Business Archives - Page 59 of 392

07 Aug

Find Innovative Ways To Support Women-Led Businesses – Banks Urged

wontumionlineBusinessWomen led businesses

Dr. Kweku Arthur-Annobil, Business Strategy Manager of Business and Commercial Banking at Stanbic Bank Ghana, has urged Ghanaian banks to find innovative ways to support women-led businesses, especially in the face of current economic challenges. Dr. Arthur-Annobil said this during a multi-stakeholder engagement on enabling resilient women-led businesses in Ghana. Speaking on a panel discussion on the subject, he emphasized the crucial role banks must play in supporting women-led businesses. He noted that “Non-Performing Loans (NPL) ratio, which has increased from 15% in early January 2023 to nearly 30%, reflects the lingering effects of the economic difficulties from 2020 and…

06 Aug

Inflation Expected To Reach 15% By End Of 2024 – Amin Adam

wontumionlineBusinessfinance minister Amin Adam, inflation rate

Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, has projected that Ghana’s inflation rate will reach 15% by the end of 2024. Speaking during a town hall meeting in Accra, he highlighted that the Akufo-Addo-Bawumia administration’s efforts in managing inflation despite economic challenges, noting that the current government has achieved significant reductions in inflation rates since taking office in 2017. Dr. Amin Adam compared the current inflation rate to that of the previous National Democratic Congress administration, which recorded inflation rates of 17.7% in 2015 and 15.4% in 2016. In contrast, the NPP government, according to…

06 Aug

Gold Exports Surge To Record Highs In First-Half 2024

wontumionlineBusinessGold Export

Domestic gold exports soared to unprecedented levels in first-half 2024, driven by a surge in gold prices and increased production from both small- and large-scale miners. According to Chief Executive Officer (CEO) - Minerals Commission, Martin Ayisi, gold exports accounted for 54 percent of total export – amounting to US$5billion of the US$9.2billion total exports at end-June 2024. The spike in gold prices, particularly in the second quarter of 2024, significantly contributed to this. The average gold price hit a record US$2,338 an ounce in the second quarter, marking an 18 percent year-on-year (YoY) increase and a 13 percent rise…

06 Aug

UK Trade Mission Targets Opportunities In Ghana, Nigeria

wontumionlineBusinessUK Trade Mission

The recent ‘Build and Construction’ Trade Mission to Nigeria and Ghana, organised by the UK’s Department for Business and Trade (DBT), is envisaged to significantly impact the construction sectors in both West African nations. UK companies had a chance to identify new business opportunities and build valuable connections, potentially transforming the local construction landscape. The trade mission aimed to uncover market opportunities, facilitate high-level networking and identify potential projects and partnerships, showcasing UK expertise in various construction disciplines. The delegation included key figures from the UK construction industry such as Emeka Okorocha, Managing Director of iStrat Consulting; Phil Dowrick, Client…

06 Aug

Banking Sector Clean-Up: NPP Rescued Banks From Collapsing Completely – Prof. Boadi

wontumionlineBusinessBanking sectors

A professor of accounting and finance at the University of Professional Studies, (UPSA) Isaac Boadi, has said the banking sector clean-up was in favour of Ghanaian banks and financial institutions. According to him, if the National Democratic Congress (NDC) had won the 2016 elections, the banking sector would have completely collapsed because the cleanup would not have happened. “Let me point out here that if the NDC had won the 2016 elections and they were not going to implement the cleanup as was done by this government, the banking sector would have collapsed completely,” he was quoted by asaaseradio.com. Prof. Boadi noted…

06 Aug

Fisherfolks In James Town Experience Bumper Catch

wontumionlineBusinessfishing, Jamestown

Fisher folks in James Town, an indigenous Ga fishing town in the city of Accra have been experiencing bumper catch after the ban on artisanal and inshore fleet fishing was lifted last week. The Ministry of Fisheries and Aquaculture Development last week lifted the ban on fishing activities for this year’s close season for artisanal and inshore fleets. The fishing close season, which prevented the fishers from fishing in Ghana’s waters for a month, was introduced by the Ministry and the Fisheries Commission as a measure to replenish the country’s fishery stock which data suggest has been dwindling. The period…

02 Aug

Tema Motorway Interchange To Be Opened To Traffic In November

wontumionlineBusinessInterchange, Tema Motorway

The interchange currently under construction on the Tema motorway is expected to be opened to traffic in November this year, instead of December in order to reduce traffic congestion in the area. This is also to enable the contractors working on the “Project for the Improvement of the Tema motorway roundabout Phase II” to work on sections of the road currently being used by motorists. The Assistant Resident Supervisor of the project, Yaw Tenkorang Osei, disclosed this on Wednesday during a site visit by officials from the Japanese Embassy and the Japan International Cooperation Agency (JICA). He said the earlier…

02 Aug

Nigerian Banks Spend Over US$500 Million On Buying Private Jets – Otedola Laments

wontumionlineBusinessFemi Otedola, jets, Nigeria banks

Nigerian tycoon Femi Otedola has expressed concern about the excessive spending of the country's banks. He argues that Nigerian banks spend an estimated $50 million annually just on maintaining private jets, with over $500 million spent on purchasing nine private jets by four banks. Otedola, who is also the Chairman of First Bank of Nigeria (FBN), believes that banks operating in the country should reduce their lavish spending. He expressed strong support for imposing a new windfall tax on banks to rebuild public trust and support the domestic economy. “Nigerian banks are spending an estimated $50 million annually just on…

02 Aug

Indian-Based Firm To Operate Komenda Sugar Factory Under Long-Term Lease

wontumionlineBusinessKomenda sugar factory

The government has announced plans to lease the Komenda Sugar Development Company Limited to West Africa Agro Limited, an Indian-based firm, for a renewable term of 15 to 20 years. According to Minister of Trade and Industry K.T. Hammond, this move is intended to revive the company’s operations to meet domestic demand. Established in 1964, the Komenda Sugar Development Company Limited, also known as the Komenda Sugar Factory, has been inactive for an extended period. In 2016, the previous NDC government secured a $35 million loan from the Indian Export-Import Bank and invested an additional $24 million to revitalize the…

02 Aug

Ghana Shippers’ Authority Bill, 2024, Approved By Parliament

wontumionlineBusinessGhana shippers Authority Bill

Parliament has successfully passed the Ghana Shippers’ Authority Bill, 2024, into law following its third reading on the floor of the House on Monday, July 29, 2024. This new legislation updates the Ghana Shippers’ Authority’s 50-year-old establishment law, NRCD 254 (1974), and introduces key regulations for the commercial activities of shippers. One of the primary aims of the law is to address the issue of unfair and excessive charges that burden traders using Ghana’s sea and air ports, as well as land borders for international trade. The law mandates transparency in determining port fees and charges, ensuring accountability in the…