Monday, September 16

Business

Ghana Outddors Debt Restructuring With $13bn Bond Offer
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Ghana Outddors Debt Restructuring With $13bn Bond Offer

In a significant move towards debt restructuring, the Ghanaian government has launched an offer to restructure $13 billion of its international bonds. The move comes more than two months after the government reached a preliminary agreement with two bondholder groups. The offer, which was published in a regulatory statement on the London Stock Exchange, invites holders of the bonds to swap their holdings for new instruments. Bondholders have until September 30 to accept the offer, but those who agree to do so before September 20 will be eligible for a 1% consent fee. This development is a major milestone in Ghana’s debt restructuring efforts, which have been ongoing since the country defaulted on most of its $30 billion of international debt in 2022. The default was triggered...
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GACL hails Virgin Atlantic’s return to Ghana
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GACL hails Virgin Atlantic’s return to Ghana

The Ghana Airports Company Limited (GACL) has welcomed Virgin Atlantic’s decision to resume operations in Ghana starting May 2025. This will be the 25th airline to operate out of Kotoka International Airport and will have a daily flight schedule on a Boeing 787 Dreamliner aircraft. The return of Virgin Atlantic Airline to operate from Ghana underscores the confidence in Ghana’s aviation industry and significantly boosts efforts to establish Ghana as the preferred aviation hub and leader in airport business in West Africa. Managing Director of GACL, Mrs Yvonne Nana Afriyie Opare, expressed excitement and enthusiasm on behalf of the Board, Management and Staff. “We are thrilled to welcome Virgin Atlantic back to Ghana, which will become the 25th international airline to operate a...
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Absa gives GH₵200,000 to customers, launches new affluent cards
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Absa gives GH₵200,000 to customers, launches new affluent cards

 Absa Bank Ghana Limited has named five customers who are to receive a total of GHS200,000 for the month of August in the “Change Your Story” campaign launched in July this year. The campaign, which offers a substantial cash prize of GH₵40,000 to each customer, is aimed at rewarding customers with greater convenience and financial flexibility for embracing the Bank’s digital banking solutions. The Bank named the winners at the first monthly draw where it also launched its new Signature and Infinite Cards targeted at affluent customers. The cards are designed to provide unparalleled luxury benefits in the form of concierge services, comprehensive travel insurance of up to $2.5 million, and exclusive access to ove...
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Fuel price reduction: Petrol going for GH₵14.16, diesel GH₵14.70 a litre
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Fuel price reduction: Petrol going for GH₵14.16, diesel GH₵14.70 a litre

Some oil marketing firms have started reducing prices of petroleum products at the pumps from today September 2, 2024. Market leader GOIL is selling at litre of petrol at GH₵14.16. This represents a 6 pesewas drop per liter and 0.42 percentage point reduction per litre of petrol. Diesel is also going for GH₵14.70 from its old price of GH₵14. 90. This represents 20 pesewas drop in prices, and 1.34 percentage points reduction per liter of diesel. The second biggest Oil Marketing Firm, based on half year industry data, Star Oil has also reduced prices of its petroleum products. The company reduced the price of petrol per litre by some 0.73 percentage points, going for GH₵13.65. This represents 10 pesewas reduction from the previous price Star Oil was selling on the market. ...
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Blue Gold takes over operations of Bogoso and Prestea mines
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Blue Gold takes over operations of Bogoso and Prestea mines

One of the world’s oldest and largest independent commodity trading companies, Gerald Group, has taken over the operations of the Bogoso and Prestea mines under the name Blue Gold Bogoso Prestea Limited. Blue Gold Bogoso Prestea Limited took over the mines operations from Future Global Resources (FGR) after a major break in December 2023 following agitations by aggrieved staff who demanded a change of owners, citing reasons of inefficiency and mismanagement. Blue Gold Bogoso Prestea Limited, in a September 2 statement, indicated “over 200 staff resumed work in August and the company will continue to expand the number of workers on site during September and October.” The Ghana Mineworkers’ Union joined the aggrieved staff with a series of picketing at the Ministry of Lands and Natu...
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Ghana set to raise cocoa farmgate price by nearly 45%, sources say
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Ghana set to raise cocoa farmgate price by nearly 45%, sources say

Summary Price rise needs Cabinet approval Ghana also increased prices in April Price increase in Ivory Coast could follow ACCRA, Sept 2 (Reuters) - Ghana will increase the state-guaranteed price paid to its cocoa farmers by nearly 45% for the 2024/25 crop season, two sources with knowledge of the price review told Reuters, to help boost their incomes and deter bean smuggling out of the country. The world's number two cocoa producer raised the farmgate price by more than 58% to 33,120 cedi ($2,123.08) per metric ton, or 2,070 cedi per 64 kilogram (kg), in April for the rest of the 2023/24 season. The mid-season price hike came after top cocoa producer, neighbouring Ivory Coast, raised its farmgate price to 1,500 CFA francs (US$2.55), or around 40 cedis, per kg for ...
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Standard Chartered Ghana pays dividend of GH¢397 million
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Standard Chartered Ghana pays dividend of GH¢397 million

Standard Chartered Bank Ghana PLC’s resilient performance for 2023 has resulted in the Bank declaring an ordinary dividend per share of GH¢2.9454 with a total amount of GH₵ 397 million to be paid to ordinary shareholders and GH¢ 3 million to preference shareholders resulting in a total of GH¢ 400 million.  The declaration, made during a virtual Extraordinary General Meeting (EGM) marks a significant turning point for Ghana’s banking industry, boosting investor confidence in the financial industry sub-sector of the economy. The Bank of Ghana in a January 2023 directive instructed banks to suspend dividend payments. This move was aimed at helping financial institutions weather the storm caused by the DDEP. Ebenezer Asante Twum, the Board Chair of Standard Chartered Bank Ghana P...
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Ministry of Finance to introduce 36 Double Taxation Agreements
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Ministry of Finance to introduce 36 Double Taxation Agreements

Daniel Nuer, Head of the Tax Policy Unit at the Ministry of Finance, Ghana, has revealed that the Ministry of Finance is working to introduce about 36 more Double Taxation Agreements in addition to the 14 currently being enforced in Ghana. According to Mr. Nuer, six of the agreements are pending Parliamentary ratification, five are still being negotiated (Hungary, Israel, UAE, Korea, and Egypt), while five more have been concluded but are yet to be signed. Furthermore, while discussions have begun on three others, three more are being renegotiated. “We are renegotiating them because although they were negotiated a while back - some more than 20 years ago, they were not ratified. Things have changed then, such as models which are now outmoded so we need to renegotiate them and brin...
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Remittances generate more revenue than gold and cocoa – Dr. Atuahene
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Remittances generate more revenue than gold and cocoa – Dr. Atuahene

Banking and Finance analyst, Dr. Richmond Atuahene says Ghana's inflow from remittances is higher compared to cocoa, oil and even gold. This according to him is because the country "generated $28.6 billion from it (remittances) over a 10-year period as compared to $18.7 billion from cocoa and $7.6 billion from gold." Speaking at the third edition of the Graphic Business/Stanbic Bank Breakfast Meeting on August 20, at the Labadi Beach Hotel in Accra, Dr. Atuahene stressed that if the revenue generated from gold is added to that of cocoa, remittances will still top leaving a gap of $2.3 billion.  "So that is why some of us have described it as gold, super gold, because it is something if it is well structured, captured, traced into the balance sheet, I think Ghana will be somew...
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World Bank Pledges $1bn To Boast Ghana’s Economy
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World Bank Pledges $1bn To Boast Ghana’s Economy

In a significant boost to Ghana’s economic recovery efforts, the World Bank has announced plans to disburse $1 billion over the next 12 months. This funding aims to stabilize the economy, support private businesses, and finance critical projects. According to Robert O’Brien, World Bank Country Director, this disbursement is in addition to the $1.6 billion already provided to Ghana since last year. O’Brien expressed satisfaction with the government’s measures to stabilize the economy, which has influenced the World Bank’s decision to provide further support. The funding will focus on projects identified in the budget and initiatives aimed at reducing poverty. An additional $5 billion has been allocated for social intervention programs and infrastructure projects under the Wor...
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