Author: Edna Agnes Boakye
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GIPC warns SMEs against ‘dubious’ business development and funding program
The Ghana Investment Promotion Centre (GIPC) has issued a strong cautionary statement to the public regarding a fraudulent funding program targeting small and medium-scale businesses. The warning comes as a response to a circulating Google Docx file on social media, falsely claiming to be associated with the GIPC, the Ministry of Finance, and the African…
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Chamber of Commerce doubts impact of 10% transport fare reduction on businesses
The Ghana Chamber of Commerce and Industry expressed skepticism regarding the impact of the 10% reduction in transport fares on businesses, considering it to be insufficient. Following a series of minor decreases in fuel prices, the reduction in fares will affect various modes of transportation including shared taxis, intra-city, intercity transportation, and haulage, as stated…
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IMF optimistic Ghana’s creditors will soon come to an agreement on debt restructuring
Ghana is expected to soon reach an agreement with its external creditors, particularly the Paris Club, on restructuring the country’s external debt, according to the International Monetary Fund (IMF). The agreement would pave the way for the IMF board to approve a programme for Ghana in May 2023, which would enable the country to secure…
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Cut your rates before asking banks to reduce lending rates – Economist to BoG
A finance lecturer at the University of Ghana Business School, Prof. Godfred Bokpin is of the view that it may be premature for commercial banks in Ghana to lower their lending rates in response to the recent decline in inflation rate. Bokpin’s comment follows the call by the Bank of Ghana for commercial banks operating…
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BoG urges commercial banks to lower lending rates as inflation figures decline
The commercial banks operating in Ghana have been urged by the Bank of Ghana to lower their lending rates while the country’s inflation figures are showing a decline. According to the Ghana Statistical Service, the inflation rate for April 2023 was at 41.2 percent, a drop from the earlier recorded 45 percent in March 2023.…
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GSA shuts down Fenice Metal for operating without certification
The Ghana Standards Authority (GSA) has shut down Fenis Metal Technology Company, a local electric cable and copper rod manufacturing plant in Prampram, said to be operating without proper certification. The Chinese-owned company was found to be operating without certification. Its products also lacked important information, including product batch numbers, date of manufacture and expiry,…
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Ghana cedi to end 2023 at ¢12.40 to a dollar – Fitch
Fitch Solutions has predicted that the Ghana cedi will end 2023 at a rate of ¢12.40 to one US dollar, which is a significant improvement from the 38% depreciation recorded last year. Fitch Solutions argues that this positive trend is likely to be attributed to Ghana securing an International Monetary Fund-support program by May 2023,…
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2.5m youth were not in employment, training or education by 3rd quarter of 2022 – GSS
About a quarter of the population aged between 15 to 35 years, representing 2.5 million persons were not in employment, education or training across the country by the third quarter of 2022, according to the latest labour statistics report from the Ghana Statistical Service. The report also indicated that the highest rates of such cases…
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Over 200,000 persons moved from industry to agric, service sectors in Q1 of 2022 – GSS
The Ghanaian economy witnessed some changes in employment trends in the year 2022, according to the Quarter 3 Labour Statistics report by the Ghana Statistical Service. In the first quarter of the year, 217,000 persons who were employed in the industry sector transitioned to Agriculture and Services sectors. The agriculture sector absorbed a net of…
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1.76m persons were unemployed by third quarter of 2022 – GSS
Data from the Ghana Statistical Service indicate that about 1.76 million persons were unemployed by the third quarter of 2022. The report further indicated that two out of every 3 persons employed during the period were in vulnerable employment. “The definition for vulnerable employment includes; are you self-employed without your colleagues, are you a contributing…