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    Ghana’s inflation rate rises again; hits 31.7% in July 2022

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    GEXIM CEO is one of Ghana’s 100 most influential business leaders

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    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    National AfCFTA Policy Framework and Action Plan launched to boost trade

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    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    African countries that could follow Sri Lanka into economic chaos

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

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    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

    Ghana Mines Workers’ Union threatens industrial action

    Farmerline begins ‘Support a Farmer’ initiative to provide fertilizer to farmers

    Ghana likely to secure US$3 billion from IMF for economic support

    Tax incentive for young entrepreneurs-opportunities and challenges

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    USAID Feed the Future Program provides funding to Agrihouse Foundation’s 1H1G Initiative

    Government disappointed by Standard & Poor’s downgrade rating

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    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

    Government eyeing GH¢750m with new E-VAT policy

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    National AfCFTA Policy Framework and Action Plan launched to boost trade

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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

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    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    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

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BoG Governor demands measures to help businesses succeed in AfCFTA era

byBobbie Osei
January 11, 2021
in Banking And Finance, Economy, Local Economy, Manufacturing, Top Stories
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Governor of the Bank of Ghana Dr. Ernest Addison says the commencement of operations of the Africa Continental Free Trade Area (AfCFTA) requires the building of a competitive Ghanaian economy.

According to the Governor, the effects of a strong Ghanaian economy will ensure that local businesses win against their rivals from other African countries.

Responding to a question by Citi Business News on the continent-wide trade agreement, Dr. Ernest Addison said local firms need to take advantage of the quota-free regime to succeed.

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“At the end of the day, these trade flows will depend on the competitiveness of the various economies. This is what will really eventually determine who benefits from the free trade area. So it is important that we run a very competitive economy with low-cost exchange rate stability. All of that will help us in a sense to have an advantage over our competitors in terms of the type of exports we undertake.”

Dr. Addison also stated that the country’s balance of trade will also be strengthened if local firms strengthen their capacities to boost exports from Ghana to other African countries.

Data from the Bank of Ghana indicate that the country’s trade balance at the end of the third quarter was 549 million dollars compared to 147 million dollars at the end of the second quarter and 849 million dollars at the end of the first quarter.

“If we compete effectively, that should help us strengthen our balance of payment. It will only mean that our exports will pick up. If we don’t compete effectively, we will lose exports to imports then obviously our balance of trade will also reflect that deterioration. So this is the time to make sure that our exports to the other African countries perform very strongly.”

The AfCFTA pact

The continent-wide pact consolidates a market of 1.2 billion people and a combined GDP of $2.5 trillion.

Because of the AfCFTA, Africa’s manufacturing output is expected to double to $1 trillion, creating 14 million jobs by 2025.

The AfCFTA agreement initially requires members to remove 90 per cent tariffs from goods, allowing free access to commodities, goods, and services across the continent.

With the right transport infrastructure and high integration, manufacturers of consumer goods could earn up to $326 billion dollars per year, according to McKinsey & Company, a US-based management consulting firm.

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