No Result
View All Result
Sunday, May 28, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Mahama speaks at 2023 Korea Africa Business Summit

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Joe Jackson cautions govt against immediate return to international market

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

    GSA to clamp down on sub-standard cables, electrical products dealers

    GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies

  • TECHNOLOGY

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Mahama speaks at 2023 Korea Africa Business Summit

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Joe Jackson cautions govt against immediate return to international market

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

    GSA to clamp down on sub-standard cables, electrical products dealers

    GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies

  • TECHNOLOGY

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Cedi depreciation must be halted to save industries–AGI

bycitibusinessnews
March 18, 2019
in Banking And Finance, Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Association of the Ghana Industries(AGI) has urged government to put in measures that will stabilize the cedi against the dollar.

This follows a recent announcement by the Finance Minister, Ken Ofori-Atta, that the free fall of the cedi against the dollar, will be curtailed in the coming weeks.

The cedi has depreciated against the dollar from GHC 4.9 to around GHC 5.50 since the beginning of the year year sparking concern in the business community.

ADVERTISEMENT

Speaking on the issue, the Chief Executive Officer of the Association Ghana Industries (AGI) Seth Twum-Akwaboah, said there is the need for a speedy implementation of pragmatic guidelines to halt the depreciation.

“In terms of the solution that the Bank of Ghana has proposed or the government has proposed by injecting some resources into the system, I think that is the right thing,” he said adding that “it should be done and it should be done quickly”.

Mr. Twum Akwaboah stated that businesses are struggling as nothing is done permanently to cushion them.

He pointed out that the development has created room for speculation to thrive.

“When we allow speculation to set in it worsens the situation, and therefore our call on government will be that there must be a quick resolution to the matter so that it doesn’t exacerbate further.”

For the Ghana Union of Traders Association (GUTA), the lack of stakeholder engagement to find effective ways of stemming the Cedi’s depreciation, is not helpful.

Commenting on the state of the local currency, Public Relations Officer (PRO) of GUTA Joseph Padi, said the government needs to get as much consultation as it can from all stakeholders.

“If the depreciation continues in the current direction we will still see prices of goods and services going up. It’s extremely important to get a broader consultation in the sense that the players in the industry must appreciate what is really going on”

–

By: Bobbie Osei/citibusinessnews.com/Ghana

Related Posts

Banking And Finance

BoG Act needs clarity, improvement for easy implementation – Governor

byNii Larte Lartey

Dr Ernest Addison, the Governor of the Bank of Ghana, says there is a need to improve the Bank’s (Amendment)...

Read more

Don’t shortchange customers; use standardized measurements – Traders told

We’re ready to provide liquidity support to banks – BoG reiterates

Utility tariff increase will cripple businesses – AGI

GRA arrests 3 shop owners for not issuing VAT invoices

GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

Chinese involvement in Ghana’s economy not problematic – Nana Addo

Next Post
Emmanuel Kofi Nti - Commissioner General, GRA

GRA misses Tax Amnesty Policy target of GHS500 million

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.