Category: Business

Veteran Weaver Warns of Impending Collapse of Ghana’s Kente Industry

Business

Richard Ohene Kumah, a veteran kente weaver and CEO of Ohene Kumah Enterprise, has warned that Ghana’s iconic kente industry faces a potential collapse if the government does not intervene to address critical challenges. Speaking from his base at the National Museum of Ghana, Mr. Kumah explained that the industry is being undermined by a […]

Cement Prices Surge as Manufacturers Cite Cedi Depreciation and Rising Operational Costs

Business

Leading cement manufacturers in Ghana, including the industry giant GHACEM, have implemented price hikes for 50kg bags effective August 30, 2022. This adjustment reflects the growing economic pressure on producers who are struggling to maintain operations amidst a volatile macroeconomic environment. GHACEM New Price List (Distributors) The updated wholesale prices for GHACEM’s various product lines […]

Bank of Ghana Arrest 76 Illegal Forex Dealers in Massive ‘Black Market’ Crackdown

Business, News

In a significant move to stabilize the local currency, a joint task force comprising the Bank of Ghana and the Ghana Police Service apprehended over 76 illegal foreign exchange dealers during a targeted raid in Accra. The operation focused on notorious “black market” hubs within the Central Business District, including Tudu, Makola, and Rawlings Park. […]

GOIL Refutes Claims of Customer Cheating and Clarifies Sunyani Station Status

Business

Leading Oil Marketing Company, GOIL, has issued a formal statement categorically denying allegations of cheating customers and has reassured the public of its commitment to providing value for money. This response follows media reports suggesting that its Ridge Service Station in Sunyani, Bono Region, had been closed by the National Petroleum Authority (NPA) for fuel […]

NPA and Security Agencies Dismantle Illegal Cylinder Refurbishing Plant in Makola Raid

Business, News

In a coordinated enforcement operation, the National Petroleum Authority (NPA), working alongside the Ghana National Fire Service and the Ghana Police Service, dismantled an unauthorized cylinder refurbishing plant in Makola, Accra. The raid, which took place on Friday, September 16, 2022, led to the arrest of seven suspects who were caught restoring damaged LPG cylinders […]

Crude Oil Prices Slump Below $90 as Global Recession Fears and Weakening Demand Mount

Business

Global oil prices have retreated below the $90 threshold as intensified fears of a worldwide recession weigh heavily on market sentiment. On the morning of September 19, 2022, Brent crude traded at $89.17 per barrel, while West Texas Intermediate (WTI) fell to $84.20. This downward trend marks a significant shift, as the commodity dropped below […]

NPA Targets Directors and Shareholders of 45 OMCs Over Unremitted ¢400 Million Debt

Business

The National Petroleum Authority (NPA) has initiated a rigorous enforcement action against the directors and shareholders of 45 Oil Marketing Companies (OMCs) to recover outstanding debts exceeding ¢400 million. These funds consist of statutory margins and levies, including ¢68 million from the Primary Distribution Margin Fund, which were collected from consumers at fuel pumps but […]

Berla Mundi Appointed Brand Ambassador for Doğtaş Exclusive Furniture

Business

Popular Ghanaian media personality Berlinda Addardey, widely known as Berla Mundi, has officially signed a 15-month brand ambassadorial agreement with the rapidly expanding furniture firm Doğtaş Exclusive. The partnership links the award-winning presenter with the Turkish furniture giant, which is renowned for its diverse catalog ranging from medical-grade mattresses to international-standard living and office sets. […]

Komenda Sugar Factory to be commissioned by end of 2022 – Akufo-Addo

Business

President Akufo-Addo has recently reaffirmed that the Komenda Sugar Factory is expected to be commissioned by the end of this year, a commitment he shared while inspecting the facility during a tour of the Central Region. This latest timeline follows a previous assurance from February 2022, where a target for April of that year was […]