Business Archives - Page 64 of 392

19 Jul

Police And BoG Shut Down Dek-Nock Investments For Unauthorized Deposit-Taking Activities

wontumionlineBusinessBoG, Dek-Nock Investments, Police, Unauthorized Deposit-Taking Activities

The Ghana Police Service, in collaboration with the Bank of Ghana, has shut down the operations of Dek-Nock Investments, which has branches in Nungua and Ashaiman within the Greater Accra Region. The action which took place on Friday, July 19, 2024, is in accordance with Section 20(2)(g) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930). In a statement issued by the Central Bank, it explained that Dek-Nock Investments was found to be engaged in unauthorized deposit-taking, which is a violation of Section 6(1) of Act 930. “The Ghana Police Service is conducting further investigations into the operations of Dek-Nock Investments. All…

19 Jul

Mass Global Outage Hits Banks, Airports, Telco Companies, Supermarkets And Others – Reports

wontumionlineBusinessMass Global Outage

Businesses such as banks, airlines, train companies, telecommunications companies, TV and radio broadcasters, and supermarkets have been affected by a massive global outage, causing them to go offline, as reported by Sky News. According to multiple reports on Friday, major US airlines have also not been spared from the outage, as airports in Germany, Amsterdam, and Spain are reporting similar issues resulting in many flights being grounded. The London Stock Exchange is said to be among the businesses that have been affected by this massive global outage, although the cause has yet to be identified. Payment systems have been impacted…

18 Jul

Nigeria Plans To Slap One-Off 50% Windfall Tax On Banks’ Foreign Profit

wontumionlineBusinessForeign profit, Nigeria

The Senate has approved President Bola Tinubu’s request to amend the Finance Act to impose a one-time windfall tax on banks’ foreign exchange profits in 2023. This request was contained in a letter sent on Wednesday and read by Senate President, Godswill Akpabio. A windfall tax is a higher tax levied by the government on sectors or businesses that have disproportionately benefited from favourable market conditions. The President said the money would be part of the revenue used to fund the additional N6.2tn added to the 2024 budget. The letter was presented as an Executive bill that read in part,…

18 Jul

Fitch Solutions Projects Positive Outlook For Ghana Cedi

wontumionlineBusinessFitch solutions

The Ghana cedi is expected to recoup some losses against the dollar in the coming months, Fitch Solutions has revealed. According to the London-based firm, this is due to improved investor sentiment, higher dollar inflows, and easing external conditions, In an article dubbed “Sub-Saharan Africa currency round-up: greater stability ahead in second half of 2024”, it said external conditions would offer more support to Sub-Saharan African currencies in the coming quarters. “We expect the Ghanaian cedi to fare better in the second-half of 2024. In the year to date, the cedi has lost 19.2 percent of its value against the…

18 Jul

COCOBOD Attributes Profit To Impact Of Debt Restructuring Of Cocoa Bills

wontumionlineBusinessCOCOBOD

The Ghana Cocoa Board (COCOBOD) has attributed its profit posted for the 2022/2023 crop season to the restructuring of the cocoa bills worth ¢7.9 billion. The cocoa regulator returned to profit after ending a six year losing streak, following the restructuring. Chief Executive Officer, Joseph Boahen Aidoo said the impact of the restructuring exercise has been positive. Speaking after a visit to some cocoa farms in the Western and Central regions of Ghana, Mr. Boahene Aidoo said the cocoa regulator posted some ¢2.3 billion profit through some key measures put in place by the regulator and the government. “Imagine paying…

18 Jul

Concerned Drivers Association To Increase Transport Fare By 15% Effective July 22

wontumionlineBusinessDrivers Association

The Concerned Drivers Association of Ghana has announced a 15% increase in transport fares, effective Monday, July 22. The Association cited the rising cost of fuel, with some oil marketing companies now selling products at prices exceeding GH₵15. Additionally, the increased prices of essential items such as spare parts, which are crucial for the transport business, have further necessitated this decision. The Public Relations Officer of the Concerned Drivers Association of Ghana, David Agboado expressed concerns about the adverse effects these rising costs are having on the transport sector. He emphasized that the fare increase is justified given the current…

18 Jul

Producer Price Inflation Increases To 25.9% In June

wontumionlineBusinessInflation

The latest data from the Ghana Statistical Service (GSS) reveals that the Producer Price Inflation (PPI) rate for June 2024 has climbed to 25.9%, up from 23.6% in May 2024. This marks a year-on-year increase of 25.9% between June 2023 and June 2024. The increase in the PPI represents a 2.5 percentage point rise compared to the rate recorded in May 2024. Additionally, the month-on-month change between May 2024 and June 2024 was 2.7%. The Producer Price Index measures the average change over time in the selling prices of goods and services received by domestic producers. According to the data,…

17 Jul

World Bank Lauds Bank Of Ghana’s Inflation-Fighting Success

wontumionlineBusinessbank of ghana, world bank

The Bank of Ghana’s robust independence has garnered commendation from the World Bank. The World Bank highlighted the Central Bank’s critical role in successfully implementing policy reforms to curb inflation in the Ghanaian economy. This was contained in the World Bank's latest Country Policy and Institutional Assessment (CPIA) report, titled "CPIA Africa 2024: Structural Reforms for a Vibrant Private Sector." The CPIA report underscores the significant achievements of the Bank of Ghana in maintaining monetary stability and enhancing economic credibility. It said the Bank’s independent stance has been instrumental in transitioning from managing global economic shocks to establishing stronger financial…

17 Jul

ECG Gets Third Board Chairman In Under 6 Months

wontumionlineBusinessAfenyo Markin, ECG

President Nana Addo Dankwa Akufo-Addo has appointed Alexander Kwamina Afenyo-Markin, the Majority Leader and Member of Parliament for Effutu, as the new Board Chairman of the Electricity Company of Ghana (ECG). This marks the third appointment to the position in the last six months, following the departures of Keli Gadzekpo and Herbert Krapa. The appointment was announced in a letter signed by the President's Secretary, Ambassador Nana Asante Bediatuo. In March, Keli Gadzekpo resigned as ECG board chair for personal reasons. He was succeeded by Herbert Krapa, the deputy energy minister, who was later appointed and confirmed as Minister of State at the Energy Ministry.…

17 Jul

Restructured Debt Helps Cocobod Post $149.8M Profit – Auditor General’s Report

wontumionlineBusinessCOCOBOD

Ghana’s cocoa marketing board (Cocobod) made a GH¢2.3 billion ($149.84 million) profit in 2022/23, helped by the restructuring of its debt, the Auditor General said in a report obtained by Reuters on Tuesday. The report showed that the cocoa regulator posted its first profit after six straight years of losses. Ghana, the world’s number two cocoa producer has been restructuring its $30 billion debt, including debt from the cocoa sector, to be able to implement a $3 billion, three-year International Monetary Fund program and recover from its worst economic crisis in a generation. Last month, it finalised a deal with its official…