Category: Business
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BoG must enforce regulations on informal forex trading – Prof. Quartey
Economics Professor and the Director of the Institute of Statistical, Social and Economic Research, Prof. Peter Quartey has bemoaned the seeming lack of action against persons engaged in the illegal trade of foreign exchange, especially the US Dollar, in different parts of the country. According to him, the informal foreign exchange market is contributing to…
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DBG will mirror KfW’s successful banking model to benefit SMEs
KfW, the German development bank, has reaffirmed that its partnership with the recently launched Development Bank Ghana (DBG), which was signed in December 2021, seeks to provide much-needed support to the Small and Medium-sized Enterprise (SME) sector and thereby promote the sustainable development of the Ghanaian economy based on a model similar to its own.…
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Cedi Summit comes off today at Alisa Hotel
The much anticipated Citi Business Festival Cedi Summit comes off today, June 27, 2022, at the Alisa Hotel. The one-day Economic Summit being organised by Citi TV in partnership with the Institute of Statistical, Social and Economic Research (ISSER) and ABSA Bank Ghana, as part of the 2022 Citi Business Festival will host seasoned speakers…
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BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD
The Ghana Chamber of Bulk Oil Distributors (CBOD), has called on other players in the foreign exchange supply market to step up their efforts to ensure the demand for US Dollars by Bulk Distributing Companies (BDCs) is met. This, according to the CEO of the Chamber, Senyo Hosi, is important as the quantum of US…
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Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs
In its quest to help address some major challenges that hinder the growth of small and medium-scale enterprises, SMEs, in the country, in terms of access to capital, Societe General Ghana has launched a tailor-made package for these businesses. The product known as the ‘Boafo Loan’ product is a short-term working capital loan package designed…
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CBOD calls for a more structured supply of Forex for petroleum products
The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has blamed the inadequate supply of foreign exchange for the procurement of petroleum products at the doorsteps of commercial banks in the country. The remark comes on the back of a report from Bloomberg which claimed that Ghana faces a…
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Bank of Namibia Governor pays courtesy call on BoG Governor
A 4-member delegation, led by the Governor of the Bank of Namibia, Mr. Johaness !Gowaxab on Friday, 17th June 2022, paid a courtesy call on the Governor of the Bank of Ghana, Dr. Ernest Addison, to seek mutually-beneficial relationships between the two central banks and also to learn best practices from the Bank of Ghana.…
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DBG funds will not be used to buy gov’t securities – Deputy CEO assures
As stakeholders continue to lament the low level of lending to key sectors like Agriculture and manufacturing, the newly launched wholesale bank, the Development Bank Ghana is assuring that it will implement effective measures that will ensure their funds go to key sectors of the economy. Universal banks in the country, for some time now,…
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Producer Price Inflation rises again to hit 33.5% in May 2022
Producer price inflation, the average price of goods and services received by domestic producers for their production activities, for the month of May, has risen to 33.5 percent. This rate represents a 2.1 percentage point increase in producer inflation relative to the 31.4 percent recorded in April 2022, and a 21.7 percentage point increase relative…
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#CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO
A major factor hindering the garment industry from thriving is the lack of access to financial support, Chief Executive Officer of Cyndex Garment Manufacturers, Cynthia Baffour has said. At the Citi Business Festival’s forum on Citi TV, Ms. Baffour emphasized the need for the garment industry to be financially supported to run its operations. She posited…