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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Unstable economy responsible for staggered economic growth – Economist

bycitibusinessnews
April 2, 2016
in Business, Local Economy, Top Stories
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Economist, Professor Godfred Bokpin, is warning of tougher times for the manufacturing sector if efforts are not stepped up to create a stable macro economy.

According to him, even though access to credit has increased following reforms in Ghana’s financial sector, the instability in the macro-economy has made it difficult for businesses to increase their scale of production.

Ghana’s economy has in recent times been characterized by an increasing inflation rate, high interest rates on credit as well as an unstable currency due to price volatility on the Forex market.

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Professor Bokpin maintains these developments have made it a disincentive for commercial banks to give out long term credit to manufacturers.

Professor Bokpin however explains to Citi Business News, manufacturing can be saved from collapse with a stable macro-economic environment.

“If you deny financial institutions that predictability and stability so that they cannot price, then they wouldn’t want to lend for long. As a result, average maturity for lending is for twelve months but in the manufacturing sector, the average turnaround is about two to three years.” Prof. Bokpin noted.

“We are looking at extending the maturity tenure of credit to about three years in order to support the productive aspect of the economy because once we import, we are exporting jobs. In order to increase the productive capacity of industries, macro-economic stability is key.” He added.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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