Author: Bobbie Osei
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New cocoa pension scheme will attract youth into sector – Concerned Farmers Association
Following President Nana Addo Dankwa Akufo-Addo launch of a pension scheme for the country’s cocoa farmers, the President of the Concerned Farmers Association of Ghana, Nana Oboadie Boateng Opambour has welcomed the new scheme, but says an independent body with strong representation from cocoa farmers needs to manage the scheme to ensure it succeeds. Speaking…
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NPLs of Ghanaian banks may rise after COVID-19 pandemic – BoG Governor
Governor of the Bank of Ghana Dr. Ernest Addison says he is mindful of the fact that in the aftermath of the Coronavirus pandemic, non-performing loans in the country may rise beyond the current stable levels. An analysis of the Summary of Macroeconomic and Financial Data from the Bank of Ghana released in November shows…
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Ghana, Ivory Coast to cancel all cocoa sustainability schemes of chocolate maker Hershey
Ghana and Ivory Coast, the world’s leading producers of cocoa have threatened to cancel all cocoa sustainability schemes that U.S.-based Hershey runs in these countries. Both countries according to Reuters have accused the chocolate maker of trying to avoid paying the cocoa premium known as the Living Income Differential (LID) which is aimed at combating…
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AfDB seeks more support for Ghana’s National Development Bank
With a little over a month for the National Development Bank of Ghana to commence operations, the outgoing Acting Country Manager of the African Development Bank, Sebastian Okeke, says his outfit is taking every step necessary to get more international financial institutions to support the funding of the bank. To support the establishment of the…
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Deposits of commercial banks grow steadily despite impact of COVID-19 – BoG
The latest Summary of Macroeconomic and Financial Data from the Bank of Ghana shows that the growth rate in commercial banks’ deposits has been positive throughout the year despite the impact of the COVID-19 pandemic on activities of businesses and individual households. Total banking deposits increased by 27% year-on-year, from GHS78.9 billion in October 2019…
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We’re ready to meet increase in demand for new cars – Nissan Africa MD
Managing Director of the Nissan Group of Africa, Shinkichi Izumi, says he’s confident the full implementation of Ghana’s Automotive Development Policy will lead to a surge in demand for brand-new vehicles, a development which carmakers with assembling plants in the country will welcome. The Automotive Development policy is a comprehensive package of incentives and measures…
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Ghana’s oil industry must avoid pitfalls Nigeria encountered to thrive – Extractives analyst
A professor in environment and development at the University of Reading Chukwumerije Okereke has reiterated the need for managers of Ghana’s Oil and Gas resources to avoid making the same mistakes Nigeria has made with its vast oil resources. The comment was made during a panel discussion on the plans of African governments’ on climate…
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Stakeholders question impact of high interest rates on local businesses
Industry stakeholders have questioned the ability of Ghanaian businesses to remain competitive in the era of the African Continental Free Trade Area, following the maintenance of the Monetary Policy Rate by the Bank of Ghana for the 4th consecutive time at 14.5 percent. The reduction in the rate, which determines the percentage at which the…
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COVID-19 related interventions pushing debt stock to unsustainable levels – BoG Governor
Governor of the Bank of Ghana Dr. Ernest Addison has stated that the current debt-to-GDP ratio of 71 percent could be an indication that government is approaching its limit when it comes to the implementation of its COVID-19 related interventions meant to cushion Ghanaians and businesses against the adverse impact of the global pandemic. Apart…
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Policy rate maintained at 14.5% for 4th consecutive time
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate for the 4th consecutive time this year at 14.5 percent after a similar decision in May, July and September 2020. The rate is of keen interest to businesses, as it signals the rate at which the Central Bank will lend to…