Business Archives - Page 65 of 392

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…

17 Jul

We’ve Exceeded Target Of Onboarding 600 Large Companies On E-VAT Platform – GRA

wontumionlineBusinessE-VAT

The Ghana Revenue Authority (GRA) has announced that it has exceeded its target of signing on 600 large companies on its Electronic (E)-VAT platform by 40 companies. In May 2024, the Authority pledged to bring onboard over 600 large companies onto its E-VAT system by June of the same year to enhance revenue collection and monitoring. Speaking at a brief meeting with the Presiding Bishop of the Methodist Church Ghana, Rev. Dr. Paul Boafo, the Board Chair of GRA, Joe Ghartey noted that the company is planning to onboard more companies on its E-VAT platform. “For example, there is a…

17 Jul

IMF Maintains Global Growth Forecast At 3.2% For 2024

wontumionlineBusinessGlobal warming, imf

Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2% in 2024 and 3.3% in 2025. According to the International Monetary Fund, global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia, particularly in the technology sector. Relative to the April 2024 WEO, first quarter growth surprised on the upside in many countries, although downside surprises in Japan and the United States were notable. In the United States, after a sustained period of strong outperformance, a sharper-than-expected slowdown in growth…

16 Jul

Sahelian Security Impasse Major Regional Concern – Pres Akufo-Addo

wontumionlineBusinessSahelian Security Impasse

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has emphasized the necessity for increased efforts towards dealing with the disturbing security situation in the Sahel. A situation he bemoans as not only confirmed to the Sahel, but President Akufo also-Addo said it remains a nightmare that the resolve of the Jihadist insurgents in the Sahel is focused on reaching the coast and linking up with pirates operating with the Gulf of Guinea. It is to avert this, that finding the means and working towards how to resolve the security situation in the Sahel have become a “major security preoccupation…

16 Jul

President Akufo-Addo Unveils GHc8.2 Billion SME Growth And Opportunity Programme

wontumionlineBusinessSMEs

In a landmark initiative aimed at boosting Ghana's economic landscape, President Nana Addo Dankwa Akufo-Addo today unveiled the SME Growth and Opportunity (GO) Programme at the SME Growth and Opportunity Summit held at the Kempinski Hotel, Accra. The comprehensive programme is backed by a substantial GHS 8.2 billion funding package and aims to support small and medium-sized enterprises (SMEs), which are pivotal to the nation's economic prosperity. President Akufo-Addo emphasized the critical role SMEs play in Ghana’s economy, highlighting that they constitute 92% of businesses and contribute 70% to the GDP. Despite their significant contributions, SMEs face numerous challenges, particularly…

16 Jul

Dangote Refinery Employees Dominated By Gen-Z Nigerian Engineers

wontumionlineBusinessDangote Refinery

The Dangote Refinery, poised to become one of the world’s largest petroleum producers, is primarily operated by a new generation of Nigerian engineers. Remarkably, these engineers have an average age of 26, placing them squarely within the Gen Z demographic. With a capacity to produce 650,000 barrels per day, the refinery is set to become one of the largest suppliers of petroleum products globally. As you step into the complex, the scale of operations is immediately evident. The refinery’s expansive network of pipes, distillation columns, and control rooms hum with activity, reflecting the intricate processes at play. Built at an…

16 Jul

Ghana Becomes First Country In Africa To Implement Cybersecurity Regulatory Framework

wontumionlineBusinesscybersecurity

The Cyber Security Authority (CSA) has licensed 51 cybersecurity players in line with a major step to align the country’s cybersecurity standards with global benchmarks. Comprising Cybersecurity Service Providers (CSPs), Cyber security Establishments (CEs), and Cybersecurity Professionals (CPs), they are duly accredited to offer cybersecurity services. This makes Ghana the first country in Africa and the second globally, following Singapore, to implement a comprehensive regulatory framework for these Cybersecurity players. At a ceremony last Friday, the Director-General of the CSA, Dr Albert Antwi-Boasiako, cautioned that persons or institutions who offer cyber security services without a license or accreditation were in…

16 Jul

Ghana’s Cocoa Production Output Hit 429,323 Metric Tons At The End Of June – Report

wontumionlineBusinesscocoa production output

Ghana's cocoa production output reached 429,323 metric tons at the end of the harvest in June this year, according to data released by the cocoa regulator, COCOBOD. Reuters reports that this production output is less than 55 percent of the average seasonal output. The decline in cocoa output has been attributed to disastrous harvests caused by poor weather conditions, swollen pod disease, and illegal mining activities, particularly in Ghana. These developments, along with supply chain disruptions, have pushed up the prices of cocoa on the international market. Cumulatively, Ghana and Ivory Coast account for about 60 percent of the global…

16 Jul

Fuel Prices Cross GH¢15 Per Litre At The Pumps

wontumionlineBusinessfuel prices

Some Oil Marketing Companies (OMCs) across the country have started to increase their prices for petroleum products at the pumps as the second pricing window for July has begun. This means that petroleum consumers are expected to pay more for various products effective July 16, 2024. Checks by GhanaWeb Business showed that leading oil marketing companies such as Shell have raised the price of a litre of petrol from GH¢14.80 to GH¢15.10. Similarly, the price of a litre of diesel has gone up from GH¢14.92 to GH¢15.25. In the coming days and hours, it is expected that more OMCs operating in the…