Category: Local Economy
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Cocoa farmers threaten to sell farms for galamsey if govt doesn’t increase price
Cocoa farmers in the Prestea-Huni-Valley Municipality of the Western Region have cautioned the government to immediately increase the price of cocoa, or they will continue to sell their cocoa farms for galamsey activities. The farmers, who spoke to Citi News in Damang, said the current cocoa price is a disincentive to farming, and that the…
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Govt to receive $6.2bn from multilateral partners – Ofori-Atta
Finance Minister, Ken Ofori-Atta has disclosed that the government is expected to receive about $6.2 billion from its multilateral partners between 2023 and 2026. While briefing the nation on the economy at the Ministry of Finance on Sunday, June 18, the Minister disclosed the government has come up with Ghana’s Post-COVID-19 Programme for Economic Growth…
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May inflation rises marginally to 42.2% after four consecutive decreases
Inflation for May 2023 has experienced a marginal increase, rising from 41.2% in April 2023 to 42.2%. This means that in the month of May 2023, the general price level was 42.2% higher than May 2022. Month-on-month inflation between April 2023 and May 2023 was 4.8%. The Government Statistician, Prof. Samuel Kobina Annim, disclosed that…
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Citi Business Festival 2023 enters week two; focuses on building resilient SMEs
The Citi Business Festival 2023 will continue this week as it enters its second leg. Conversations will center on Small and Medium Scale Enterprises (SMEs). SMEs make up over 80% of Ghanaian businesses, thus this week’s on-air radio series and TV forum aim at deliberating on how to build successful and resilient SMEs even in difficult…
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Growth and Sustainability Levy will jeopardize business operations – Ghana Chamber of Mines
The Ghana Chamber of Mines is impressing on government to have a deeper engagement with players within the mining industry to reconsider the Growth and Sustainability Levy as it has a crippling effect on the sector. This follows the implementation of the Growth and Sustainability Levy and two other new taxes on Monday, May 1,…
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Let’s remain optimistic – Otuo Siriboe to Ghanaians
Chairman of the Council of State, Nana Otuo Siriboe II has called upon Ghanaians to maintain a sense of optimism in light of the country’s renewed growth trajectory, supported by the recently approved International Monetary Fund (IMF) Programme. “There is light ahead for Ghana. We must remain optimistic and steadfast in our belief that our…
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South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery
In a significant step towards enhancing economic cooperation and addressing shared challenges, Ghana’s Finance Minister, Ken Ofori-Atta, and South Africa’s President, Cyril Ramaphosa, held a productive virtual meeting on Thursday June 1, on the sidelines of the MTN Capital Markets Day in South Africa. The discussion focused on strengthening bilateral ties, exploring mutual benefits, and…
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GRA apprehends shop owners at Achimota for tax infractions
Three shop owners at Achimota, a suburb in Accra, have been apprehended for flouting tax laws of Ghana. The move is a continuation of the GRA’s exercise to have businesses comply with the VAT issuance regime as a civil responsibility. At least 50 business owners have so far been cited for wrongdoing since the commencement…
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Unlock the full potential of mining, energy sectors for domestic industrialization – Abu Jinapor
The Ministry of Lands and Natural Resources has reiterated calls for players within the mining Industry to prioritize value addition to its extractives exported out of the country to ensure the country rakes in the full benefit of the Industry. The sector Minister, Samuel Abu Jinapor maintains that narrative of naturally endowed countries being caught…
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GOIL records 26% increase in profit in 2022; approves ¢0.056 dividend per share
The Ghana Oil Company Limited, GOIL has recorded an impressive growth performance across key indicators of its operations for the year ended 31st December 2022. The company registered a profit after tax of 123.89 million cedis, representing an increase of 26 percent higher than what was recorded last year. The company also declared a dividend…