Category: Local Economy
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Ghana Best Cocoa Farmers Association lauds COCOBOD boss
The president of the Ghana Best Cocoa Farmers Association, Charles Gyamfi has heaped praises on the Chief Executive of Ghana Cocoa Board (COCOBOD), Hon Joseph Boahen Aidoo for spearheading the implementation of sustainable agronomic programmes and practices that have contributed to a viable cocoa sector in Ghana. The outpour of acknowledgment to the Chief Executive…
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Consider cocoa pricing in your legislation – COCOBOD CEO to EU
Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen-Aidoo has reiterated his call on the European Union (EU) to reconsider the element of cocoa pricing in its legislation. According to him, the legislation in its current form cannot sustain the industry and improve incomes of cocoa farmers. Hon Boahen Aidoo made these comments when he…
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Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC
International rating agency, Fitch, has upgraded Ghana’s Long-Term (LT) Local-Currency (LC) Issuer Default Rating (IDR) to ‘CCC’ from ‘RD’. The issue ratings on local-currency bonds issued domestically that have not matured yet have also been upgraded to ‘CCC’ from ‘D’. Fitch has affirmed Ghana’s Long-Term Foreign-Currency (FC) IDR at ‘RD’. Fitch typically does not assign…
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Producer Price Inflation drops to 50.8% in February 2023
Recent data from the Ghana Statistical Service, GSS, indicates that the Producer Price Inflation (PPI) for the month of February, 2023 fell marginally to 50.8%, from the 52.1%, recorded last month. Producer price inflation is the average prices of goods and services received by domestic producers for their production activities. This figure represents a 1.7…
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Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber
The proposed Growth and Sustainability Levy has the possibility to collapse indigenous oil service companies as well as trigger disinvestment by International Oil Companies if approved, the Ghana Upstream Petroleum Chamber, has cautioned. The Chamber explains that the levy which comes as an additional tax has the propensity to stifle the growth of local oil…
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ECG disconnects GRA, KFC, Ho Airport others from power grid
The Volta Regional branch of the Electricity Company of Ghana disconnected some customers on the first day of its nationwide revenue mobilization exercise which began on Monday, March 20, 2023. The exercise which took place in all eleven districts supervised by regional branch of the company in the Volta and Oti Regions saw officials from…
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GRA monitoring team retrieves over GHC85m revenue shortfall
The monitoring team of the Ghana Revenue Authority, GRA has mobilised over 85 million cedis in domestic revenue within the first five months of operation. The monies were recovered by four teams put in place to undertake risk based and intelligence driven operations across the country between October 2022 and February 2023. The four teams…
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Finance Minister leaves for China for debt negotiations
The Finance Minister, Ken Ofori-Atta, is expected to arrive in China on Wednesday for debt negotiations. The Minister is leading a high-level government delegation for bilateral talks on debt restructuring and financing assurances on Thursday and Friday, the source said. The delegation includes other government officials as well as technical teams from the Ministry of…
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Ghana’s debt level frustrating businesses, individuals – IEA
The Institute of Economic Affairs (IEA), a public policy think-tank, has described Ghana’s current debt, which is being restructured, as “disheartening and frustrating”, to businesses and individuals. As a result, the Institute has advised Government to take action to swiftly conclude the debt restructuring process to secure the US$3 billion loan-support programme with the International…
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Gold Fields, AngloGold rule out merger after Ghana joint-venture deal
Gold Fields (GFIJ.J) and AngloGold Ashanti (ANGJ.J) are not considering a full-scale merger after they agreed to combine their neighbouring Tarkwa and Iduapriem mines in Ghana to create Africa’s biggest gold mine, the two companies said on Thursday. Gold miners are increasingly looking to consolidate as they seek to replace depleting reserves and contain cost…