Business Archives - Page 60 of 392

01 Aug

Govt To Lease Komenda Sugar Factory For 15 To 20 Years

wontumionlineBusinessKomenda sugar factory

The government is set to lease Komenda Sugar Development Company Limited to an Indian-based firm, West Africa Agro Limited for a renewable term of 15 to 20 years. Minister of Trade and Industry K.T. Hammond states that this initiative aims to revive the company’s operations to meet domestic demand. The Komenda Sugar Development Company Limited, also known as the Komenda Sugar Factory, was established in 1964 but halted operations for an extended period. In 2016, the previous NDC government secured a $35 million loan from the Indian Export-Import Bank, followed by an additional $24 million investment to revamp the operations…

01 Aug

Forex Bureaux To Verify Ghana Cards, Passports Before Transactions Effective August 1

wontumionlineBusinessForex bureau

The Bank of Ghana has announced an update to its foreign exchange trading system, introducing a centralised platform aimed at ensuring the integrity and development of the financial system. Effective August 1, 2024, all licensed Foreign Exchange Bureaux in Ghana will be required to verify customer identities using Ghana Cards or Passports before conducting any transactions. This new platform is a major milestone in the Bank of Ghana’s efforts to promote safe and sound operations within the foreign exchange market. The initiative is designed to improve oversight for Directors and Management of the bureaux, and enhance the Bank’s ability to…

01 Aug

BoG’s Independence Should Remain A Priority – IMF To Government

wontumionlineBusinessBoG, imf

The International Monetary Fund (IMF) wants the adoption by Cabinet of the amendments to the Bank of Ghana Act to remain a priority to strengthen the Central Bank’s independence. This follows the high exposure of the Central Bank to the Government of Ghana’s financing. According to the Fund, the recapitalisation of the Bank of Ghana should follow a cautious approach that considers fiscal space available under the Economic Credit Facility programme. It however stated that the Bank of Ghana’s commitment to maintain a prudent monetary stance is welcome, but more progress is needed to address the Fund’s safeguards assessment recommendations.…

01 Aug

BoG Acted Rightly In Disapproving Smith-Graham’s Appointment As UMB Board Chair – Court

wontumionlineBusinessBoG, Smith-Graham, UMB Board Chair

The High Court presided over by Justice Nana Brew dismissed an application for judicial review filed by George Smith-Graham, a former director of UMB Bank, against the Bank of Ghana (BoG). The decision was taken on July 10, 2024. Giving the judgment in favour of the BoG, the Court stated that the purpose of the Banks and Specialised Deposit-Taking Institutions Act, Act 930 and the Corporate Governance Directive 2018, was to enhance the supervisory powers of the Bank to ensure sanity in the banking sector. The Court explained that, it considered Section 102 of Act 930 and was of the…

01 Aug

Kenyan Court Nullifies 2023 Finance Law In New Blow To President Ruto

wontumionlineBusinessfinance Law, Kenyan court

Kenya’s Court of Appeal on Wednesday declared the government’s 2023 finance law unconstitutional, inflicting a new blow to the government of President William Ruto, who withdrew this year’s finance bill after deadly protests. The finance bills, which are presented to parliament at the start of every financial year, are the main vehicle for the government to set out its revenue-raising measures, including tax hikes and the introduction of new levies. The 2023 version was challenged in court following a round of political opposition-led street protests that turned violent, after Ruto’s government used it to double the value added tax on fuel, introduce…

31 Jul

Cedi Hits GH¢15.81 To $1 At Major Forex Bureaus As Of July 31

wontumionlineBusinessCEDI

Ghana's local currency continues to decline in value against major trading currencies, especially the US dollar. As of Wednesday, July 30, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢15.81 to $1 at some major forex bureaus in the capital, Accra. This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro. For instance, the local currency is going for GH¢20.34 to £1 while selling at GH¢17.15 for €1 at major forex bureaus across the country. International news portal Bloomberg recently ranked the Ghana cedi as…

31 Jul

Thousands Of Dollars Flown Out Of Nigeria Daily To Other African Countries – INTERPOL

wontumionlineBusinessInterpol, Nigeria

The International Police Organisation (INTERPOL), has stated that hundreds of thousands of dollars are being flown out of Nigeria to other African countries and around the world on a hourly basis. This was stated by Garba Baba Umar, the INTERPOL Vice President for Africa, who spoke at the EFCC Academy, Abuja when he declared a four-day workshop for Nigerian law enforcement agencies open. It was noted that evidence had shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy…

31 Jul

Change Your Business Models To Reduce NPLs – BoG To Savings And Loans Companies

wontumionlineBusinessBoG, Savings and loans

The Bank of Ghana is advising savings and loans companies across the country to reassess their business models. Head of Banking Supervision Department at the Bank of Ghana, Osei Gyasi said the companies should focus on investing in small and medium scale enterprises to help in reducing its non-performing loans (NPLs). Speaking at the 14th Annual General Meeting of the Ghana Association of Savings and Loans Companies, Mr. Gyasi said, the sector’s high financing costs have resulted in high lending rates, which he says is hurting the industry’s ability to compete. In his speech, he urged the savings and loans…

31 Jul

Fuel Prices To Fall Between 2% And 4% In Coming Days – IES

wontumionlineBusinessfuel prices, IES

The prices of petroleum products are expected to fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024. This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics. According to the Institute for Energy Security (IES), the price of petrol and deisel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024. “Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second…

31 Jul

BoG Launches Centralised Forex Exchange Platform

wontumionlineBusinessBoG, Centralised Forex Exchange

The Bank of Ghana (BoG) has unveiled a centralised foreign exchange trading platform. In a statement signed by the Secretary to the Bank of Ghana, Sandra Thompson, it explained that the decision aligns with the bank’s goal to maintain the integrity and development of the financial system. Starting August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for conducting foreign currency transactions. “This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business. The platform will improve oversight for Directors and Management of bureaux and…