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

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    BoG must be innovative in dealing with rise in PPI – AGI

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

    Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in April; 78% of GDP

    Manufacture of petroleum products push PPI to 31.2% in April

    Togbe Afede XIV urges BoG to introduce measures to deal with rising inflation

    SEC and West Africa Securities Regulators Association to hold 2nd edition of WACMaC

    GEA/Mastercard Foundation Young Africa Works supports 3,000 Beneficiaries with Start-up Kits

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

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

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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

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Compel banks to allocate loans to agriculture- GAWU to govt

bycitibusinessnews
January 7, 2017
in Banking And Finance, Government, Local Economy, Top Stories
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The General Agriculture Workers Union (GAWU) has appealed to the Nana Akufo Addo administration to use policy tools to compel commercial banks in the country to cede a substantial portion of their loan portfolio to the agriculture sector.

According to him, the non-existence of such policies is the cause of low investment in the agriculture sector leading to low output from farmers.

Speaking to Citi Business News, the General Secretary of GAWU, Mr. Edward Kareweh stated that the practice is normal in most advanced countries, targeted at boosting the food baskets of countries.

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He lamented that GAWU has made the proposals to past governments but to no avail.

“This proposal has all along been on the drawing board, we have articulated it except that government has done nothing about it. We want the government to indicate or have a policy that a certain percentage of the loan portfolio of banks in the year should go into agriculture”.

He argued that the banking industry is one of the most profitable, hence can channel funds to the agriculture sector, which is a critical and important one.

“Ghanaian banks are among the richest or the most profitable in Africa, why is it that they are still unable to grant loans to agriculture. Why are banks trooping in. why are more banks coming into the economy,”

“Why can’t our government make policy so they allocate a portion of their credit to agriculture. Agriculture is a very important sector of the economy and it needs credit to fashion properly and expand,” he added.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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