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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Ghana’s economic prospects still good – Kwame Pianim

bycitibusinessnews
June 24, 2014
in Business, Local Economy, Top Stories
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Renowned Economist and Investment Consultant, Mr Kwame Pianim has urged investors not to view the country’s economic crisis in a pessimistic manner, maintaining that the country’s economic prospects are still good.

Describing the current economic challenges as a blessing in disguise, Mr Pianim said the present conditions would spur people on to be more sensitive to the economy, adding “maybe it will force Ghanaians to open their eyes and then we can get on.”

Speaking at a business forum in Accra, Mr Pianim said the current crisis could be resolved very quickly, explaining that “it is just government expenditure which is too high; we need to put together a national alliance for resolving these problems.”

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Banking the economic hopes on cocoa, gold; and other exports, he explained that once the fiscal deficit situation was addressed, these commodities could bring in revenue for the government.

“Cocoa will bring in something, gold, other exports including horticulture, tourism,  services can also bring in something so we do not have to worry about the exchange rate volatility because it can be resolved very quickly once the fiscal deficit issue is addressed,” he said.

The Ghanaian economy had since the beginning of the year gone through a lot of downturns which has made the country less attractive to foreign investors.

The local currency has been fast depreciating against the major foreign trading currencies, particularly the US dollar which has shed more than 20 per cent of its value to the dollar since January this year alone. The situation has forced the Bank of Ghana to introduce some stringent directives on the use of foreign currency in the country.

Inflation has also been on the rise since the beginning of the year, with the current rate (April 2014), pegged at 14.8 per cent. The country’s fiscal debt has also been rising.

Last year, the overall budget deficit of the government stood at GH¢9.5 billion or 10.8 per cent of Gross Domestic Product (GDP) as against a target of GH¢8 billion (nine per cent of GDP).

In 2012, the budget recorded a deficit of 11.8 per cent of GDP with total revenue and grants in 2013 amounting to GH¢19.2 billion, against a budget target of GH¢22.5 billion.

Mr Pianim said, “four years ago, Ghanaian economists thought of how not to let the cedi appreciate, how to make sure that the non oil sectors where also growing, and the cedi was not going to appreciate to make us non competitive. The oil is there, cocoa is there, gold is there, so we don’t have to be too pessimistic about the problems.”

Infrastructure Devt

The renowned economist reiterated the need for investors to consider areas that will help address the infrastructure gap with emphasis on the ports.

According to him, currently Ghana’s ports were being used as money collecting facilities instead for trade facilitation, something he said needed serious attention.

“We can look at ports expansion for development to support Ghana as a hub; currently we use our ports largely as money collecting facilities instead of trade facilitation and I think that if we take it serious, we can use it as a gateway to landlocked countries such as Burkina Faso, Mali and Niger,” he said.

 

Source: Graphic Business

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[From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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