oleh admin | Mar 24, 2025 | business, economics, financial services, investing, investing business news
By Francis Ntow, GNA
Accra, March 25, GNA – The IMF has announced that it plans to invest $450 million into Ghana’s private sector this year with the aim of enhancing productivity and generating job opportunities.
Mr. Kyle Kelhofer, who serves as the Senior Manager for Ghana, Liberia, and Sierra Leone at IFC, World Bank Group, mentioned that this assistance provided to businesses is an integral part of their initiatives aimed at decreasing global poverty and enhancing overall development.
During an interview conducted alongside a visit to several Foreign Direct Investment (FDI) firms in the nation led by the Minister of Trade, Industry, and Agribusiness, Mrs. Elizabeth Ofosu-Adjare, in Accra over the weekend, he made these remarks.
“Last year, our investments in Ghana reached over $450 million, primarily benefiting the private sector. We aim for a comparable figure this year as well. Therefore, we will keep providing support to businesses on a commercial basis with the objective of generating additional and higher-quality employment opportunities,” stated Mr. Kelhofer.
He characterized the minister’s trip to the firms with the aim of understanding their difficulties and assisting in resolving them as a correct move toward luring and maintaining international enterprises within the nation, which would aid in boosting economic development.
He stated that the government can keep working towards enhancing the investment environment, enabling businesses to flourish and attracting additional enterprises such as B5Plus. This would help create more and higher-quality job opportunities in Ghana and increase local value addition.
He believed that increasing domestic manufacturing could aid the nation by decreasing imports and reducing costs for other sectors’ growth. He advocated for establishing additional opportunities to utilize indigenous materials and manpower.
Mrs Ofosu-Adjare stated that the government, via the Ministry, would address issues related to land disputes by employing Alternative Dispute Resolution (ADR) methods. Additionally, they aim to tackle tax concerns to foster an environment where businesses can flourish within the nation.
She urged international businesses to handle their employees with respect, stating, “Your workforce is your backbone—treat them right, compensate them fairly, and collaborate joyfully.”
GNA
SOF
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oleh admin | Mar 24, 2025 | business, electric power, fire, incident, safety
By Naa Shormei Odonkor
Kumasi, March 24, GNA – The Electricity Company of Ghana (ECG) has refuted claims that they were responsible for the fire outbreak which completely devastated ‘Blue Light,’ a well-known shopping area located in Adum, the heart of Kumasi’s commercial center.
Mr. George Amoah, who serves as the Ashanti West Region Manager at the firm, informed the Ghana News Agency during an interview that these claims lack merit. He emphasized the importance of having both traders and citizens await the conclusions from the ongoing probe, currently being carried out by the Ghana National Fire Service.
The traders who were impacted along with several citizens are attributing the persistent electrical issues to the Electricity Company of Ghana (ECG), leading to a series of power instabilities that culminated in one of the most devastating fires Kumasi has seen in recent times.
A massive blaze engulfed the commercial area located between the Hello FM radio station and Kumasi Central Market, wiping out merchandise worth several million Ghanaian cedis. This conflagration left numerous traders facing significant financial losses and mounting debts.
The reason behind the fire incident remains unclear, however, the traders are blaming the ECG due to frequent power disruptions, affecting Kumasi and nearby areas during that time.
The Ashanti Regional Security Committee had previously instructed the Ghana Navy Fleet Services to carry out an extensive inquiry into the incident. Meanwhile, President John Dramani Mahama directed NADMO to arrange aid supplies and assistance for the numerous individuals affected.
Mr Amoah observed that prior to the blaze breaking out on Friday morning, electricity had been consistently available in the region throughout Thursday and into the early part of that tragic day.
“However, the company had to curtail power supply to the enclave when the fire started to enable the Ghana National Fire Service do its work and also protect life and property,” he said.
Mr. Amoah stated that the ‘Blue Light’ area hadn’t experienced any power outages for around three weeks prior to the fire incident.
He mentioned that the ECG provided a specific power distribution line named ‘Town Hall Tower,’ guaranteeing a steady energy supply because the area acted as one of the financial centers for the ECG.
“The distributive feeder serving the enclave is among the most robust in the Ashanti West Region, and over the last three weeks, we have had no outages in that area,” according to Mr. Amoah.
He also mentioned that there was another power supply option called ‘Power House Two’ that passed through the same area.
He highlighted that ensuring a consistent and dependable electricity supply within that area was among the highest priorities for the ECG.
Nevertheless, he voiced worries regarding the recurrent vandalism of transformers and the pilferage of electrical components, ultimately resulting in power disruptions at the marketplace.
Mr Amoah remembered two instances of transformer damage due to vandalism and theft of electrical components, with one event happening close to the former Melcom location, leading to a 48-hour blackout.
The second event took place approximately two weeks ago close to the Hello FM station, where a fire broke out and components like switches, fuses, and more were taken away by unidentified individuals.
Nonetheless, power was reinstated the same day since the missing items were promptly returned and the transformer was repaired.
Once more, he noticed that the structure where the fire began was considerably aged, heavily occupied, and featured numerous connections with incorrect wire dimensions.
“The wiring of the building is old, and a lot of people distribute power to their neighbors illegally with substandard electrical cables.
“Some establishments lack an earthing system entirely, whereas some possess outdated sockets that significantly endanger their overall safety,” Mr. Amoah pointed out.
He mentioned that ECG had multiple times sent representatives to the enclave to discuss with the traders about the importance of hiring certified electricians for the wiring work in their stores.
Mr Amoah stated that the ECG expressed sympathy for those affected by the catastrophic fire incident since they also suffered losses such as a transformer, around five utility poles, and several cables.
GNA
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oleh admin | Mar 24, 2025 | budgets, economic policy, economics, money, news
The clear takeaway from the Treasury regarding Wednesday’s economic announcement is that it will not be considered a budget.
Inside Number 11, you won’t find a red box; instead, there will merely be a slim policy booklet accompanied by a lightweight set of metrics, ensuring no additional tax hikes.
What exactly is the purpose of this Spring Statement?
Primarily, this is a spring forecast provided by the government’s official prognosticators at the Office for Budget Responsibility (OBR). During this forecasting exercise, they have been compelled to factor in an unexpectedly sluggish economy along with increased expenses associated with government debt.
The OBR forecast has eliminated any flexibility regarding the “non-negotiable” guidelines Chancellor Rachel Reeves established for future governmental debt. To maintain the desired figures, she has implemented several additional modifications.
Basically, low economic growth coupled with increased borrowing expenses has significantly thrown the budget projections out of whack.
We can expect the chancellor to frequently emphasize that “the world has transformed.”
In truth, this shift in direction probably would have been necessary even prior to President Trump reshaping international diplomacy and commerce.
On Wednesday, we will discover if the chancellor can still dismiss the possibility of needing to increase taxes, despite this “altered landscape”.
If there is no reversal of spending cuts, then where does the funding originate?
Although no major tax changes are anticipated, the chancellor could still keep the possibility open for the fall Budget.
Several economists anticipate tax increases in the fall, particularly to cover escalating defense expenditures. Discussions about engaging the public regarding this issue are also underway.
During her initial budget speech, the Chancellor dismissed, for instance, prolonging the Conservative freeze on income tax allowances for an additional two years. People might gain a clearer understanding of whether this will become an option again when the Spring Statement rolls around this year.
The £5bn reduction in welfare expenditure
The largest individual reduction in welfare benefits for ten years has already been declared. This is expected to yield one of the most significant savings.
On Wednesday, details regarding the average amount of money being lost through cuts to Personal Independence Payments (PIPs) and Universal Credit—and whether these affect present or upcoming beneficiaries—will be disclosed. It is expected that hundreds of thousands of individuals stand to lose significant sums in health-related financial support.
A reduction of £2.2 billion in civil service administrative expenses has been announced.
, covering staffing up until 2029-30. A reduction of 15% represents a substantial portion of the funds centrally allocated for salaries and consultancy services.
Nevertheless, the chancellor proposed eliminating around 10,000 positions, which represents just a reduction within a staff complement exceeding half a million — particularly since they experience an annual departure rate of between 30,000 to 40,000 employees.
The unions argue that achieving this would inevitably damage frontline services. The success of implementing automation and AI hangs in the balance.
An additional slight reduction in the increase of departmental budgets, stricter measures against tax evasion, and shifting funds from aid to defense expenditures could collectively provide the chancellor with an extra several billion pounds of flexibility.
Given the substantial initial allocation to public spending at the Budget, it would be challenging to describe this approach simply as “austerity.”
Allocating the rise in defense expenditure will be a major aspect of the Spring Statement.
Defense expenditure (such as investments in aircraft and armored vehicles) tends to be more focused on acquiring physical assets compared to foreign assistance outlays. Consequently, a larger portion of defense-related costs falls outside the treasury chief’s voluntary constraints aimed at confining routine expenditures strictly within tax revenues.
Growth downgrade
Naturally, considerable attention will be directed towards the significant downward revision of the OBR forecast for the economic outlook in 2025.
The key issue for the chancellor has revolved around whether this situation persisted throughout the entire forecasting horizon, thereby causing long-term damage to both the economy and tax receipts. However, it might not have done so, hence potentially having less effect on the Budget figures.
The Treasury has similarly attempted to have the OBR acknowledge its efforts towards growth-promoting reforms like modifications in land use planning.
Theoretically, increased economic growth could lead to reduced projected borrowing and greater flexibility – a positive outcome overall. However, the OBR might have tightened its criteria following a recent external assessment of its methodologies.
The broader perspective encompasses development and the government’s strategic approach. After eight months in office, investors and businesses remain eager for insights into the administration’s plans regarding infrastructure, industry, and trade.
The emerging worldwide landscape brings additional ambiguity, yet simultaneously opens up substantial opportunities for an economically advanced nation governed by consistent regulations, excelling in pioneering scientific research and robust financial services.
This holds true especially for a country capable of maintaining its trade and investment ties with the United States, Europe, China, and the Persian Gulf region, even during times of tariff turmoil. Within the cabinet, this is referred to as “the world’s most interconnected economy.”
Is anyone paying attention to this? The cost of U.K. government debt has increased once more as financial markets look forward to the announcement of the updated schedule for bond auctions on Wednesday.
In January, UK bond yields increased alongside those in the US, but once this trend halted, they began to rise in tandem with European rates following significant defense expansion funded by heavy borrowing. This situation presents the bleakest scenario for anticipated borrowings.
The Spring Statement could serve as an occasion to present the contrasting viewpoint—that the UK is exceptionally well-positioned to excel in both realms. An impending economic agreement with the US seems likely, and negotiations regarding the Brexit recalibration are advancing as well.
There are some small signs of the economy breaking out of its recent rut, especially in the service sector. Small businesses in retail and hospitality fearing the rises to National Insurance and the National Living Wage are holding out for some sort of alleviation of the pain.
Therefore, Thursday, though certainly not a Budget day, will address several crucial queries regarding the economy.
-
What can we expect from the chancellor’s Spring Statement?
-
Reeves states a 15% reduction in expenses for the Civil Service operations has been confirmed.
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Rachel Reeves: I won’t engage in ‘taxing and spending.’
oleh admin | Mar 24, 2025 | government, news, politics, politics and government, politics and law
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PODCAST: Catch up on all the top stories, such as Trump revoking Biden’s pardons and Gavin Newsom’s surprising announcement about statues.
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TUNE IN: Trump, Zelensky, the surge of Europe’s Far Right, and what lies ahead for NATO – catch Alas Vine & Hitchens on your preferred podcast platform.
Keir Starmer has had discussions with
Donald Trump
in a trade deal as the UK makes one final effort to avoid additional tariffs.
Downing Street
unveiled that the leaders had a conference call to talk about an ‘economic prosperity agreement’ late last night.
The U.S. President has designated April 2 as ‘Liberation Day,’ pledging to enforce
‘mutual’ duties compensating for those imposed by every trade partner.
It seems that the EU is primarily in the crosshairs, as the president erupted, claiming that the union was established to ‘cheat’ America.
Nonetheless, Britain might still feel the impact since Mr. Trump has objected to VAT, arguing that it is unjust—even though it is a broad-based sales tax and not specifically targeted at imports.
The United Kingdom presently has a 20 percent imposition.
VAT
On the majority of products and services.
The National Institute of Economic and Social Research (NIESR) had earlier projected that such tariff levels could reduce UK economic growth by 0.4 percentage points over the coming two years, which would amount to approximately £24 billion.
Sir Keir has already been unsuccessful in securing an exception from the U.S. tariffs on steel imports, amid concerns about potential job losses.
The Prime Minister’s representative stated: “The UK is collaborating with the United States to develop an economic prosperity pact, strengthening our joint dedication to ensuring financial stability.”
During their talks, the Prime Minister and President Trump addressed the advancements achieved in their previous discussions held yesterday evening.
The UK will engage in deals solely when they align with the nation’s interests, reflecting this government’s commitment to ensuring economic stability for British citizens.
Yesterday, before delivering the Spring Statement, Chancellor Rachel Reeves gave television interviews where she stated that Mr. Trump was correct to worry about unequal trade practices. However, she also maintained that the UK was not responsible for this issue.
She suggested it would become clear if a deal could be done ‘in the next few days’.
Concerns have emerged about whether the UK might need to abandon its proposed digital services tax on technology companies as part of reaching an accord.
However, when addressing broadcasters today, Ms. Reeves referred to the 2 percent tax on social media firms, search engines, and digital marketplaces as “extremely significant,” noting that it generates approximately £800 million annually.
“We will ensure that companies, particularly those in the digital sector, contribute their fair portion of taxes,” she stated.
Read more
oleh admin | Mar 24, 2025 | government, journalism, news, news media, politics
After the completion of the tenth edition of the Ramadan gift distribution for families of Kebbi State Nigerian Union of Journalists members who passed away while working, the Kebbi Area Council handed out sacks of rice along with a monetary donation of 10,000 Naira each to twenty affected households on Monday.
The notable gathering hosted at the facilities of Kebbi State Television attracted representatives from various chapels throughout the state. These participants were among those who received benefits under the NUJ Sallah and Ramadan packages. Specifically, the Correspondent Chapel was awarded eighty thousand naira along with two sacks of rice. Similarly, the NTA Chapel, Ministry of Information Chapel, and several others also benefitted.
Previously, during his address, the chairman of the Kebbi State branch of the Nigerian Union of Journalists, Muhammed Bello Sarki, expressed gratitude towards the previous chairman, Malam Aliyu Jajirma, who had initiated support for the families of deceased journalists a decade earlier. “We acknowledge the visionary approach of our predecessors within the organization,” he stated, “who devised ways to provide these families with a sense of security and assurance, making sure they feel supported even after losing their loved ones.”
Sarki acknowledged the contributions of Ganau rice mills and Labana rice mills, which supported the union by providing sacks of rice. He also highlighted the individual donations made by key figures such as the Head of Service and Governor’s younger brother, Alhaji Umar Buro, along with numerous other benefactors.
In his goodwill address, Commissioner Alhaji Yakubu Ahmed BK praised the union for their generous act and promised to involve the state government the following year. His aim was to elevate the assistance program so significantly that families of deceased journalists would receive at least ten bags of rice per household along with a substantial monetary gift.
He characterized Governor Idris as a media-friendly leader known for his compassionate impact across various sectors within the state. He stated that they would organize substantial donations from the government to support the families of deceased journalists and explore ways to involve them continuously rather than limiting assistance to just Ramadan.
The yearly gathering saw the participation of the Commissioner for Information, Special Adviser to the Governor on Media and Publicity, Alhaji Yahya Sarki, along with the Chief Press Secretary to the Governor, Alhaji Ahmed Idris.
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