Category: Business
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Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it
A number of African countries, including Kenya, Egypt, Zimbabwe, Nigeria, Ghana and Zambia, are currently experiencing shortages of US dollars. The dollar is the dominant currency in international transactions. These countries rely on the US currency to pay for foreign debts, essential goods and industrial inputs. Development economist Christopher Adam explains to The Conversation Africa’s…
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Influx of second-hand furniture pushing local artisans out of business
The influx of imported furniture appears to be pushing local manufacturers out of business as some consumers have expressed their preference for second-hand furniture. According to 2019 figures from the Ghana Revenue Authority, the average annual furniture import is pegged at GHS 180.3 million. Local artisans are therefore calling for more investment in the local…
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Govt assures of making Financial Stability Fund more efficient
The government has indicated that it is working to make the Financial Stability Fund more efficient to support banks which have been impacted by the Domestic Debt Exchange Programme. According to the government, this is crucial as the fund will provide temporary liquidity and solvency to licensed financial companies. Speaking at the launch of the…
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Financial information penetration in Ghana now at 95% – Finance Ministry
The Deputy Minister of Finance, Abena Osei Asare has disclosed that financial information penetration in the country has shot up to about 95 percent. This according to her is a little over the 85 percent projections made by government for the year 2023. The Deputy Minister maintains that although the figures have gone up, many…
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We’re committed to deepening collaborations with DBG to achieve its mandate — CBG MD
The Managing Director of Consolidated Bank Ghana Ltd. (CBG), Daniel Wilson Addo, has stated that his outfit is committed to deepening collaborations with Development Bank Ghana (DBG) to facilitate and strengthen long-term credit flow to drive economic growth among Ghanaian businesses. Commenting on the importance of the partnership, Mr. Addo said, “DBG has a big…
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$20 million Atlantic Shopping Mall opens in Accra
As a strategic move to bring new shopping experience to residents within the North Legon enclave and adjoining towns, Broll Ghana (Property Managers of Atlantic Mall) has officially opened Atlantic Mall worth $20 million. Located at the Atomic Junction Roundabout in the North Legon area near the University of Ghana, the Atlantic Shopping Mall is…
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CUTS International pushes for passage of Competition bill
Think Tank, Consumer Unity and Trust Society (CUTS) is urging government to quicken efforts to pass the Competition bill to ensure efficient market practices. The Think Tank explains that the absence of a Competition Law in the country has denied Ghanaians the opportunity to enjoy the best of goods and services on the market. According…
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DBG partners UGBS to deepen development finance
The Development Bank Ghana (DBG) has partnered with the University of Ghana Business School (UGBS) to deepen development finance knowledge, innovations and its impact. This strategic move, the bank believes will bridge the gap between industry practice and academia through the provision of thought provoking leadership capabilities geared towards offering support for a youth –driven…
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Bank of Ghana increases Monetary Policy rate to 29.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 150 basis points to 29.5 percent. The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on…
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Industry experts convene to discuss diversification strategies for pension funds
On Friday March 17th 2023, stakeholders from across the pension and financial services industry gathered for the fifth edition of the Pension Strategy Conference; an annual industry-shaping and policy advocacy event in Ghana. This year’s Pension Strategy Conference presented a platform for investment managers to showcase exciting and innovative investment opportunities that offer pension funds…