The Bank of Ghana (BoG) has moved to calm the forex markets, with Governor Dr. Ernest Addison assuring that the central bank has built up “enough reserves to tackle the pressures” battering the cedi in recent weeks.
The much-awaited 3i Africa Summit which seeks to generate greater momentum and traction for Africa’s digital finance agenda by causing finance, policy and technology to meet at the crossroads begins today at the Accra International Conference Centre for the next three days.
The Executive Director of Ghana’s Economic and Organised Crime Office (EOCO), COP Maame Yaa Tiwaa Addo-Danquah, has been elected the Chairperson of the Anti-Corruption Agencies in Commonwealth Africa.
The Agbogbomefia of the Asogli State, Togbe Afede XIV, has made a call for a significant restructuring of the Bank of Ghana (BoG), aimed at realigning its operations with the overarching objectives of the state and fostering a genuine pursuit of monetary stability.
The former managing director of UMB Nana Dwemoh Benneh has been appointed by President Akufo-Addo as the chief executive officer of the Ghana Infrastructure Investment Fund (GIIF). He takes over from Solomon Asamoah.
French-based multinational financial services company, Société Générale, has dismissed rumours suggesting it’s pulling out of the Ghanaian banking sector.
The Ghana Revenue Authority (GRA) in compliance with the recent directives given by President Akufo-Addo on its deal with Strategic Mobilization Ghana Limited (SML), has terminated the transaction Audit and External Verification Service Contract (AEVS) with SML.
Trade officials from Ghana and India have begun the fourth session of the Joint Trade Committee (JTC) meeting in Accra, to strengthen bilateral trade and economic ties between the two nations.
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, 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's operations
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.
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 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.
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.
