Category: Economy
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Position yourself to take advantage of AfCFTA – Akufo-Addo to GSE
President Nana Addo Dankwa Akufo-Addo has charged the Ghana Stock Exchange to strategically position itself to be able to attract more local and sub-regional companies to list on the local bourse. According to him, the siting of the Secretariat of the African Continental Free Trade Area (AfCFTA) and the coming implementation of the agreement, offers…
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Economist justifies hike in government’s expenditure after BoG quarterly report
A new report released by the Bank of Ghana on the government’s financial standing in the first quarter of 2020 indicates that the government’s expenditure increased by over GH¢5,867 million; indicating a 28.3 percent increase as compared to the amount of money spent in 2019 over the same period. According to the report, “Government expenditure…
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Accident Investigation & Prevention Bureau Bill passed to boost air transport safety
Parliament has passed the Accident Investigation and Prevention Bureau Bill, 2020. The Bill, which was approved by Cabinet last month, seeks to among other things establish an autonomous Aircraft Accident Investigation and Prevention Bureau. When assented to by the President, it will boost confidence and safety in Ghana’s air transport sector, and put the country…
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Bank of Ghana to announce Monetary Policy Rate today
The Monetary Policy Committee (MPC) of the Bank of Ghana, is set to announce the policy rate later on Monday, July 27, 2020. The rate is of keen interest to businesses, as it determines the rate at which the BoG lends to commercial banks, and subsequently influences interest rate on loans. The Committee begun its…
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Gov’t requests GHS11.8bn supplementary budget amid COVID-19 threats
The Minister of Finance, Ken Ofori-Atta, has tabled a request from government to Parliament for a supplementary budge of 11. 8 billion Ghana cedis to support government’s expenditure for the rest of the year. The request is to assist government implement various initiatives to strengthen various sectors of the economy due to the revenue shortfalls…
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NPRA takes steps to protect pension contributions as COVID exposes threats
The National Pensions Regulatory Authority, NPRA, says the impact of COVID-19 on the pensions industry globally is a reminder to developing countries such as Ghana to institute and implement long-term sustainable plans for the aged. According to the NPRA, most pension funds have suffered a setback because some of the major financial assets where pension…
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Have comprehensive plans for funding manifesto promises – Technocrats urge political parties
Some technocrats have reiterated the need for major political parties to design manifestos that address critical developmental issues such as job creation much more holistically. The speakers at the launch of the CDD Manifesto Project, a compilation of issues and Evidence on Key sectors in Ghana, which seeks to promote Responsive and Responsible Manifestos for…
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Gov’t likely to opt for borrowing instead of new taxes in mid-year budget – Economist
A Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey, says he doesn’t expect government to introduce new taxes in the upcoming mid-year budget presentation. The Finance Minister, Ken Ofori-Atta, is expected to present the Mid-Year Budget Review and Supplementary estimates to Parliament in July. Mr. Ofori-Atta proposed…
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#CitiBusinessFestival: Be committed to partnerships to attract more FDIs – Yofi Grant to businesses
The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Yofi Grant, says Ghanaian businesses that seek to enter into joint ventures with foreign companies must understand the terms of such engagements, and give off their best to attract more Foreign Direct Investments. “In mining, a lot of development is from the foreign direct…
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#CitiBusinessFestival: Pharmaceutical firms urged to use AfCFTA to boost drug production
Businesses in the pharmaceutical and healthcare sector have been challenged to take advantage of the Africa Continental Free Trade Area (AfCFTA) to export more of their products to other African countries. Even though the African pharmaceutical market is growing rapidly, the continent still imports over 70% of the drugs it consumes. Commenting on the opportunities…