Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices in line with industry projections. At Goil, the price of petrol is now selling at GH¢12.90 per litre, up from GH¢12.88. Diesel, however, has been reduced from GH¢14.30 to GH¢13.90. Shell has also adjusted its prices, with petrol selling at GH¢13.59 per litre compared to...
Category: Business
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Ghana’s SOEs End 2024 with Gh₵9.7m Net Loss Amid Rising Debt Burden
Ghana’s state-owned enterprises (SOEs) concluded the 2024 fiscal year with a net deficit of Gh₵9.7 million, up from Gh₵7.1 million in 2023, despite indications of improved operational output, according to the latest State Ownership Report. The sector’s earnings before interest and tax (EBIT) saw a notable turnaround, reaching Gh₵1.57 million in 2024, a sharp contrast...
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Evanex Gold Enterprise License Suspended Over Alleged Illegal Trading
The Ghana Gold Board (Goldbod) has officially suspended the operating license of Evanex Gold Enterprise, a Tier 2 licensed gold buying firm, following adverse findings from an ongoing investigation into illegal gold trading activities. In a press statement issued on Thursday, August 28, GoldBod directed all licensed traders, miners, and the general public to desist...
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Ghana and Singapore Forge Partnership to Advance Cross-Border Payment Systems Under AfCFTA
President John Dramani Mahama has revealed that Ghana and Singapore will work together to establish interoperable cross-border payment frameworks designed to enhance trade and attract investment within the African Continental Free Trade Area (AfCFTA). This strategic collaboration was formalized during bilateral discussions with Singapore’s President Tharman Shanmugaratnam, held as part of Ghana’s official visit to...
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Forex Woes Empower Cartels at Ports — IEAG Demands Urgent Reforms
The Importers and Exporters Association of Ghana (IEAG) has sounded the alarm over what it describes as a “mafia-style” network operating illegal auctions at the country’s ports, accusing politically influential groups of exploiting the ongoing foreign exchange crisis to seize goods from legitimate traders. In a strongly worded statement signed by its Executive Secretary, Mr....
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Ghana’s Sports Minister Urges Turkish Investment Amid Economic Growth
The Minister for Sports and Recreation, Hon. Kofi Adams, has called on Turkish investors to seize emerging opportunities in Ghana and across Africa, citing new initiatives outlined in the government’s 2025 Budget and Economic Policy. Speaking at the 13th World Cooperation Industries (WCI) Forum in Istanbul, Turkey, Mr. Adams emphasized that Ghana’s improving economic indicators...
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Mahama Sets Sights on Billion-Dollar Trade as Ghana-Singapore Ties Deepen
President John Dramani Mahama has announced that trade between Ghana and Singapore exceeded US$215 million in 2024, and he is now aiming to push that figure into the billions. Speaking at the opening ceremony of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, President Mahama emphasized Ghana’s readiness to strengthen its economic relationship with...
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President Mahama Hails Ghana Cedi as World’s Top Currency at Japan Forum
President John Mahama has proclaimed that the Ghanaian cedi is the strongest-performing currency globally this year, as he encouraged Japanese companies to explore emerging investment prospects in Ghana. Addressing the Ghana Presidential Investment Forum held alongside the 9th Tokyo International Conference on African Development (TICAD IX) on Wednesday, Mahama said Ghana has regained macroeconomic stability...
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GoldBod Launches Strict Enforcement of Receipt Requirement for Licensed Gold Buyers
The Ghana Gold Board (GoldBod) has officially launched a nationwide enforcement campaign requiring all licensed gold buyers to issue GoldBod receipts for every transaction. This move comes after several delays and an extended grace period granted to traders to regularize their operations and secure the appropriate licences to continue trading legally. In a statement issued...
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BoG Imposes 5-Year Credit Ban on Wilful Loan Defaulters
The Bank of Ghana (BoG) has introduced stringent measures aimed at curbing the rising tide of non-performing loans in the banking sector. Under the new directive, individuals who deliberately refuse to repay loans despite having the capacity to do so will be barred from accessing credit from any regulated financial institution for a period of...