The Volta River Authority (VRA) has formally applied to the Public Utilities Regulatory Commission (PURC) for a significant upward adjustment in its Bulk Generation Charge (BGC), proposing a 59% increase. The Authority is requesting approval to raise the rate from 45.0892 Ghana pesewas per kilowatt-hour to 71.8862 pesewas per kilowatt-hour. VRA maintains that the increment...
Category: Business
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MTN Ghana to Phase Out 2G and 3G Networks Gradually, CEO Assures
MTN Ghana has revealed plans to gradually retire its legacy 2G and 3G networks, with a commitment to giving subscribers sufficient time to transition to more advanced technologies. Speaking at the Digital Africa Summit held in Accra, Chief Executive Officer Stephen Blewett emphasized that a considerable portion of MTN’s customer base still relies on older-generation...
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Cedi’s Stellar Run Stalls Amid Rising Year-End Import Demand
The Ghanaian cedi’s impressive run as the world’s top-performing currency has been curtailed by a sharp rise in demand for U.S. dollars, as businesses rush to settle import bills ahead of the festive season. Bloomberg data reveals that the cedi, the official currency of Africa’s leading gold exporter, has depreciated by 13% this quarter, marking...
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Fuel Price Changes Reflect Industry Forecasts
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...
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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...