oleh admin | Mar 24, 2025 | business, investing market news, investing news, news, stocks
On Monday morning, stocks climbed higher as investors attempted to find their footing amidst an ongoing trade dispute. The S&P 500 surged by 1.1%, marking its first positive week since slipping into a four-week downturn previously. Meanwhile, the Dow Jones Industrial Average increased by 0.7%, and the Nasdaq Composite gained 1.5%. Market watchers continue to keep a close eye on potential effects from new tariffs concerning inflation rates, consumer expenditure patterns, and overall economic expansion. Equities have experienced fluctuating sentiment due to alternating announcements about tariff implementations and cancellations. Additionally, shares of genetics-testing firm 23andMe plummeted following news that they were voluntarily filing for Chapter 11 bankruptcy during the weekend.
HERE’S THE UPDATED INFORMATION. THE PREVIOUS REPORT FROM AP FOLLOWS BELOW.
Wall Street showed strong gains ahead of the opening bell on Monday, carrying forward the momentum from the previous week.
The future contracts for the S&P 500 jumped by 1.1%, those for the Dow Jones Industrial Average increased by 0.9%, and Nasdaq futures rose by 1.4%.
While investors focused on company updates, they also kept an eye on new developments regarding U.S. President Donald Trump’s tariffs, events that have caused significant fluctuations in the markets over the past few weeks.
A genetics testing firm called 23andMe saw its stock price plummet by about 42% during early morning trades following the announcement at the weekend that it would file for voluntary bankruptcy. The financially troubled company had previously cut its workforce by almost half and declared an end to several active clinical studies as they assessed different options for some of their holdings.
The shares of The AZEK Company surged by 20% during pre-market trading on Monday following an announcement that it would be acquired by Australia-based James Hardie Industries through a cash-and-stock transaction worth approximately $8.75 billion.
This marks the second significant transaction within the industry in just seven days, following QXO Inc.’s announcement on Thursday of their purchase of Beacon Roofing Supply Inc., which amounts to approximately $11 billion when accounting for debt.
Regarding tariffs, reports indicated that President Trump might refine his strategy to concentrate specifically on nations with considerable trade surpluses against the U.S., which encompasses numerous Asian countries.
Throughout most of this year, markets have experienced severe turbulence, dramatically fluctuating with every new tariff announcement.
A trade conflict between the United States and major trading allies could exacerbate inflation issues and negatively affect both consumers and companies. These entities have been cautioning investors regarding tariffs, rising prices, and increasing ambiguity surrounding cost impacts.
Trump has set an April 2 deadline to impose more tariffs on trading partners. It follows a series of other deadlines that have been set for tariffs only to be postponed, sometimes at the last minute.
During his meeting with Chinese Premier Li Qiang, business leaders and U.S. Senator Steve Daines—a staunch advocate for then-President Donald Trump—heard a more amiable message from the premier. Notably, Sen. Daines was the initial congressional representative to travel to Beijing after Trump assumed office in January.
The relationship between these nations has reached a critical point, Li stated. He emphasized that both parties should opt for dialogue instead of conflict and pursue mutually beneficial collaboration rather than competitive rivalry. Additionally, Li mentioned that China wishes to collaborate with the United States to ensure the consistent and enduring growth of Sino-American ties.
The gathering also included heads from multiple U.S. corporations such as FedEx Corp.’s leader Raj Subramaniam, Brendan Nelson who is the senior VP at Boeing Co., Qualcomm’s chief executive Cristiano Amon, along with Pfizer’s head honcho Albert Bourla.
Recently, officials from the Trump administration have indicated that the list of impacted nations might not apply universally, and current tariffs—like those imposed on steel—may not automatically stack up,” noted Junrong Yeap from IG in his analysis. He further mentioned, “there is growing hope that Trump’s tariff proposals could turn out to be all talk with little action.
Hong Kong’s Hang Seng index advanced by 0.4% to reach 23,787.71, while the Shanghai Composite Index increased by 0.2%, closing at 3,370.03.
In Tokyo, the Nikkei 225 dipped slightly by 0.2% to reach 37,608.49 following an initial report indicating that industrial production declined at its quickest rate over twelve months, with new orders decreasing even faster.
The S&P/ASX 200 index in Australia rose by 1%, finishing at 7,936.90, whereas South Korea’s Kospi declined by 0.4% to end at 2,632.07.
During midday in Europe, most of the major stock markets showed gains. The UK’s FTSE 100 increased marginally by under 0.1%, whereas France’s CAC 40 climbed by 0.5%.
Germany’s DAX rose 0.6% following the nation’s private sector business activities reaching a ten-month peak, despite a lesser-than-anticipated decline in manufacturing.
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oleh admin | Mar 24, 2025 | banking, business, female empowerment, financial services, women
FirstBank Ghana organized an event at the Makola Market in Accra to commemorate International Women’s Day 2025.
The occasion showcased the fortitude, tenacity, and enterprising nature of women, resonating with this year’s theme, “Accelerate Action,” emphasizing the critical necessity for immediate measures to attain gender parity.
This assembly assembled an array of female business owners, merchants, and community heads, all converging with the shared objective of enhancing women’s contributions to Ghana’s economic landscape. The central topic this year emphasizes accelerating progress towards dismantling the pervasive obstacles and prejudices faced by women across various aspects of life and work.
Mr. Allen Quaye, the Head of Retail Banking at First Bank, spoke on behalf of the Managing Director to the assembled guests and stated, “Today, as we observe International Women’s Day, we recognize the remarkable contributions of the women at Makola Market and throughout Ghana. Their diligence and commitment play a crucial role in sustaining our nation’s economic success.”
At the core of our economy lie these remarkable women, and we at First Bank Ghana take pride in joining hands with them as they shape their futures.” Mr. Quaye highlighted the crucial part women have in advancing the nation’s economic growth and restated the bank’s dedication to promoting gender-equal programs.
The event similarly emphasized the vital significance of financial inclusion for women. It tackled the barriers that frequently prevent women from obtaining banking services.
First Bank Ghana is working towards closing the gender gap in financial services by offering financial literacy programs and customized banking solutions designed to help women attain financial self-sufficiency and economic prosperity.
In addition, Doris Ahiati, an Associate Member of the Chartered Institute of Securities and Investments UK, addressed the crowd with her insights on “Accelerating Action.” She motivated the women to develop consistent saving practices and highlighted the significance of understanding personal finance.
The purpose of the event was to provide women with hands-on expertise in handling their money, enabling them to make well-thought-out choices, and improving their general financial wellbeing.
Along with educational workshops, Ms. Ahiati presented an array of financial offerings from First Bank Ghana. This included savings plans and loans, digital banking options, and specialized SME-focused services like FirstGem, which was created particularly for female entrepreneurs.
“Today, we join forces with the women of Makola Market, who demonstrate remarkable resilience and an enterprising mindset that is defining Ghana’s economic landscape. At First Bank Ghana, we recognize that financial literacy plays a crucial role in opening up broader economic prospects for women. By providing them with insights into banking services and financial management tools, the bank enables these women to make more informed decisions and expand their enterprises,” said Mrs. Ahiati.
The event orchestrated by First Bank Ghana at Makola Market underscored that International Women’s Day isn’t just a moment to honor women’s accomplishments; it’s also a critical chance to highlight the persistent obstacles they encounter and the progress yet required for complete gender parity.
FirstBank continues to be committed to backing women’s empowerment programs and building a supportive financial ecosystem that helps women excel in both their private and career pursuits.
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oleh admin | Mar 24, 2025 | business, economics, government, personal finance taxes, taxes
By Buertey Francis BORYOR
The Head of Accounting at the University of Ghana Business School (UGBS), Professor William Coffie, has advocated for a strategic method to incorporate the nation’s informal sector into the taxation framework.
At the 2025 Post-Budget Forum webinar organized by LIMA Partners, he suggested connecting tax adherence with financial assistance programs to motivate small enterprises to sign up for taxation and meet their obligations.
Coffie proposed utilizing programs such as the Women’s Development Bank and MASLOC to motivate small enterprises to register, maintain records, and fulfill their tax obligations.
We often discuss formalizing the informal sector so they can start paying taxes, yet we rarely mention specific actions being taken. Rather than merely encouraging adherence, we ought to offer incentives instead,” he explained further. “For instance, if tiny enterprises such as salons demonstrate consistent record-keeping and timely tax submissions over three years, they could become eligible for microloans and grants from organizations including MASLOC, GEA, and the Women’s Development Bank.
He says this method has been successful in locations such as the UK, where companies that follow the rules can obtain financial assistance.
Utilizing monetary rewards to enhance tax adherence
Coffie mentioned that numerous informal enterprises evade taxation as they perceive no immediate advantages. He suggested implementing a tax compliance index, which would enable the nation to incentivize firms adhering to reporting and payment criteria.
“Government bodies and financial organizations could establish a framework wherein enterprises that consistently meet their tax obligations receive preferential access to funding. This would encourage voluntary adherence as opposed to depending solely on regulatory measures,” he clarified.
Furthermore, he emphasized that incorporating the informal sector ought to be part of a long-term strategy. “Addressing this issue cannot happen within just one financial year. It requires a well-structured plan spanning the coming three to four years,” he noted.
VAT changes provide respite for companies.
Coffie welcomed the latest VAT reforms, calling them a relief for companies.
“The core idea behind VAT is that the taxes paid on inputs and collected from outputs should offset each other. In theory, whatever amount one pays for inputs would equal the tax they gather from their outputs. However, due to additional charges, companies found themselves paying over 21% on inputs but only recovering 15% through outputs. This situation significantly increased operational costs. Therefore, these reforms come as a significant relief,” he stated.
Although acknowledging that eliminating these charges will enhance the general business climate, he encouraged the government to take additional steps toward making VAT more equitable for companies.
Addressing tax evasion via bonded warehouses
Coffie likewise expressed worries regarding tax avoidance via the improper use of bonded warehouses.
“We should carefully examine the usage of bonded warehouses. Certain companies exploit this system for tax evasion purposes. Enhancing oversight can assist in ensuring that enterprises fulfill their financial obligations,” he asserted.
Agriculture for economic transformation
The economist similarly endorsed the government’s Agriculture for Economic Transformation program, aiming to increase food output and reduce inflation.
“We all understand that food prices play a significant role in driving inflation. By supporting local production, particularly in sectors such as aquaculture, we can decrease our reliance on costly imported goods,” he pointed out.
Strengthening young people through skill-building
Coffie also praised the government for investing in vocational training and employment initiatives such as the National Apprenticeship Program, Adwumawra, and the National Coders Initiative.
“Everyone won’t necessarily move through the conventional educational framework. Such programs offer crucial abilities that render youth capable of securing employment and becoming financially independent. In due course, this could broaden the tax pool as additional individuals join the structured economic sector,” he stated.
The economic setting for the 2025 budget
The nation’s budget for 2025 arrives as it strives to bounce back from financial challenges. Starting in 2023, it has implemented an economic revival strategy backed by the International Monetary Fund (IMF). This initiative aims to fortify the economy post periods of soaring inflation, devalued currency, and escalating debts.
In December 2024, when President John Mahama assumed office, he pledged to revitalize the economy. A key component of his strategy involves eliminating certain taxes to alleviate pressure on enterprises. This approach is evident in the 2025 budget proposal, which aims to strike a balance between reducing taxes and exploring alternative methods for generating governmental income.
Nevertheless, certain specialists argue that the administration needs to discover methods for securing sustained income generation. Professor Coffie proposed that rather than increasing the burden on enterprises which are already contributing taxes, the government ought to concentrate on integrating more individuals into the taxation framework via inducements and fiscal assistance.
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oleh admin | Mar 24, 2025 | business, funding, innovation, international aid, technology
During the current Finance in Common Summit held in Cape Town, AfDB Vice President for Private Sector, Infrastructure & Industrialization, Solomon Quaynor, urged for an acceleration in the creation of viable green infrastructure initiatives. He highlighted the importance of scaling up these efforts, stressing that Africa must not be able to tolerate infrastructural development processes stretching over decades.
Addressing a session entitled
Cutting-Edge Technical Support: Closing Africa’s Infrastructure Divide,
Quaynor asserted that Africa needs to close its infrastructure gap by focusing on preparing and developing green infrastructure projects, making sure that both public and private sector tools are utilized efficiently. He highlighted that advancements in the future depend on:
1. Prioritizing the preparation of green infrastructure projects.
2. Developing these green infrastructure initiatives effectively.
3. Leveraging both public and private sector resources appropriately.
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establishing a competitive marketplace for viable infrastructural projects
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Speeding up the completion of successful green infrastructure projects from 10 years to just 3 years
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Strengthening infrastructure development and asset managers like Africa50, as well as scalable green infrastructure project development platforms such as the Alliance for Green Infrastructure in Africa (AGIA) to mobilize large-scale investments.
Given Africa’s substantial needs for investment to close infrastructural and industrialization divides, the gathering delved into ways development finance institutions (DFIs), international collaborators, state-owned developmental banks, charities, and businesses could utilize technical support (TS) to foster enduring economic change. Presenters emphasized that TS should serve as more than just an initial spark; it must be designed to boost private-sector engagement and improve the efficiency of developmental funding efforts.
Quaynor emphasized that technical assistance should also be designed to de-risk investments and create the necessary enabling environment for private capital mobilization.
He said, “Innovative tools for technical assistance enable us to fill funding shortages, enhance organizational strength, and speed up the execution of groundbreaking initiatives. It’s crucial to reconsider our approach to deploying TA so that it results in lasting and expansive investment successes.”
The African Development Bank combines tools from both the public and private sectors to adopt a solution-driven strategy for developing infrastructure projects. Addressing Africa’s infrastructure deficit requires simultaneous focus on preparing and advancing projects, since insufficient viable initiatives continue to be a significant hurdle. Additionally, governments should spearhead efforts to create an atmosphere conducive to private-sector involvement to prevent exclusive claims by private investors. Both efficiency and high standards are crucial.
“Africa cannot continue with infrastructure projects that take between 7 to 10 years to develop—we need to speed up progress and complete them within 3 years, with an emphasis on sustainable green initiatives,” stated Quaynor.
AGIA (Alliance for Green Infrastructure in Africa), an innovative program launched by the African Development Bank in collaboration with Africa50 and the African Union Commission, aims to empower local builders with essential abilities, financing, and backing from seasoned infrastructural experts to expedite eco-friendly infrastructure growth. This effort centers on fostering a competitive arena where projects can thrive, enhancing rivalry, size, and velocity, thereby expanding the roster of triumphant environmentally friendly infrastructures. Through integrated planning and execution, programs such as AGIA are catalyzing large-scale, viable, and sustainable answers tailored for Africa’s upcoming needs.
One major point from the conversation emphasized the significance of tailoring technical aid to meet the requirements of both governmental bodies and private sector investors. Through an emphasis on enhancing capabilities, implementing regulatory changes, and preparing projects adequately, such support can boost the viability of initiatives and open up additional financing avenues. Additionally, attendees examined ways in which digital tools and collaborative online resources could increase the effectiveness and outcomes of these assistance efforts.
As the AfDB remains dedicated to promoting Africa’s economic progress, Quaynor emphasized the organization’s pledge to cultivate collaborations that stimulate innovation in technical support. The bank is currently collaborating with various development partners to deploy this technical assistance effectively, aligning these efforts with the bank’s overarching goals as outlined in its High 5 priorities—especially focusing on industrialization and incorporating infrastructure development initiatives.
The Finance in Common Summit acts as an essential forum for enhancing cooperation between public development banks and financial organizations. During this year’s meetings in Cape Town, there has been a focus on the necessity of adopting innovative methods for providing technical aid. These strategies aim to do more than just back standalone initiatives; they seek to drive broad-scale transformation within Africa’s financial and investment ecosystems.
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oleh admin | Mar 24, 2025 | banking, business, economics, investing business news, money
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Ecobank Kenya has injected KSh3.5 billion ($27 million) into its capital reserves to meet the requirements of the updated banking regulations and fortify its financial position.
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This investment aims to support the bank’s expansion within Kenya and across East Africa. Following this infusion of funds, their overall capital base in Kenya will increase to KSh8.5 billion ($65 million).
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The Central Bank of Kenya has set a deadline for all commercial banks in the country to increase their core capital to KSh10 billion by 2029.
Bonface Kanyamwaya, who works as a journalist for LIFEHACK.co.ke, possesses over a decade of experience in areas such as finance, economics, business, stock markets, and aviation. He offers valuable perspectives on both Kenyan and international developments.
Ecobank Kenya has invested KSh3.5 billion ($27 million) to reinforce its capital position in line with the regulatory requirements set by the Central Bank of Kenya (CBK).
This investment aims to support the bank’s expansion of business operations in Kenya and East Africa—increasing its overall capital base to KSh8.5 billion ($65 million) in total.
All commercial banks in Kenya have been directed by Central Bank of Kenya to increase their core capital to KSh10 billion by 2029, with an initial target of KSh3 billion by end of 2025.
This action comes after changes were made to financial sector regulations at the end of last year when President William Ruto enacted the Business Laws (Amendment) Bill into law.
“Kenya holds significant importance as a strategic marketplace for the Ecobank Group and serves as a vital economic center fostering development throughout East Africa. This capital infusion bolsters Ecobank Kenya’s capacity to capitalize on emerging business prospects and generate lasting value for all stakeholders—aligning perfectly with our objectives of expansion, innovation, and profitability,” stated the bank’s CEO, Jeremy Awori, in an official press release.
This funding will allow the bank to aid business growth, ease cross-border commerce, and boost access to financial services.
Awori mentioned that this extra funding would support crucial economic factors such as local companies, small and medium-sized enterprises, financial technology firms, and female-led ventures.
Extra funds boost business expansion
This additional capital injection will strengthen the bank’s ability to broaden its footprint within key areas such as agriculture, manufacturing, information and communication technology (ICT), and innovation, along with payments and remittances, plus tourism and hospitality.
Moreover, the financial institution plans to utilize the extra funds to support budding sectors such as renewable energy, transportation and logistics, medical services, and retail commerce. The emphasis will be on fostering sustainable growth within Kenya and the broader East African region.
“This significant reinforcement bolsters our capacity to act as the preferred financial partner for international organizations, local companies, small and medium-sized enterprises (SMEs), fintech firms, and women-led businesses. It also solidifies our position as a leader in regional trade and payment solutions throughout Central, Eastern, and Southern Africa,” noted Josephine Anan-Ankomah, Managing Director of Ecobank Kenya and Regional Executive for Central, Eastern, and Southern Africa.
The modifications requiring commercial banks to bolster their capital requirements impacted the Banking Act, the Central Bank of Kenya Act, and the Microfinance Act. These amendments were designed to reinforce the stability of the banking industry.
Banks keep their capital levels relatively low.
Starting from 2012, commercial banks have been required to maintain a minimum core capital of KSh1 billion. Efforts to increase this requirement to KSh5 billion in 2015 did not succeed.
The most recent banking oversight report indicates that 11 institutions have failed to reach the KSh3 billion minimum core capital requirement mandated for the close of this fiscal year.
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It has been reported that if the Central Bank of Kenya (CBK) proceeds with the suggested rise in core capital from KSh 1 billion to KSh 10 billion over a span of three years, approximately 24 banks could be forced to close, affecting around 7,000 employees.
oleh admin | Mar 24, 2025 | business, commerce, government, news, scandals
….Director of Finance cited
Within the generally tranquil Ghana Airports Company Limited (GACL), dark elements are actively striving to alter the environment due to their self-serving objectives.
The objective of these forces is to generate a tense environment under the pretext of removing the present Managing Director.
The entire plan becomes clouded because those driving this agenda aim to involve the Workers Union as the frontrunner.
The Director of Finance, Rev. Dr. John Okwesie Arthur, along with several others, has been implicated in instigating efforts to generate unwarranted tension at the GACL.
According to sources from within the GACL, there have been discussions between several high-ranking managers and union leaders aimed at making sure that those in charge implement alterations benefiting specific individuals.
Sources inside the union indicate that members are displeased because some individuals pushing this agenda want the appointing authority to appear incompetent.
It has been confirmed that Rev. Dr. Arthur was urging a previous Managing Director to assist him in securing the position of Managing Director, despite another individual already holding the role.
In addition to the ex-Managing Director, a cabinet member from the Nana Addo Dankwa Akufo-Addo government is also diligently working for Rev. Dr. Arthur.
Once more, Reverend Dr. Arthur reportedly charmed the recently appointed Deputy Director of the GACL, Madam Obuobia Darko-Opoku, entirely to be perceived as the ideal candidate for the position.
The Director of Finance has been collaborating with the GACL for more than ten years and has extensively dealt with all the concerns affecting the organization.
There is strong suspicion that early conflicts at GACL arose due to false claims about certain valid promotions, which were allegedly instigated by Rev. Dr. Arthur and his group.
In the meantime, certain union members at GACL have declared that they will not permit anyone to exploit them for personal gains.
They believe that the President, who has the power to appoint individuals, should not be rushed into fulfilling someone else’s wishes. Instead, he should have the freedom to make decisions according to his own pace.
More To Come!
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