Author: Admin
The FDI component of the 69 projects which was estimated at US$ 179.07 million also dropped by 33.36 percent compared with the 72 projects with estimated FDI component of 268.73 million recorded during the same period in 2023.
To utilise space technology for national advancement, Ghana has launched a landmark Space Science Policy. The Minister of Environment, Science, Technology and Innovation (MESTI), Mrs Ophelia Hayford, led the launch in Accra, noting the significance and the promise space technology held for various sectors when adopted and regulated. “Let us leverage this policy to promote sustainable practices, drive technological advancement, foster international cooperation, and contribute significantly to the growth of space science in Ghana and across Africa,” she urged. The Manager of Remote Sensing and Climate at MESTI,Dr Kofi Asare said:“Satellite technology allows us to track crop health, soil conditions,…
Newmont Corporation has declared a third-quarter dividend of $0.25 per share. Concerning its third quarter 2024 results, Newmont President and CEO Tom Palmer said: “In the third quarter, Newmont delivered 2.1 million gold equivalent ounces and generated $760 million in free cash flow from our world-class portfolio.” He added: “We continue to make meaningful progress on our non-core divestment program with the two transactions announced in the quarter, which are expected to deliver up to $1.5 billion in combined gross proceeds. Our divestiture progress and strong free cash flow generation have positioned us to continue reducing debt and repurchasing shares,…
The Cocoa Processing Company Limited (CPC), Ghana’s state-owned cocoa processor, reported a net loss of $13.08 million for the nine months ending September 30, 2024—a 5.6% rise from its $12.38 million loss during the same period last year. The deepening losses are primarily driven by rising operational costs, including higher selling, distribution, and financial expenses. According to CPC’s unaudited third-quarter financial statement, revenue fell to $31.1 million, down 3.86% from $32.3 million in the prior-year period. The production also took a significant hit: cocoa bean processing dropped to 3,256 metric tonnes from 7,051 metric tonnes in 2023, while the output…
The Health Services Workers’ Union (HSWU) of TUC (Ghana) has issued a strong warning to government over delays in finalising a new Collective Agreement with health agencies under the Ministry of Health, cautioning that members may be forced to take action if negotiations do not conclude by Monday, 11 November 2024. In a statement issued last week, the union expressed mounting frustration among members over the prolonged negotiations. The talks, which were due for a mandatory review in November 2023, have stalled despite efforts to address essential working conditions amid escalating economic challenges. As required by law, the union submitted…
The Ghanaian cedi has depreciated by an alarming 74% against the US dollar over the past three years, according to new figures from the Institute of Economic Affairs (IEA). This trend, which the IEA describes as “a huge depreciation by all standards,” underscores the depth of the currency’s volatility and hints at further pressures ahead. The cedi’s value declined by 30% in 2022, followed by 27.8% in 2023, and has already dropped nearly 29% against the dollar in 2024. The currency’s persistent slide reflects a range of structural vulnerabilities, from global economic shifts to local political and fiscal pressures. With…
Ghana’s main opposition leader said he would renegotiate an International Monetary Fund program to reduce taxes and smooth loan repayments if he wins next month’s elections. “We must look at rationalizing the issue of tax revenues,” to help the economy as it emerges from a debt crisis, John Dramani Mahama said in an interview at his office in the capital, Accra with Bloomberg. Under the current IMF program “government is not doing much to reduce expenditure, but doing everything to increase taxes and it’s making Ghana an unfavorable destination for business,” the former president and leader of the National Democratic…
Inflationary pressures have intensified in recent times, leading to a general increase in the prices of goods and services The Institute of Economic Affairs, in its latest Economic Outlook for September-October 2024, noted that the current rate of inflation suggests that Ghanaians spend approximately 43% of their income on food alone. According to the report, inflation decreased steadily from 38.1% to 21.5% during the past year (September 2023-September 2024), representing a drop of 16.6 percentage points. While food inflation was higher than combined inflation for most of the year, it also contributed significantly to the overall decline in inflation during…
The meaningful integration and collaboration with mining communities and indigenous people are essential to shaping the future of mining,” says Laura Nicholson, Head of Content & Strategic Partnerships for Mining Indaba.
Banks and financial technology companies (Fintechs) are leveraging digitalisation to provide tailored solutions that support the growth and sustainability of Small and Medium-sized Enterprises (SMEs) in Ghana. This includes the use of digital loan application systems, fast and reliable payment, and money transfer services such as mobile money interoperability, and online business advisory services. These developments were highlighted during the second edition of the Consolidated Bank Ghana (CBG) ‘Thought Leadership’ series, themed “Harnessing Emerging Technologies for SME Growth.” The event, attended by stakeholders from the banking sector, telecommunications, financial technology, regulatory institutions, and policymakers, emphasized the need for stronger partnerships…