Elon Musk has been dethroned as the world’s richest person, with Oracle cofounder Larry Ellison now claiming the top spot.According to <a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://www.bloomberg.com/news/articles/2025-09-10/oracle-co-founder-larry-ellison-closes-in-on-elon-musk-as-world-s-richest-man">Bloomberg</a>, Ellison’s fortune soared by $101 billion to reach $393 billion following Oracle’s exceptional earnings report on Tuesday evening, overtaking Musk’s net worth of $385 billion.Oracle’s (ORCL) stock skyrocketed 41% on Wednesday—its biggest single-day gain since 1992—driven by overwhelming demand for data center capacity from artificial intelligence (AI) clients.CEO Safra Catz revealed after markets closed on Tuesday that Oracle secured four multibillion-dollar contracts during the quarter and expects more in the coming months.The company’s momentum is powered by its strategic role as a backbone for AI infrastructure, supplying cloud services and database software to meet the sector’s vast computing needs.In July, Oracle announced a landmark deal to supply<a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://openai.com/index/chatgpt/"> ChatGPT </a>creator OpenAI with 4.5 gigawatts of electricity to support its AI operations.“This will be remembered for years,” said Ben Reitzes, analyst at Melius Research, describing Oracle’s $455 billion AI services backlog as “staggering.”Ellison, Oracle’s largest shareholder, could further extend his lead if the stock continues its extraordinary rally. With a market capitalization nearing $1 trillion, Oracle is poised to join the ranks of mega-cap tech giants like Nvidia and Microsoft, both of which recently surpassed $4 trillion in valuation.Bloomberg reports that Ellison’s wealth surge marks the largest single-day increase ever recorded on its Billionaires Index, which will update again after Wednesday’s market close.The AI-driven tech boom has transformed Oracle’s trajectory, with its stock climbing 103% this year alone. Reitzes noted, “Microsoft and Oracle really aren’t software companies anymore – they are AI cloud infrastructure stocks that happen to sell software too.”Musk, who first claimed the “world’s richest” title in 2021 through his stakes in Tesla and SpaceX, has seen his crown slip several times, including to LVMH CEO Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024.Despite setbacks, Musk continues to secure massive compensation packages, including one potentially worth nearly $1 trillion should Tesla achieve key milestones.For Ellison, now 81, the achievement is the culmination of a journey that began in 1977 when he co-founded Oracle after dropping out of college.Beyond his business empire, he owns 98% of the Hawaiian island of Lana’i and revitalized California’s Indian Wells tennis tournament, now dubbed the sport’s “fifth slam.”Ellison has also maintained close ties with political leaders, including former U.S. President Donald Trump, and has previously been linked to potential bids for companies such as TikTok.

Larry Ellison becomes world’s richest person, surpassing Elon Musk after oracle’s $101B AI boom

The Bank of Ghana (BoG) has cautioned the public and businesses against unauthorised foreign exchange transactions, particularly the use of United States dollars (USD) and other foreign currencies for domestic payments.In a communiqué issued on Wednesday, August 27, the central bank reiterated that pricing, advertising, issuing receipts, or making payments in foreign currency without proper authorisation is a breach of the Foreign Exchange Act, 2006 (Act 723). The directive applies to both public and private institutions, as well as individuals engaged in such practices.The BoG reaffirmed that the Ghana cedi remains the country’s only legal tender and warned that no resident—unless duly licensed or authorised—should price, invoice, or receive payment in foreign currency for goods and services. The prohibited activities cover a wide range of sectors, including:<ul><li>Payment of school fees</li><li>Sale and rental of vehicles</li><li>Sale and rental of real estate</li><li>Purchase of airline tickets</li><li>Domestic contracts</li><li>Retail and online shopping</li><li>Hotel accommodation</li><li><div class="max-w-full h-auto rounded-lg shadow-sm border border-gray-200 my-4"><div class="relative w-full" style="padding-bottom: 99.6%;"><iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fweb.facebook.com%2Fthebankofghana%2Fposts%2Fpfbid0P7XfZfTWwzPPcEBJRbAP2TSbzLkXmqyXweHUDC6jYF7nnwAccisWUG6Udh9N6Pdjl&amp;show_text=false&amp;width=500" width="500" height="498" title="Embedded content" frameborder="0" allowfullscreen="true" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" class="absolute top-0 left-0 w-full h-full rounded-lg border border-gray-200 shadow-sm"></iframe></div><div class="mt-2 text-xs text-gray-500 text-center">Embedded content from: www.facebook.com</div></div></li></ul>The central bank clarified that foreign currency invoicing is permitted only for expatriates and non-residents, with proceeds required to be deposited into Foreign Exchange Accounts (FEAs) at licensed banks. It further directed that all such invoices must reflect commercial bank exchange rates benchmarked against the Bank of Ghana’s published reference rate, not arbitrarily determined rates.The BoG assured the public that legitimate foreign exchange transfers for external payments will continue to be facilitated through the banking system, in compliance with existing regulations and thresholds.

BoG bans dollar payments for school fees, rent, airline tickets & more

The Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Kwasi Sarpong, has announced that cryptocurrency traders in Ghana will not be exempt from taxation as the Authority prepares to roll out new digital tools to monitor gains from virtual assets.Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Sarpong highlighted the growing relevance of cryptocurrency in Ghana’s economy. He noted:“One interesting area is crypto. The crypto is evolving and growing very well. And today we have people who are dealing with cryptocurrency, and they are making money. That area is evolving.Our laws are coming up. So again, we are working with the Securities and Exchange Commission and the Bank of Ghana to bring the regulation. But in terms of tax laws, one, the tax law is still not a new one. If you make a profit or gain, you’re supposed to pay that.”He further explained that the GRA is enhancing its systems to track and capture digital transactions. According to him:“So today, the technology we are going to deploy will be able to bring in all the crypto accounts into focus, and then we will work with these individuals to make sure that we bring them into the tax net.”Mr Sarpong emphasised that this initiative forms part of a broader agenda to align Ghana’s tax regime with the fast-growing digital economy. He stated:“Digitisation and the digital economy are here with us and into the future, and most importantly, even the taxpayer of the future is digital. And that’s why we as GRA are preparing ourselves to be digitally ready for today and into the future, so we can continue to deliver on our mandate of revenue mobility.”The Commissioner-General added that beyond cryptocurrency, the Authority is also seeking to close gaps in online transactions to ensure compliance with existing tax rules. He pointed out that:“So today, online business tax rules already exist, which is, for example, the VAT. If you are buying as you walk into a physical shop, you pay VAT. In the same way, when you are buying online, you pay VAT.So what we are doing is using the technology so that when people buy online, we can access the VAT and the tax at the point of payment so that today’s challenge of not finding them to come and follow, or not even knowing what they have done online, will be a thing of the past.And that introduction of technology we are working on, again, that’s something we believe that by September, we will deploy that technology and run a pilot for the end of the year and scale it up.”He stressed that the government’s strategy is not to create multiple new taxes but to strengthen the enforcement of existing ones. As he concluded:“So you know the policy of President Mahama and the Finance Minister is that we are not introducing so many new taxes because we already have within our tax laws sufficient measures that, once implemented, will help us deepen and expand the tax net.”In essence, the GRA’s renewed focus on cryptocurrency and online transactions reflects Ghana’s determination to adapt its tax system to the realities of a digital economy.

GRA set to tax cryptocurrency traders in Ghana with new system

The Bank of Ghana (BoG) has enacted a new directive to tighten regulations on the foreign exchange market.This measure specifically prohibits banks from processing foreign currency (FCY) cash withdrawals for large corporate clients, unless the transaction is backed by an equivalent FCY deposit from the same company.The central bank identified this growing trend, particularly among bulk oil distributors and mining firms, as a significant drain on foreign exchange liquidity, which has undermined efforts to stabilize the local currency.In its <a target="_blank" rel="noopener noreferrer nofollow" class="text-blue-600 hover:text-blue-800 underline" href="https://www.bog.gov.gh/news/foreign-currency-cash-payments-to-large-corporates/">official statement</a>, the BoG elaborated,“This practice exerts avoidable pressure on the foreign exchange market and undermines efforts to ensure stability. Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to large corporates unless such transactions are fully supported by equivalent FCY cash deposits lodged by the same institution. Banks must retain proper documentation to confirm the source of funds for every payout.”To ensure compliance, the BoG has warned that non-adherence will result in regulatory sanctions. Simultaneously, the Bank assured stakeholders of its continued support for critical sectors like petroleum and mineral exports, noting that government-partnered mechanisms exist to provide forex for legitimate import needs.The directive is framed as a necessary step to protect the broader market. The release concluded by stating,“These measures are designed to safeguard market stability while ensuring that vital supply chains remain uninterrupted. We expect all banks to comply strictly with this directive and to cooperate fully with the Bank of Ghana in ensuring that available foreign exchange resources are applied efficiently and transparently. Non-compliance will attract appropriate regulatory sanctions.”<h2>The bigger picture</h2>The Bank of Ghana's decisive move to curtail foreign currency cash withdrawals represents a critical intervention aimed at fortifying the nation's economic defences.This directive is not merely a restrictive measure but a strategic recalibration designed to safeguard Ghana's forex reserves, bolster the cedi, and promote greater transparency in the financial system.By targeting specific practices that drain liquidity, the BoG demonstrates a nuanced understanding of the pressures within the foreign exchange market.

Bank of Ghana directs halt to foreign currency cash withdrawals for corporates

MTN Ghana has announced a scheduled system upgrade that will result in a temporary suspension of all Mobile Money (MoMo) services for six hours on Sunday, August 17, 2025.

The telecom leader stated that the downtime will occur from 12:00 am to 6:00 am to facilitate essential maintenance and system improvements. 

During this period, all MoMo functionalities — including deposits, withdrawals, person-to-person transfers, and merchant payments — will be unavailable.

This brief outage carries significant implications for Ghana’s financial ecosystem, where MTN Mobile Money has become the dominant transaction platform, processing billions of cedis annually and playing a crucial role in driving financial inclusion.

In an interview with Citi FM, Charles Asamoah Assah, Chief Technology & Service Delivery Officer of Mobile Money Limited, emphasised the importance of the planned upgrade.

"Please be informed of a planned system upgrade on 17th August 2025, from 12 midnight to 6 am. During this period, all Mobile Money services will be unavailable. 

This upgrade is to improve our services to you. We sincerely apologise for any inconvenience caused and thank you for your understanding."

According to MTN, the upgrade is part of ongoing efforts to enhance customer experience, following previous modernisation projects aimed at improving transaction speed, strengthening fraud prevention measures, and introducing innovative digital services.

The company assured customers that all funds will remain safe and services will be restored immediately after the maintenance window. 

MTN is advising individuals and businesses to complete any urgent transactions ahead of the scheduled downtime to avoid disruptions.



MTN Mobile Money system upgrade to cause 6-hours service disruption on August 17, 2025

The Board of the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), a subsidiary of the Bank of Ghana (BoG), has announced the appointment of Mrs Clara B. Arthur as its new Chief Executive Officer, effective September 1, 2025.

Mrs Arthur is a seasoned professional with extensive experience spanning the financial services and technology sectors. Her career is marked by a consistent record of leadership, innovation, and growth-driven strategy.

She holds a Bachelor of Arts in Law and History from the Kwame Nkrumah University of Science and Technology (KNUST) and a Master of Science in Finance and Administration from Thames Valley University in the UK. 

With more than 20 years of industry experience, she has held various high-level positions in reputable financial institutions.

Her previous roles include Head of ATM and Card Technology at Ecobank and Head of E-banking at Fidelity Bank. She has also served in international consultancy positions, notably as a Digital Financial Services Consultant with the Consultative Group to Assist the Poor (CGAP) and as a Remittance Expert with the United Nations Capital Development Fund (UNCDF).

Prior to joining GhIPSS, Mrs Arthur held senior leadership positions at Fidelity Bank Ghana and E Process International S.A. (the technology arm of the Ecobank Group) and worked as a private consultant, where she led teams in delivering technical expertise in IT infrastructure and payment systems.

Governor of the Bank of Ghana and Board Chairman of GhIPSS, Dr Johnson Asiama, commented on her appointment, saying:

“We are confident that Mrs Arthur will bring a fresh perspective and strategic vision to GhIPSS and will help lead the institution into the next phase of growth and success.”

In her acceptance remarks, Mrs Clara Arthur stated:

“I am honoured to step into this role at this pivotal time. It is more of a return for me, and I look forward to working alongside this talented team to continue the legacy of GhIPSS. Together, we will continue to drive meaningful impact, embrace new opportunities, and shape a future in the payments industry that we can all be proud of.”

She takes over from Mr Archie Hesse, who previously served as Chief Executive Officer of GhIPSS for over 17 years. 



GhNewsMedia

Business

Latest Business News

Larry Ellison becomes world’s richest person, surpassing Elon Musk after oracle’s $101B AI boom

BoG bans dollar payments for school fees, rent, airline tickets & more

GRA set to tax cryptocurrency traders in Ghana with new system

Bank of Ghana directs halt to foreign currency cash withdrawals for corporates

MTN Mobile Money system upgrade to cause 6-hours service disruption on August 17, 2025

Clara B. Arthur Appointed CEO of GhIPSS Effective Sept 2025