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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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    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

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    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

    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

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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

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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

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

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#CitiBusinessFestival: Five key insights from forum on Ghana’s trade competitiveness

bycitibusinessnews
June 21, 2022
in News, Top Stories
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The Citi Business Festival’s forum on surviving the uncertainties of consumer markets discussed ways of surviving uncertainties of consumer markets following the COVID-19 pandemic.

The forum featured Theresa Yamson, the CEO of Phyto-Riker; Robert Ahomka-Lindsay, former Deputy Minister of Trade and Industry; Michael Kottoh CEO of Konfidants, Charles Addo, the Retail Banking Director at Absa Bank and Cynthia Baffour, the CEO of Cyndex Garment Manufacturers.

They discussed how local manufacturers can better understand changes to their landscape and become more competitive.

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Here are five takeaways from the forum:

Local manufacturing capacity must be treated as a national security issue

Michael Kottoh believes the strength of Ghana’s local manufacturing industry should be treated as a national security concern.

This is especially so following the pandemic where there were global supply chain disruptions that left some countries without Personal Protective Equipment.

He said Ghana needed a “national security rationale for boosting manufacturing and local production”.

Michael Kottoh suggested that Ghana should make a list of products “that are fundamental to our natural survival, and a minimum percentage should be produced locally”.

This will ultimately translate into economic dividends.

Local manufacturing companies must be given room to learn from failings

Ghanaians can be too hard on local manufacturing companies and their output, Robert Ahomka-Lindsay has said.

He reminded us that China was once the laughingstock of the world.

“Today, China is the manufacturing arm of the world. In my day, people laughed at things that were manufactured in China because they were falling to pieces. But they had to go through that learning process.”

Robert Ahomka-Lindsay further stressed that there was nothing wrong with some trial and error from local manufacturers.

“This is the reality of learning,” he said.

Policy must dictate the share of imported goods in Ghana’s markets

Michael Kottoh suggested that Ghana should outline products if it was going to make the preserve of local production.

“Make a decision that we want to progressively reduce the share of imports of these products year-on-year over a period of time.”

This could be over a five to 10-year period.

“We need to focus on certain products and just zero in on them and see what we can do,” Michael Kottoh said.

 

 

Local industries need better human resources

Cynthia Baffour noted that human resources must keep up with our ambitions to expand the local manufacturing industry.

But currently, she said, there may not be enough workers ready for industrial production.

“When you bring such people into a factory to work, you realise that they are not skilled because we are not trained to work in the factory. We are trained to work on a domestic level, so these invariably come to affect our work.”

Ghana must have a competition policy to monitor price

Robert Ahomka-Lindsay remains skeptical of how goods are priced in Ghana.

He argued for a competition policy to check the rate at which prices of goods increase in Ghana.

“Our pricing structure is sometimes a little strange; how we roll up prices… it is just too fast,” Robert Ahomka-Lindsay remarked.

“We have a pricing structure that needs to be reviewed. Sometimes I wonder what the pricing logic is,” he added.

 

 

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