Category: Local Economy
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Civil Aviation Authority bans Delta Air Lines’ plane from flying to Ghana
The Ghana Civil Aviation Authority has banned an aircraft with Delta Air Lines, with registration N195DN, from flying to Ghana. According to the Authority, the decision follows the failure of the company to investigate and address technical issues regarding the aircraft in question, which left several Accra-bound passengers, including Ghanaians, stranded at the JFK airport…
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BoG warns public against engaging services of 19 unlicensed loan providers
The Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers. According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016. A statement, issued by the Central…
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BoG’s role in fiscal, monetary policies should be clearly spelt out – Franklin Cudjoe
The Founding President and Chief Executive Officer of IMANI Center for Policy and Education, Franklin Cudjoe says that the ambiguities surrounding the role of the Central Bank of Ghana on fiscal and monetary policies need to be reconsidered. Speaking on The Big Issue on Citi TV, he said the position of the Central Bank claiming…
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Vegetable exporters target US$7m revenue by 2023
Vegetable producers and exporters in the country are projecting an annual revenue of US$ 7 million between now and next year as contribution to the non-traditional export sector (NTE). According to the producers, this is a result of increasing demands in the EU and US markets coupled with high production capacity in Ghana. Already, statistics…
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Local currency crosses ¢10 to one dollar mark on retail market
The local currency has crossed the ¢10 to one dollar mark on the retail market. A visit by Citi Business News to some forex bureau and banks within the capital shows that some are selling a dollar for GH¢9.98 whilst others are selling it for GH¢10.10. According to some of the forex bureau operators, there…
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VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana
Two leading actors in Ghana’s fruit and vegetable sector have joined forces to increase the production and supply of quality fruits and vegetables in Ghana and to boost exports to overseas destinations. The Vegetable Producers and Exporters Association of Ghana (VEPEAG) and the Ghana Association of Vegetable Exporters (GAVEX) have worked independently over the years…
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Full Text: Monetary Policy Committee of BoG increases key rate to 22%
The Monetary Policy Committee (MPC), today held an extraordinary meeting to review recent developments in the economy and assess risks to the outlook. The Committee took note of the increase in inflation in the month of July and heightened pressures in foreign exchange market and deliberated on the underlying drivers. A summary of the assessment…
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Cost of credit to further go up as Bank of Ghana raises policy rate to 22%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 300 basis points to 22%. The increase in the key rate follows an emergency Monetary Policy Committee (MPC) meeting held by the Central Bank on August 17, 2022. It also comes at a time when the country is…
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BoG increases Monetary Policy Rate to 22% after crunch meeting
The Bank of Ghana has raised the Monetary Policy Rate by 300 basis points from 19 percent to 22 percent. The last change in the policy rate was in May 2022 and was maintained in July 2022. This development follows a Monetary Policy Committee meeting earlier on Wednesday because of Ghana’s recent economic challenges. The…
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AGI reiterates calls for the implementation of policies to support businesses
The Association of Ghana Industries, AGI, has reiterated calls for the introduction of deliberate policies and programmes to support industries or businesses. According to the AGI, this is one of the best ways that the country can overcome its current economic crisis. Speaking at the 5th Ghana Industrial Exhibition Summit in Accra, President of the…