Category: Economy
-
FDA prevents unwholesome rice from entering Ghana
Citi Business News’ checks at the Food and Drugs Authority(FDA) has revealed that the Authority received an alert on some substandard rice that was being imported into the Ghanaian market from Myanmar. Officials at the FDA quickly moved to prevent the unwholesome rice from entering Ghana with the aid of the customs division and other…
-
Ghana’s economy grows by 6.3% in 2018
Ghana’s economy grew by 6.3 percent in 2018, witnessing a drop in growth when compared to the 8.1 percent recorded in 2017. The total value of all goods and services produced in the country in 2018 also amounted to 154.5 billion cedis. Per figures released by the Ghana Statistical Service, the industry subsector recorded the…
-
Commodity prices, cedi depreciation push Producer Price Inflation up to 6.7%
The producer price inflation rose to 6.7 percent in March 2019. This is 3 percent higher compared to the 3.7 percent recorded in the same period in 2017. The Ghana Statistical Service attributes the rise to the prevailing prices of commodities like gold and petroleum on the international world market. The Government Statistician, Professor Samuel…
-
Gold Coast Fund Management engages SEC over liquidity issues
Gold Coast Fund Management (GCFM) has welcomed confirmation by the Securities and Exchange Commission (SEC) that it is seriously engaging with the company to find a lasting solution to the liquidity crisis it is facing. The Commission has revealed it has received and started reviewing proposals from GCFM, the biggest fund manager, on how the…
-
Access Bank to pursue aggressive loan growth in 2019
Access Bank Ghana has made a commitment to strongly grow its loan book this year despite a higher than average Non-Performing Loan ratio when compared to other banks in the country. Whereas gross earnings of the Bank were up by 12 percent in 2018, its loans and advances however declined by 6 percent in 2018.…
-
Growth must reflect in livelihoods of Ghanaians – IMF to gov’t
The International Monetary Fund (IMF) has advised the government of Ghana to ensure that the country’s expected economic growth translates into an improvement in the livelihoods of the citizenry. The Fund maintains that this could be achieved if the government ties its policies and programs with the aim of solving issues such as unemployment. The…
-
Financial institutions must provide credit to business women—2nd Dep Governor of BoG
Some leading female executives and government appointees say the financial conditions are right for financial institutions to advance more credit to business women in the country. The latest data from the Bank of Ghana shows that the three largest recipients of total credit or loans in Ghana, namely, commerce & finance, services and manufacturing sectors…
-
GIPC expresses disquiet over presentation of forged documents in business registration
The Ghana Investment Promotion Center has expressed disquiet about the increasing rate at which foreign entities presenting forged documents to business regulators in Ghana. According to stakeholders at the 2019 Economic Counsellors Dialogue organized by the Ghana Investment Promotion Center (GIPC), if the situation is not addressed it can negatively impact Ghana’s image in the…
-
IMF cuts Sub-Saharan Africa’s 2019 growth forecast to 3.5 percent
The International Monetary Fund cut its 2019 economic growth projection for sub-Saharan Africa this year to 3.5 percent, from 3.8 percent set last October, hot on the heels of a downgrade by the World Bank earlier in the week. The new forecast reflects downward revisions for Angola and Nigeria with a softening in oil prices,…
-
Engineers bemoan poor use of technology in Ghana’s development
Different stakeholders in the engineering profession have bemoaned the poor level of mastery and innovative deployment of technology and its application for Ghana’s economic growth. According to them, the vision of industrialization for Ghana will not be realized if the country continues to ignore the important role of science and technology in its development. At…