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    GHASALC laments drop on number of digital transactions following e-levy

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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

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    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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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    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

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    GHASALC laments drop on number of digital transactions following e-levy

    Italy’s top producers of agro-tech products explore opportunities in Ghana

    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

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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

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

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    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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Economist cautions Gov’t against wrongful use of COVID-19 stimulus package

byNerteley Nettey
April 23, 2020
in Business, Local Economy, Top Stories
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The Head of the Economics Department at the University of Ghana, Prof. William Baah-Boateng, is urging government to restrain itself in the disbursement of its extensive financial packages to individuals and businesses as the country continues to face the economic impact of the novel Coronavirus pandemic.

According to him, although there is the need to support distressed companies, government must critically assess which businesses to support.

Speaking on Citi TV’s Point of View, he called on government and businesses to be more strategic in their operations so as to restore economic activities and ensure that monies are spent wisely.

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“So, what we do? This is where innovation comes in. They say necessity is the mother of invention. From government’s perspective, it will not be best to use the stimulus package just to buy goods and services for people to consume. That will not be the best. I am expecting the stimulus package to help businesses to start something and solve those challenges that they are having. I have a bit of a challenge when you want to use the stimulus package to pay some of the salaries. What will we get in return if we pay salaries? So, we don’t have to just sit down, fold our arms and expect that government will come in and pay part of our salaries,” he said.

“For instance, I am looking forward to see a situation where employers will not just lay off workers like that but will look at the situation and say, if I pay you 100 cedis, looking at the situation, I will spread that kind of money so that everybody gets something,” he added.

He further asked government to consider the timing of the disbursement of the packages as the pandemic is not yet over, stating that it should be meticulous in its support to businesses.

“There is a time frame also, because, I am not talking about just giving the money right now. As we find ourselves, we are still having the pandemic. Therefore, if you give the money, there is also a problem with demand. So, you have to weigh it with the time frame as well. If we don’t take care and give that kind of stimulus package to the small and medium enterprises, they may use it for other things. We have to look at the timing as well and ensure that if there is going to be a stimulus package, it is going to be used to ignite the engine of economic activity and get our firms running,” he stated.

Gov’t Interventions for COVID-19

Following the outbreak of novel Coronavirus in Ghana which necessitated a partial lockdown on Accra, Tema, Kasoa and Kumasi, most businesses in the country’s major economic centres slowed down, thereby tightening financial conditions.

Though the partial lock-down has been lifted, some stakeholders believe it will take time for these business to get back on their feet.

President Akufo-Addo already announced a GHS600 million soft loan scheme with a two-year repayment plan to support micro, small and medium scale businesses.

The Finance Committee of Parliament has given authorization to the Minister of Finance to spend GHS1.2 billion from the Contingency Fund.

The Finance Minister has also asked for the support of Parliament to amend the relevant laws to lower the cap of the Stabilization Fund from US$300 million to US$100 million to enable the government use the excess funds to bridge the gap created by the economic impact of the pandemic.

There’s also a request to amend the Petroleum Revenue Management Act to use portions of the Ghana Heritage Fund to help the fight against the virus.

Externally, the International Monetary Fund (IMF), has approved a disbursement of US$1 billion to Ghana to help address the urgent fiscal and balance of payments needs that Ghana is facing in the wake of the novel Coronavirus pandemic.

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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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