Joy Business

22/04/2024

Zenith Bank Ghana capped off a stellar year in 2023, with total assets surging by nearly 44% to reach GH¢13.86 billion, as profit before tax moved to GH¢1.02 billion.

“We are glad to see the trust our customers have placed in the bank's stability and financial strength. This deposit mobilisation strengthened our liquidity position, allowing us to continue providing essential financial services to our clientele,” Henry C. Onwuzurigbo, Managing Director/Chief E...

22/04/2024

The Ghana Chamber of Bulk Oil Distributors (CBOD) has allayed the fears of consumers that fuel prices may go up astronomically by the end of April this year. The Chamber said its assessment of the variables that influence prices at the pumps, particularly the exchange rate, had been stable in the last week, adding that the situation may not have any huge impact on prices of petrol, diesel, and Liquefied Petroleum Gas (LPG).

The Ghana Chamber of Bulk Oil Distributors (CBOD) has allayed the fears of consumers that fuel prices may go up astronomically by the end of April this year.

22/04/2024

Navigating the journey towards retirement can be both exciting and challenging. Planning for the future requires careful consideration and strategic decision-making to ensure financial security and peace of mind during your golden years.

Join us on our new series of MoneyLab as we share valuable retirement nuggets.

22/04/2024

Finance Minister, Dr Mohammed Amin Adam, has revealed that the bilateral creditors through the Official Creditor Committee have shared the draft document on Ghana’s debt restructuring with members for consideration.

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22/04/2024

The Ghana Chamber of Bulk Oil Distributors (CBOD) has allayed the fears of consumers that fuel prices may go up astronomically by the end of April this year.

The Chamber said its assessment of the variables that influence prices at the pumps, particularly the exchange rate, had been stable in the last week, adding that the situation may not have any huge impact on prices of petrol, diesel, and Liquefied Petroleum Gas (LPG).

Speaking to journalists in Accra, Dr Patrick Kwaku Ofori, Chief Executive Officer, CBOD, dismissed reports claiming that prices of petrol and diesel would hit at least GHS18 per litre by next week.

“Despite the fear-mongering that the dollar was going to close at GHS 14, to be fair, it has been relatively stable, which is far better than what happened the previous weeks.

“Now the price is GHS14.99 (per litre). It’ll get to GHS18 (per litre) unless the dollar hits maybe GHS15, but I can’t foresee the dollar hitting even GHS14 by even next week,” he said.

22/04/2024

The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, says the implementation of the Cylinder Recirculation Model (CRM) policy will improve safety in the distribution of LPG and bring it closer to the people.

Dr. Abdul-Hamid made the remarks in a speech read on his behalf by Dr. Joseph Wilson, Director of Research Monitoring and Evaluation of the NPA at a consumer sensitization programme on the (CRM) held on Wednesday at the Catholic Social Center in Bolgatanga in the Upper East Region.

22/04/2024

Ghana’s inflation is expected to nose dive to 11.5% on average in 2025, the International Monetary Fund has revealed in its Regional Economic Outlook for Sub-Saharan Africa.

This is against an average inflation of 22.3% in 2023.

The Fund also projected a Gross Domestic Product (GDP) growth of 4.4% in 2025, as against 2.8% in 2023. This indicates that there will be an increase in aggregate demand and supply in the economy next year.

According to the Fund, headline inflation in sub-Saharan Africa has been declining since reaching its peak in November 2022, with the situation varying across countries.

“Even among countries with a marked decline in inflation, only a select few have reduced policy interest rates over the past 12 months (Botswana, Ghana, and Mozambique). The majority have opted to continue tightening or maintain elevated policy rates, even after inflation has passed its peak”, it stated.

It added “This cautious stance in monetary policy stems from two key factors. First, median core inflation only recently approached the levels seen before the pandemic. Second, sub-Saharan African countries started their monetary tightening cycles later than other Emerging Markets and Developing Economies (EMDEs), leaving them to play catch-up while many EMDEs have started easing since the second half of 2023”.

22/04/2024

Fitch Solutions is forecasting an end-year cedi to dollar rate of GH¢12.25 to one US dollar, arguing the the Ghanaian cedi will recoup some of its recent losses in the months ahead.

“We also expect that the Ghanaian cedi will recoup some of its recent losses in the months ahead, ending the year at GH¢12.25/USD".

22/04/2024

Interest rates on the 91-day and 364-day bills went down on the yield curve, as the government recorded a marginal undersubscription of treasury bills auction.

Meanwhile, the government secured GH¢3.341 billion from the auction of the treasury bills. This was slightly lower than the targeted amount of GH¢3.372 billion.

20/04/2024

The airport in the South African city of Cape Town has been named the best airport on the continent in a customer survey by the consumer ratings organisation Skytrax.

20/04/2024

External Debt Restructuring: Govt resumes negotiations with Eurobond holders over $13 billion debt

External Debt Restructuring: Govt resumes negotiations with Eurobond holders over $13 billion debt https://www.myjoyonline.com/gh...

20/04/2024

The governing board of the Electricity Company of Ghana (ECG) has responded to fines levied against them by the Public Utilities Regulatory Commission (PURC) for the company's failure to provide a load-shedding timetable.

20/04/2024

Zonda Tec Ghana Limited has officially launched the latest addition to its fleet of equipment and cars to the Ghanaian market named as “SHANTUI”.

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20/04/2024

Power crisis: Govt negotiates ECG budget outsourcing for bill calculation & debt collection

Power crisis: Govt negotiates ECG budget outsourcing for bill calculation & debt collection https://www.myjoyonline.com/ghana-news/Subs...

20/04/2024

The Ghana Institution of Engineering (GhIE) has publicly condemned the recent inappropriate intervention by the Ashanti Regional Minister, Simons Osei Mensah in the operational matters of the Electricity Company of Ghana (ECG).

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20/04/2024

Ghana’s oil production is expected to rebound in 2024, with an anticipated increase of 5.0% to 177,120 barrels per day (b/d).

“Our expectation for oil production remains bullish but contingent on Pecan reaching FID [Final Investment Decision] this year. Following operational setbacks in 2023 that led to a significant decline in production from the Jubilee and TEN fields, we project a rebound in oil production growth in 2...

20/04/2024

Ecobank Transnational Incorporated has successfully repaid its $500 million 5-year Eurobond that matured on April 18, 2024. The Eurobond, which was issued in April 2019 was listed on the London Stock Exchange with a coupon rate of 9.5%.

Speaking on the repayment, Ecobank’s Group CFO, Ayo Adepoju noted: “This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets. When viewed against the backdro...

20/04/2024

Ghana is ‘dollar hungry’ as it begins another round of complex debt rework exercise, a key step in obtaining financing assurances to support its Extended Credit Facility Programme being supervised by the IMF.

20/04/2024

The Deputy Energy Minister, Andrew Egyapa Mercer says plans are far advanced regarding the outsourcing of the billing and collection role of the Electricity Company of Ghana (ECG) to a private entity.

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20/04/2024

The Chief Executive Officer of African Energy Consortium Limited, Kwame Jantuah has acknowledged there are numerous challenges facing the power sector in Ghana.

20/04/2024

Power crisis: Atta Akyea outlines recommendations made to the president after stakeholder meeting.

Power crisis: Atta Akyea outlines key recommendations made to the president after the stakeholder meeting.

20/04/2024

The African Capacity Building Foundation (ACBF) is establishing an African School of Regulations in Accra to improve regulation governance in Africa.

19/04/2024

Absa Bank Ghana Limited has taken a pivotal step forward in promoting intra-African trade through its latest initiative, the Absa Export Advantage Forum. This event, held under the theme “Promoting Ghana’s Intra-Africa Export & Unlocking New Export Potential,” convened exporters, policymakers, and industry leaders to explore opportunities created by the African Continental Free Trade Area (AfCFTA).

Absa Bank Ghana Limited has taken a pivotal step forward in promoting intra-African trade through its latest initiative, the Absa Export Advantage Forum.

19/04/2024

Changes to Ghana’s oil and gas royalty and licensing scheme are expected to be implemented this year to rejuvenate international investment into Ghana’s energy sector, UK-based Fitch Solutions has disclosed.

“Given this context, we expect that licensing reform will proceed. Although the Energy Minister has agreed to a new royalty scheme crafted by civil servants, the proposal has not yet been submitted to the cabinet or brought to a vote, with the last update received in November 2023”, it said.

19/04/2024

Fitch Solutions is projecting an average inflation of 19.0% for Ghana in 2024. This is lower than the International Monetary Fund’s 22.3%. According to the London-based firm, the lower inflation will alleviate pressure on household finances and boost the purchasing power of consumers.

“So lower inflation will alleviate pressure on household finances and increase the purchasing power which will support economic growth”.

19/04/2024

Development Bank Ghana has revealed that it is working to advance 1 billion cedis to commercial banks and participating financial institutions this year to support some sectors of the economy.

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19/04/2024

The International Monetary Fund (IMF) is warning that fiscal deficits and debts are projected to remain higher over the medium term than was expected before the pandemic.

“Global public debt is projected to approach 99% of Gross Domestic Product by 2029, driven by China and the United States where, under current policies, public debt is projected to continue rising beyond historical peaks”.

19/04/2024

The World Bank Group and the African Development Bank Group are partnering on an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.

"Electricity access is the bedrock of all development. It is a critical ingredient for economic growth and essential for job creation at scale. Our aspiration will only be realized with partnership and ambition. We will need policy action from governments, financing from multilateral development ban...

19/04/2024

The International Monetary Fund (IMF) is forecasting a consistent decline in Ghana’s Debt-to-Gross Domestic Product (GDP) ratio in the next six years.

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19/04/2024

Ghana has secured a Memorandum of Understanding (MoU) from the bilateral creditors on restructuring of their debts.

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