Prime News Ghana

Today's Ghana Business, Banking and Economic news

Coca-Cola gears up for IPO of $8bn Africa bottling arm

Coca-Cola is gearing up for a potential initial public offering (IPO) of its African bottling business as soon as next year after previously putting the plans on hold, people with knowledge of the matter said.

Glovo to cease operations in Ghana on May 10

Glovo, a popular delivery service provider, has announced its decision to cease operations in Ghana effective May 10.

The announcement conveyed through a notice to one of its clients, indicates that Glovo's official customer app will become inaccessible for orders from that date onwards.

This decision comes two years after the company's investment of €3.5 million ($3.7 million) to expand its services in the region.

Regional General Manager Glovo Africa, Dima Rasnovsky, said the development stems from the reassessment of the company’s investment priorities.

“Following a reassessment of the company’s investment priorities, Glovo has decided to cease operations in Ghana by May 10, 2024. Glovo will focus on growing and strengthening its position in other African countries. We thank our teams, partners and riders in the country for the dedication to growing Glovo in Ghana over the last years,” he said.

 

While we recognise the potential of the Ghana market, building a stronger position in the market and achieving profitability would require substantial investment over an extended period of time.

“This is why we have decided to redirect our resources towards the other 23 countries where Glovo operates, enabling us better serve the millions of customers who use Glovo app everyday.

Glovo said it is dedicated to providing the local team with severance pay that exceeds the legislative minimum.

Additionally, all couriers, partners, and customers will receive comprehensive communication from Glovo regarding the closure to ensure they are informed about the situation.

Glovo operates in 23 countries across Europe, Central Asia, and Africa, with Africa being a key region for the company. It has a strong presence in countries such as Ivory Coast, Kenya, Morocco, Nigeria, Tunisia, and Uganda.

The company noted that it remains committed to its operations in the remaining countries where it currently operates and believes that this decision will strengthen the platform’s position in the other markets.

The company noted that it remains committed to its operations in the remaining countries where it currently operates and believes that this decision will strengthen the platform’s position in the other markets.

ILO valuation report based on assumptions – SSNIT

The Social Security and National Insurance Trust (SSNIT) has said the unfavourable findings in the International Labour Organisation (ILO) 2020 actuarial valuation reports were based on assumptions that are yet to occur.

Akufo-Addo leads call to double IDA funding at Nairobi summit

In a resounding address at the 2024 International Development Association (IDA) Summit held in Nairobi, President Akufo-Addo of Ghana emerged as a leading voice, advocating for a groundbreaking initiative: the doubling of funding for the IDA.

Trade Minister woos US business leaders to Ghana

The Minister of Trade and Industry, Mr Kobina Tahiru Hammond, has called on busi­ness leaders in the United States of America to take interest and invest in the agenda of the Government of Ghana for indutrialisation.

Give us 'dumsor' timetable to plan our business – GUTA

The Ghana Union of Traders' Association (GUTA) has called for the immediate release of a load-shedding, ‘dumsor’ timetable, from the Electricity Company of Ghana (ECG), to aid in better business planning for its members.

Akufo-Addo commissions 15MWP Kaleo Solar Power Plant

President Akufo-Addo on Wednesday, April 24, 2024 in a momentous ceremony held in Kaleo, officially inaugurated phase two of the Kaleo Solar Power Plant, marking another significant stride in Ghana's renewable energy journey.

Submit 2023 reports to SIGA by May 15 - Akufo-Addo orders SOEs

President Akufo-Addo has charged heads and officials of state-owned enterprises to adhere strictly to the submission timelines instituted by the State Interests and Governance Authority on the preparation and further publication of State Ownership Reports.

Africa is at a turning point, but economic reforms must be sustained — IMF

The International Monetary Fund (IMF) says Africa is at a turning point, having experienced a multiple of shocks that led to many economies into crisis in the past four years.

“The region is at a turning point. With the right policy choices today, I am confident that this moment could set the stage for this century to be the African century,” said, Mr Abebe Aemro Selassie, Director, African Department.

He was speaking at the IMF Regional Economic Outlook for Africa in Washington, US, on Friday, April 2024.

The continent recorded a negative economic growth of -1.6 per cent in the 2020 COVID-19 pandemic, era, but have since returned to a positive growth path, though fluctuating.

Africa’s Gross Domestic Product (GDP), which was 4.7 per cent in 2021, reduced to 4.0 per cent in 2022, declining more to 3.4 per cent in 2023, but 2024 would see a 3.8 GDP, and 4.0 per cent in 2025 for Africa per IMF projections.

“These are encouraging signs. But the region is not out of the woods yet. So sustaining reforms will be important for macroeconomic conditions to continue to improve,” Mr Selassie said.

<p>He noted that sustaining economic gains would ensure that countries in the region could build their resilience to shocks, generate jobs, diversify their economies, and improve living standards for all.


He recommended three priorities for governments in the region, going forward &#8211; improving public financing, sustaining inflation reduction measures, and boosting structural policy reforms.

“But the burden should not be on countries alone. Support from the international community will remain essential,” he said, adding that the IMF stood ready to support, having already provided US$58 billion in financing to the region since the start of the pandemic.

In the Regional Economic Outlook, the Fund noted that Africa had recovered its footing, but governments were still grappling with the funding squeeze, high borrowing costs, and rollover risks.

It called for improved public finances focused on revenue mobilisation, maintaining price stability while supporting growth, and implementing structural reforms such as expediting trade integration and improving the business environment to attract more foreign direct investments.

The report also reiterated the need for international community support, noting that countries in sub-Saharan Africa would need an estimated gross external financing about $70 billion annually (6 percent of GDP) from 2024 to 2028.

“It is crucial that both multilateral and official bilateral creditors continue to play a key role in providing financing to the region and supporting domestic policy and reform efforts,” the report stated