Category Business News

• goldcoastnewsline@gmail.com
• April 4, 2025
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• 2 minutes Read

Christian Li heads Vivo Energy Ghana

Christian Li has been appointed Managing Director of Vivo Energy Ghana, following the passing of former Managing Director, Jean-Michel Arlandis.

Announcing the appointment in a statement, Franck Konan-Yahaut, Vivo Energy Executive Vice President, West and Central Africa, expressed confidence in Christian, saying: “Christian brings on board a wealth of knowledge, commitment to excellence and continuous improvement and will be an invaluable addition to our team.”

Expressing gratitude for his appointment, Christian pledged to work with the team and other stakeholders including industry players to drive innovation and excellence in the downstream business.

“Having worked in various capacities across multiple sectors, I am optimistic that we will elevate an already robust business to enviable heights,” Christian said.

A Mauritian citizen, Christian brings nearly 30 years of experience in general management, business development, and sales and marketing in more than 20 African countries.

Since 2022, he has been Head of International Business for Engen, where he has managed and supported Engen’s international (non-South Africa) portfolio – including operations in DRC, Namibia, Botswana, Mauritius, Lesotho, and Eswatini.

Prior to this, he served four years as Managing Director for Engen Namibia, where he was recognised among the top 10 executives for three consecutive years.

Christian also previously held other leadership roles in South Africa, Mauritius, and the Republic of Congo. He spent around eight years with Chevron before transitioning to Engen Mauritius in 2011.

• goldcoastnewsline@gmail.com
• April 4, 2025
• 0 Comments
• 2 minutes Read

IMF commences 4th review of Ghana’s bailout programme

The International Monetary Fund (IMF) has commenced its fourth review mission in Ghana as part of the country’s Extended Credit Facility (ECF) programme for 2023–2026.

Beginning from April 2 to April 15, the two-week mission will assess Ghana’s economic performance and progress on structural reforms under the IMF-backed program.

The review began with key discussions at the Ministry of Finance and the Bank of Ghana (BoG), focusing on Ghana’s fiscal performance in 2024.

According to the Finance Ministry, over the coming days, the IMF delegation will engage with senior government officials, BoG executives, and key stakeholders to assess critical economic indicators, including inflation control, monetary policy, and structural reforms.

The review will also evaluate Ghana’s progress in meeting IMF targets related to fiscal discipline, economic stabilisation, and debt restructuring.

The outcome of this mission will determine whether Ghana qualifies for the next tranche of IMF financial support, essential for maintaining macroeconomic stability and investor confidence.

Finance Minister, Dr. Cassiel Ato Forson, highlighted key measures, including the passage of transformative tax amendment bills, significant reforms in public procurement, and other policies outlined in the 2025 Budget as proof of the administration’s commitment to building a resilient and dynamic economy.

Dr. Forson expressed confidence that, with macroeconomic indicators trending positively, Ghana’s economy could stabilize by May 2025. He also stressed the importance of concluding the review on schedule.

Additional meetings and technical discussions are planned over the next two weeks, culminating in a final statement from the IMF on April 15, 2025.

• goldcoastnewsline@gmail.com
• March 13, 2025
• 0 Comments
• 2 minutes Read

Dr. Amin Adam: Finance Minister falsely inflated expenditure by GHC49.2bn

Dr Mohammed Amin Adam, former Minister for Finance and current Ranking Member of Parliament’s Finance Committee, has accused the Finance Minister of inflating expenditure figures in the 2025 Budget Statement by GHC49.2 billion.

According to Dr Adam, this move was deliberately intended to misrepresent the financial management of the previous New Patriotic Party (NPP) administration.

Speaking at a press conference held by the Minority Caucus on Thursday, March 13, he challenged the credibility of the figures presented by Finance Minister Dr Cassiel Ato Forson.

He argued that despite strong revenue performance and prudent expenditure management under the NPP government, the budget data suggested an exaggerated fiscal deficit of 7.6% of GDP and a primary deficit of 3.6% of GDP.

“An economy with such strong revenue performance and expenditure management as we have seen from the data in the budget cannot produce the kind of elevated fiscal outturns the Minister announced,” he stated.

Dr Adam further accused the government of manufacturing false claims to damage the reputation of the previous administration.

“They have erroneously churned out wrong data in a bid to tarnish the image of the NPP administration by including GH¢49.2 billion in expenditure claims without any basis,” he alleged.

He stressed that such distortions put the credibility of the country’s fiscal data into question. The former Finance Minister called on the government to provide clear justifications for the expenditure claims and urged Ghanaians to scrutinise the figures presented.

He warned that any attempt to manipulate data for political gain would have long-term consequences on investor confidence and Ghana’s economic outlook.

• goldcoastnewsline@gmail.com
• March 13, 2025
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• 2 minutes Read

Cooking figures will make investors punish you – Dr. Amin Adam warns Finance Ministe

the immediate past Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, has cautioned his successor against manipulating economic figures, warning that such actions could erode investor confidence in Ghana.

Speaking at a press conference for the Minority Caucus on Thursday, March 13, Dr Amin Adam criticised the Finance Minister for allegedly misrepresenting key economic data.

He argued that presenting misleading statistics to create a negative impression of the country’s financial situation would have serious consequences.

“So, you see, if you cook figures to create a narrative to run your country down, international investors will show you where power lies,” Dr Amin Adam remarked.

He emphasised that Ghana’s economic credibility is crucial in maintaining investor trust and attracting foreign capital.

The former minister further stated that inaccurate fiscal reporting could lead to higher borrowing costs and reduced investor interest in Ghana’s financial markets.

He urged the government to prioritise transparency and accuracy in economic data presentation to safeguard the nation’s reputation.

Dr Amin Adam concluded by calling on the Finance Minister to correct any discrepancies in the 2025 Budget and ensure that Ghana presents a true reflection of its economic position.

“If we do not uphold credibility in our financial reporting, we risk making Ghana unattractive to the very investors we need,” he warned.

• goldcoastnewsline@gmail.com
• March 11, 2025
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• 2 minutes Read

2025 Budget: GHC684million allocation for teacher and nursing trainee allowances

• goldcoastnewsline@gmail.com
• March 6, 2025
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• 2 minutes Read

Transnational corridors, enhanced transportation systems vital for AFCTA success-ACET

The African Centre for Economic Transformation (ACET) has underscored the critical role of robust transnational corridors and enhanced transportation systems in realising the full potential of the African Continental Free Trade Area (AFCTA).

Speaking in a recent interview, Dr. Edward Brown, the Senior Director of Research and Policy at ACET, emphasised the need for a more coherent and coordinated approach to infrastructure development across African nations.

He pointed out that the current model, where individual countries were responsible for their sections of transnational infrastructure, often led to fragmented and incomplete projects due to varying economic conditions and procurement practices.

A transnational perspective was essential for the effective implementation of cross-border transportation, including roads and railways, Dr. Brown said.

“To truly prove the success of AFCTA and boost intra-African trade, we must address the major impediment: The lack of seamless cross-border movement,” he said.

He specifically highlighted the airline industry as a central component of the infrastructure challenge.

The ACET Director addressed the burgeoning automobile assembly industry in Ghana, noting the presence of multiple companies.

He observed that while those companies were strategically positioned to serve the broader sub-region, their success hinged on overcoming logistical hurdles and non-tariff barriers.

“The automobile industry, with its assembly lines here in Ghana, needs the government to act as a facilitator,” Dr Brown.

“Engaging with partner nations to ensure free movement across borders is crucial. This should be a key objective for the government.”

He cited the example of Toyota’s technical support infrastructure at the Airport area, illustrating the potential for positive spillover effects from such investments.

Source: citinewsroom.com

• goldcoastnewsline@gmail.com
• March 5, 2025
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• 1 minute Read

“Furnishing of new BoG Headquarters to cost $11m”

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that furnishing the Central Bank’s new headquarters will cost $11 million.

The state-of-the-art facility, located in Accra, was inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, with key government officials, BoG executives, and financial sector leaders in attendance.

The BoG had faced heavy criticism over the project, with the then-Minority in Parliament demanding the resignation of former Governor Dr. Ernest Addison and his deputies.

Addressing Parliament on Wednesday, March 5, Dr. Asiama defended the decision, stating that the old BoG office had structural defects and was no longer fit for purpose.

He stated, “Furniture and furnishings were awarded at $11.1 million.”

Dr. Asiama reassured Parliament of the central bank’s commitment to prudent financial management and its role in maintaining financial stability.

The new facility is expected to enhance the BoG’s ability to regulate Ghana’s financial system while aligning with the government’s broader agenda for economic stability and financial sector growth.

Source: citinewsroom.com

• goldcoastnewsline@gmail.com
• March 3, 2025
• 0 Comments
• 2 minutes Read

Akufo-Addo’s $8.9bn reserves key to exchange rate stability – Amin Adam

Former Finance Minister Mohammed Amin Adams has credited Ghana’s current exchange rate stability to the substantial international reserves left by the previous Akufo-Addo administration.

Speaking at the True State of the Nation address in Accra on Monday, March 3,  he emphasized that the reserves had played a crucial role in maintaining the strength of the Ghanaian cedi.

Dr. Amin Adam noted that the depreciation of the cedi, which stands at 6.5% in 2025, was not the result of any sustainable strategies implemented by the current government.

He argued that the disparity between inflation and depreciation rates reflected heavy intervention by the Central Bank to stabilize the currency.

“The 6.5% depreciation we have witnessed so far in 2025 is not due to any sustainable strategies by the current government. The difference between inflation and the depreciation rate indicates significant intervention by the Central Bank,” the immediate past Finance Minister said.

He pointed out that the intervention by the Mahama administration and the Bank of Ghana (BoG) was possible due to the $8.9 billion in gross international reserves left by the Akufo-Addo administration at the end of 2024. According to Adam, these reserves have been instrumental in stabilizing the cedi’s value.

“The Mahama administration and the Central Bank can intervene in the market, but this is only possible because the previous administration left a gross international reserve of $8.9 billion by the end of 2024. This reserve is being used to shore up the value of the cedi. The President, as you know, deliberately avoided mentioning this in his statement,” Dr. Amin Adam added.

He further clarified that the stability of the exchange rate at the end of 2024 and into the first quarter of 2025 was not a result of new policies by the Mahama government. Rather, it is a direct consequence of the international reserves inherited from the Akufo-Addo administration.

“Fellow Ghanaians, the true state of the nation is that the exchange rate stability we observed before the end of 2024 and which has continued into the first quarter of 2025 is not due to any new initiatives from the Mahama government. It is because the Akufo-Addo government left significant international reserves for them,” Dr. Amin Adam concluded.

• goldcoastnewsline@gmail.com
• February 27, 2025
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• 2 minutes Read

NPP Government didn’t default on bond coupons – Minority tells Mahama

The Minority in Parliament has downplayed the significance of the government’s recent payment of bond coupons, insisting that it is not a novel achievement.

Addressing the media after President John Dramani Mahama’s first State of the Nation Address (SONA), |Dr. Stephen Amoah, the Member of Parliament (MP) for Nhyiaeso, stated that the previous New Patriotic Party (NPP) government never defaulted on coupon payments and consistently honoured its financial obligations.

According to Mr Amoah, the government’s fourth payment to domestic bondholders should not be presented as an extraordinary feat, as the previous NPP administration had made similar payments without defaulting.

“The NDC Government recently fulfilled the obligations of the Government of Ghana towards domestic bondholders through the fourth payment of coupons to them. Whilst this is commendable, we in the minority want to assure the people of Ghana that we will ensure investor confidence continues to be sustained in our economy as we promise to hold this Government to its obligations in the same way the previous NPP Government did after the debt restructuring exercise,” he stated.

Mr Amoah further highlighted that the payment of coupons on 18th February 2025 was merely a continuation of an existing commitment initiated by the NPP government.

He pointed out that since August 2023, the previous administration had consistently made all due payments, debunking any claims that the current government was making unprecedented strides.

“On the Domestic Bondholders, we wish to remind the people of Ghana that the payment of coupons to them on the 18th of February 2025, was not a novelty.

The previous NPP Government did not default in coupons payments as it made all payments due to domestic bondholders since August 2023,” he emphasised.

Providing further details, Mr Amoah revealed that between August 2023 and December 2024, the NPP administration had already disbursed GHC17.25 billion in Payment-In-Cash (PIC) and GHC9.77 billion in Payment-In-Kind (PIK) to bondholders under the prescribed payment terms.

Additionally, individual bondholders who did not tender their bonds were also paid coupons amounting to GHC515.17 million at various times between 2023 and 2024, in accordance with the Memorandum of Understanding (MoU) signed between the government and the Coalition of Individual Bondholders.

The Minority, therefore, urged the Mahama administration to uphold transparency and continuity in financial management to sustain investor confidence in the economy

• goldcoastnewsline@gmail.com
• January 24, 2025
• 0 Comments
• 3 minutes Read

Some thugs associated with the National Democratic Congress (NDC) besieged the offices of the Ghana Revenue Authority (GRA) yesterday, causing chaos, and intimidating employees of the state revenue agency.

The group threatened to shut down the operations of the GRA as part of a protest against the appointment of Anthony Kwasi Sarpong as the Acting Commissioner-General.

The rowdy group issued a statement before storming the premises, describing the presidential appointment as “disappointing”, and demanding its immediate reversal. According to them, Mr. Sarpong’s affiliation with the opposition New Patriotic Party (NPP) disqualifies him from serving under the NDC administration. The protesters alleged that Mr. Sarpong’s previous appointment to the Institute of Chartered Accountants, Ghana (ICAG), in 2020 by then-President Nana Akufo-Addo was sufficient evidence of his political alignment.

They vowed to physically block Mr. Sarpong from assuming office. “We will not allow him to step foot in this office. This is a clear betrayal of NDC loyalists who have sacrificed for this party,” one member declared during the chaos.

This incident adds to the growing list of violent actions carried out by NDC-affiliated groups since the party reclaimed power in the December 2024 general elections. The immediate aftermath of the electoral victory was marked by widespread violence, with thugs attacking state institutions, locking up public offices, and forcefully evicting civil servants perceived to be aligned with the opposition.

Since the inauguration of President John Dramani Mahama on January 7, lawlessness has persisted, spreading from public institutions to internal party matters.

In President Mahama’s hometown, Bole-Bamboi, NDC youth expressed outrage earlier this week when Alhaji Yusif Sulemana, the area’s Member of Parliament, was overlooked for a ministerial role.

Enraged by the President’s decision, protesters vandalized properties, torched car tyres in front of the house of Mr. Mahama’s late father, and issued threats of further destruction, including plans to set the local party office ablaze.

In Obuasi, violent clashes resulted in the death of so many NDC thugs attempting to seize control of AngloGold Ashanti’s mining operations. The attempt to take over the company, coupled with fierce opposition from security personnel, has underscored the escalation of tensions within the ruling party.

Additionally, supporters of the NDC in the Ho Central constituency torched their party office on Tuesday. Their outrage stemmed from a perceived neglect by President Mahama, who failed to nominate anyone from their constituency for a ministerial appointment. Protesters broke into the office, threw out furniture, equipment, and vital documents before setting the items ablaze using car tyres.