BUSINESS

Flagbearer of the New Patriotic Party (NPP) Vice President Dr Mahamudu Bawumia has said that the Akufo-Addo administration has successfully made digitization a central pillar of our economic strategy. He called on Ghanaians to embrace the Fourth industrial revolution which is digitalisation. Dr Bawumia said these when he was speaking at the launch of the CitizenApp in Accra on Monday, ...

Inflation for September 2024 has climbed to 21.5%, up from 20.4% recorded in August, largely due to a surge in food prices. Food inflation rose sharply to 22.1% from August’s 19.1%, reversing a five-month downward trend. In contrast, non-food inflation saw a slight decrease, falling to 20.9% from 21.5% in the previous month. Announcing the latest figures, Government Statistician Samuel ...

In a groundbreaking move, the Presidential Candidate of the ruling New Patriotic Party, NPP, Dr Mahamudu Bawumia has announced the imminent arrival of electric buses to support Ghana’s public transportation system. This innovative initiative promises to slash public transport fares by approximately 40%, providing relief to millions of commuters nationwide. A Long-Awaited Solution Ghana’s public transportation sector has long been ...

The Cocoa & Forests Initiative (CFI), the largest and first sector-wide public-private partnership in the cocoa industry, has released its latest annual report. The report said in 2023, CFI made significant strides in traceability systems, forest conservation and climate adaptation. The report noted that despite it being a challenging year marked by erratic weather patterns, an increase in pests and ...

The Ghana Manganese Company (GMC) is beginning the construction of a new manganese refinery in November 2024. The project, aimed at upgrading the current low-grade carbonate manganese into a higher-value product, is part of a $450 million investment, with the first phase expected to cost $240 million. This initial phase, projected to be completed within 24 months, will include the ...

AngloGold Ashanti has acquired Egypt-focused gold miner Centamin in a $2.5 billion (£1.9 billion) stock and cash deal. The transaction will see the South African company become the world’s fourth-largest gold producer. The deal grants AngloGold control of the Sukari mine, Egypt’s largest and first modern gold operation, as well as one of the world’s top-producing mines. The addition of ...

The Ghana Union of Traders Association (GUTA) has bemoaned the recent hikes in water and electricity tariffs, warning that the increases will intensify the financial burden on citizens and further weaken their purchasing power. The Public Utilities Regulatory Commission (PURC) announced on Saturday, 28 September 2024, that electricity tariffs will rise by 3.02 per cent, with water tariffs increasing by ...

The CEO of the Ghana Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has stressed the importance of financing the private sector to stimulate economic growth, especially in an environment where borrowing from the government has dominated the financial space. Speaking on Joy News’ PM Express Business Edition, he stated that banks must conduct a proper risk analysis to ensure ...

In June 2024, there was a decline in the annual growth in the total money supply (M2+) – all of the currency in circulation, as well as liquid financial products such as certificates of deposits – relative to the corresponding period of 2023, largely driven by a slower pace of growth in the Net Domestic Assets (NDA) of depository corporations, ...

The inflation rate for August 2024 decreased to 20.4%, down from 20.9% in July, marking the sixth consecutive month of decline since March, when it was 25.8%. According to the government Statistician, Prof. Samuel Kobina Annim, the drop in inflation is attributed to a decline in food inflation, which fell to 19.1% in August, while non-food inflation rose to 21.5%. ...