Losses

CUD WontumiBusiness
Paul Ofori operates an internet café and printing press in Ashaley Botwe, a suburb of the capital, Accra. He ran out of power on a particular Saturday and could not buy with an app provided by the Electricity Company of Ghana (ECG), because of system failures. Ofori decided to find a way out and called an electrician in the neighborhood to re-connect him illegally, so he could work over the weekend and get the issue rectified on Monday. To his surprise just when he was opening the office on Monday morning, Ofori told the B&FT that officers from the ECG…
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GPRTU Awaits Transport Minister Nomination To Discuss Fare Adjustment
20 Jan

GPRTU Awaits Transport Minister Nomination To Discuss Fare Adjustment

CUD WontumiBusiness
The Ghana Private Road Transport Union (GPRTU) has announced that it is waiting for the nomination and approval of a Minister-designate for Transport before initiating discussions on a possible adjustment of transport fares. According to GPRTU, the recent hikes in fuel prices, recorded for the second time in January, have exceeded the 10% threshold required to warrant fare increases. The union attributes the rising fuel costs to global crude oil price surges and the depreciation of the cedi. Speaking in an interview, Abass Imoro, the Industrial Relations Officer for GPRTU, explained that their approach has always been to engage directly…
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Cedi Records Biggest Loss Last Week; One Dollar Selling At GH¢16.40
20 Jan

Cedi Records Biggest Loss Last Week; One Dollar Selling At GH¢16.40

CUD WontumiBusiness,
The Ghana cedi depreciated by 2.94% against the US dollar last week, bringing its year-to-date loss to 3.87% since January 2025. This depreciation was due to continued demand pressures from the manufacturing and energy sectors. It also follows the Bank of Ghana’s auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs). The local currency traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025. The cedi also shed 0.52% week-on-week against the pound and 1.52% against the euro. The cedi has begun trading this week unchanged…
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AMA Introduces Easy Rate Payment System Via Short Codes
20 Jan

AMA Introduces Easy Rate Payment System Via Short Codes

CUD WontumiBusiness
The Accra Metropolitan Assembly (AMA) has introduced a new digital payment platform to collect business operating permits and property rates via the shortcodes 22233# and 22255#, respectively. The initiative forms part of a broader strategy by the AMA to streamline revenue collection, improve data accuracy, and enhance service delivery for citizens and stakeholders. Mr. Nobel Atsu Ahadzie, the Director of Budget at AMA, introduced the platform during a Rate Payers’ Training programme organised for stakeholders at the Ablekuma South Sub-Metropolitan Council. The training aims to bring stakeholders up to speed with accessing and using the system to enable ratepayers to…
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TikTok Restores Service In US After Trump Pledge
20 Jan

TikTok Restores Service In US After Trump Pledge

CUD WontumiBusiness, ,
TikTok is resuming services to its 170 million users in US after President-elect Donald Trump said he would issue an executive order to give the app a reprieve when he takes office on Monday. On Saturday evening, the Chinese-owned app stopped working for American users, after a law banning it on national security grounds came into effect. Trump, who had previously backed a ban of the platform, promised on Sunday to delay implementation of the law and allow more time for a deal to be made. TikTok then said that it was in the process of "restoring service". Soon after,…
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MoMo Fraud On The Rise – Bank Of Ghana Warns
20 Jan

MoMo Fraud On The Rise – Bank Of Ghana Warns

CUD WontumiBusiness,
The Director of Fintech and Innovation at the Bank of Ghana, Mr. Kwame Oppong, says cases of mobile money fraud are on the increase, with fraudsters devising various means to scam both mobile money vendors and users of the mobile money platform. Speaking at the swearing-in ceremony of the new executives of the Mobile Money Advocacy Group, Mr. Oppong said the Mobile Money Regulatory framework in Ghana has been adjudged the number one globally, which is a big boost to the fintech industry, hence the need to protect the sector. Since the introduction of mobile money in Ghana, sending and receiving…
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