Author: Benjamin Aklama
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Gulf central banks, Bank of England raise policy rates after Fed hike
The central banks of five Persian Gulf states raised policy rates on June 15 following the Federal Reserve’s 75 basis point hike the same day. The central banks of the United Arab Emirates, Qatar and Bahrain made 75bp increases to their reference rates. This brings the UAE’s rate to 3%, Qatar’s to 2.25% and Bahrain’s…
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Ghana’s economy not doing badly but can be better – Absa Bank’s Jacob Brobbey
The acting Head of Markets of Absa Bank, Jacob Brobbey, says Ghana can do more to strengthen its economy and make it more attractive to investors. He said Ghana’s economy is doing well compared to other countries on the continent, especially amidst major challenges such as COVID-19 that hit the country in 2020. According to…
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US Fed meets inflation surge with 75bp hike
The US Federal Reserve voted 10–1 to increase the policy rate by 75 basis points today (June 15), executing its largest rate hike in 28 years as inflation unexpectedly surged. The consumer price index rose by 8.6% over the year ending in May, the highest increase since 1981 and a reversal of April’s short-lived decline…
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As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty
On Wednesday June 15, 2022, Nigeria’s National Bureau of Statistics (NBS) released the Consumer Price (CPI) Index report which showed the country’s inflation rate at an 11-month high of 17.71%, up from 16.82% in April. The report, which was seen by Business Insider Africa, noted that the increase was driven mainly by skyrocketing food and…
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#CitiBusinessFestival: Many Ghanaian businesses not Africa-focused – Ofosu-Dorte
A senior partner at AB & David, David Ofosu-Dorte, says many Ghanaian businesses have limited their focus to operating only in Ghana unlike their counterparts in other parts of the continent. He said comparatively, Ghana ranks low in Africa on the number of its businesses that have penetrated other African markets. Speaking on the on-air…
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The crisis of debt and Oil price shocks: The looming storms in Ghana
According to the World Bank, Ghana’s economy faces the risk of collapsing by 2022 due to a looming debt crisis. We draw on history and current situations in some developing economies to shed light on this predicament, suggesting solutions that we believe can prevent us from being in recovery mode. The 1980s is wildly celebrated…
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Bank of Ghana receives Central Bank’s Fintech Policy of the Year 2022 Award
The Bank of Ghana has won the Central Banking’s FinTech Policy of the Year Award 2022 under the FinTech and RegTech Global Awards run by Central Banking. Central Banking Institute unveiled the winners of its fifth annual FinTech RegTech Global Awards on June 14, recognising the technological achievements of central banks, supervisors and commercial tech…
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Ghana ranked 7th best African Country for Entrepreneurs in 2022: Top 10 rankings
A new report compiled by the CEOWORLD magazine has found Ghana is the 7th best African country out of 10 to become an entrepreneur. The Entrepreneurship Index evaluates a total of 100 economies based on a wide range of factors to create an overall “best countries for entrepreneurship” index, including innovation, competitiveness, infrastructure, labour skills, access…
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Smart strategies to promote and grow small businesses
It is widely believed that small businesses have a one (1) in ten (10) chance of survival and ineffective marketing make your odds far less than that. Your foray into any business endeavour is an arduous enough step to take and a lack of knowledge on how to effectively promote your enterprise exacerbates your fear…
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Access Bank opens agency at Accra Technical University
Access Bank has commissioned a new Agency Banking network at the Accra Technical University (ATU) in Accra. This is in line with the Bank’s vision of becoming the world’s most respected African Bank through strategic expansion and retail dominance. Through this expansion drive, Access Bank has brought banking operations close to the doorsteps of the…