The Public Utilities Regulatory Commission (PURC) has announced new increases in electricity and water tariffs, effective January 1, 2026. The move follows the Commission’s multi-year tariff review process for the period 2026 to 2030. Under the new structure, electricity tariffs will rise by 9.86 percent across all customer categories, while water tariffs will see a 15.92 percent increase over the next five years. The PURC explained that the adjustments are necessary for utility providers to meet critical investment needs, enhance sector competitiveness, and ensure long-term protection for consumers through improved service delivery. The review also introduces quarterly tariff adjustments to account for external factors such as exchange rate movements, inflation, fuel prices, and changes in the power generation mix. Additionally, the Commission has rolled out mini-grid tariffs to boost electricity access in island and hard-to-reach communities, with costs integrated into the Volta River Authority’s revenue requirements. The PURC noted that the decision followed extensive stakeholder consultations, public hearings, and a thorough assessment of proposals from utility companies. The Commission assured the public that it will continue to monitor service providers closely to ensure efficiency, value for money, and strict compliance with regulatory standards. Source: Apexnewsgh.com

The State Insurance Company (SIC) PLC has delivered an impressive financial performance for the 2024 fiscal year, overcoming a turbulent global and domestic economic climate marked by heightened inflation, sharp currency depreciation, and wavering investor confidence. The announcement was made at SIC’s 18th Annual General Meeting (AGM), presided over by the company’s Chairman, Mr. Bernard Ahiafor, MP. Presenting the Annual Report and Financial Statements for the year ended December 31, 2024, Mr. Ahiafor emphasized the company’s unwavering focus on strategic discipline and execution, even as economic uncertainty persisted worldwide. The global economy in 2024 continued to feel the aftershocks of the COVID-19 pandemic, ongoing geopolitical tensions, and tightened monetary policies. While inflation retreated slightly in advanced markets, many developing economies, including those in Africa, struggled with mounting debt, limited capital inflows, and volatile currencies. Ghana was no exception. The Ghanaian cedi depreciated by 28% against the US dollar, a sharp contrast to the 9.78% loss recorded in 2023. Inflation climbed to 23% in November 2024, according to the Ghana Statistical Service, signaling progress from the 2022 peak of 54.1%, yet underscoring the economy’s fragile recovery. The Domestic Debt Exchange Programme (DDEP) continued to weigh on investor confidence, affecting liquidity and disposable incomes. Despite these challenges, Ghana’s insurance industry showed robust growth in 2024. The general insurance sector saw notable increases in gross written premiums, especially in motor, fire, and engineering lines. Industry-wide, insurers paid out approximately GHS 1.8 billion in claims, underscoring their steadfast commitment to policyholder protection. SIC Insurance PLC’s financial results stood out in the sector: * Insurance Revenue: GHS 559.5 million (49.9% growth from 2023) * Profit Before Tax: GHS 83.2 million (2023: GHS 22.8 million) * Profit After Tax: GHS 53.4 million — a 316.9% year-on-year increase * Shareholders’ Funds: GHS 670.4 million (up 40.1%) * Earnings Per Share: GHS 0.2730 (2023: GHS 0.0655) * Return on Shareholders’ Funds: 7.9% (2023: 2.6%) The Chairman credited this performance to prudent underwriting, robust risk management, and disciplined cost control, while commending management and staff for their steadfast dedication. In recognition of these achievements, the Board of Directors has proposed a dividend of GHS 0.0511 per share, pending shareholder approval. A significant milestone for the year was SIC Insurance’s full implementation of IFRS 17, the new global accounting standard for insurance contracts. The company now stands among a select few in the industry to achieve this, enhancing transparency and comparability with international peers. In 2024, SIC also reinforced its Enterprise Risk Management (ERM) framework, with a keen focus on emerging risks such as cyber threats, credit exposures, and macroeconomic instability, and measures designed to ensure resilience in a complex environment. Looking ahead, SIC Insurance PLC is cautiously optimistic. With insurance penetration in Ghana hovering around 1%, significant opportunities for industry expansion remain. The company aims to leverage digital transformation, inclusive insurance initiatives, and ongoing government reforms to drive its next phase of growth. “SIC Insurance PLC enters 2025 with a strong capital base, a clear growth strategy, and a high-performing workforce,” Mr. Ahiafor declared. “We are poised to deliver lasting value to shareholders, customers, and the wider Ghanaian community.” He closed by expressing heartfelt appreciation to clients, shareholders, regulators, partners, and staff—acknowledging their vital role in SIC’s enduring success. Source: Apexnewsgh.com

The persistent surge in prices of goods across Ghana has been linked to alleged bribery and corruption within the Customs Division of the Ghana Revenue Authority (GRA), according to the Traders Advocacy Group Ghana (TAGG). Speaking at a press conference in Accra, TAGG President Daniel Kwadwo Amoanteng revealed that the rising cost of importing goods is no longer solely a matter of official duty charges. Instead, he said, traders are being forced to pay “hidden payments” demanded by some customs officers at the country’s ports. These unofficial charges, Amoanteng stressed, are pushing traders to hike retail prices in order to recover their increased expenses. Amoanteng noted that many TAGG members have complained of extortion, delays, and unnecessary obstacles during the clearance of goods. He pointed to a specific case involving Prince Daniels Mensah Odai, the head of the Ashanti Region Task Force, who allegedly intercepted two containers cleared in Accra, accused the importer of undervaluation, and demanded GHS 120,000, eventually settling for GHS 40,000 paid via mobile money and cash. After the incident was reported, the officer reportedly tried to legitimize the payment by depositing it into state coffers. TAGG has called on the government to take immediate action by cleaning up operations at the ports, increasing oversight, and addressing corruption within the customs service. The group maintains that without such interventions, the cycle of rising import costs and higher consumer prices is likely to continue unabated. Source: Apexnewsgh.com

MTN Ghana has been recognised with three major awards at the IPR Ghana Excellence Awards for 2023/2024, reinforcing the company’s leadership in strategic communication and public relations within the telecommunications industry and the wider PR profession. MTN Ghana was named PR Organisation of the Year (Telecommunications), an honour that affirms the company’s commitment to strong stakeholder engagement and its emphasis on clear, consistent and impactful communication across all touchpoints. The company has won this award six consecutive times. The company also received the award for Best in Crisis and Issues Communications, highlighting MTN Ghana’s agility and professionalism in managing complex situations with transparency, accuracy and responsibility. This recognition underscores the organisation’s ability to deliver timely, reliable information and reassurance during challenging moments, demonstrating its commitment to listening, engaging, and supporting stakeholders. Additionally, MTN Ghana was awarded Best in Corporate Communications, acknowledging its excellence in articulating its values, vision, and strategic priorities both internally and externally. This category is novel and the team is excited to have won the first one. Speaking on the awards, Adwoa Wiafe, Chief Corporate Services and Sustainability Officer, said: “Collectively, these awards reaffirm MTN Ghana’s dedication to upholding high standards in communication practice and its ongoing efforts to deepen trust, enhance engagement, and shape meaningful connections with our customers, employees, and partners.” For her part, Georgina Asare Fiagbenu, Senior Manager, Corporate Communications, noted: “These honours affirm the dedication and passion of our Corporate Communications team. Our focus has always been to tell MTN’s story with clarity, empathy, and purpose, whether we are engaging customers, supporting internal teams, or managing complex issues. This achievement motivates us to continue raising the bar in how we communicate and build meaningful connections.” MTN Ghana remains committed to continuously elevating its communication strategies as it works towards its ambition of leading digital solutions for Africa’s progress. The National PR summit was held at the Western Plus Serene Atlantic Hotel in Takoradi from 13th to 15th November, bringing together public relations professionals from across Ghana to exchange ideas, deliberate on the business of the Institute, and celebrate excellence in the profession. The event was held under the theme, “Imagining PR in the Contemporary World”. Source: Apexnewsgh.com