Category: Local Economy
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Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in June; 78.3% of GDP
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at June 2022, at USS 54.4 billion or GH¢393.4 billion. In Dollar terms, the debt dropped by about $4 billion in the first 6 months of the year, from $58.6. billion in December 2021 to $54.4 billion at half year,…
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Establishment of ORC will further boost ease of doing business – Akufo-Addo
Government’s efforts to create an enabling environment for businesses to thrive has been augmented by the establishment of the Office of the Registrar of Companies, ORC. This is according to President Akufo-Addo. Speaking at the launch of the newly established Office of the Registrar of Companies (ORC) in Accra, President Akufo – Addo said the…
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Stabilizing the Cedi: Gov’t urged to introduce more strategies to diversify country’s export base
Economist, Dr. Patrick Asuming is calling on government to introduce more measures to broaden the country’s export base and increase domestic production in its quest to stabilize the cedi in the long term. This comes on the back of government’s introduction of a new policy decision for the Bank of Ghana (BoG) to have first…
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Parliament approves $750 million loan agreement with Afrexim Bank
Parliament has approved a $750 million loan agreement with the Afrexim Bank for funding infrastructure projects and budget support. This comes despite a last-minute attempt to arrest the motion on grounds of lack of a quorum. The loan is part of a $1 billion dollar facility, the government is seeking to shore up its reserves…
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Monetary Policy Committee begins 107th meeting to assess economy
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) is scheduled to begin its regular meetings from today, Wednesday, July 20, 2022, through to Friday, the July 22, 2022. The 107th meeting of the Monetary Policy Committee is to review developments in the economy and take the necessary steps to ensure financial and…
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UNIDO, Japan partner to promote Kaizen practices to enhance competitiveness of SMEs
Ghana’s Micro, Small and Medium Enterprises (MSMEs) sector is set to witness a major boost as the United Nations Industrial Development Organization, UNIDO, and the Government of Japan have signed an agreement to enhance competitiveness and sustainability of MSMEs. The 3.4 million dollar project is part of efforts to support the country’s industrialisation drive. Speaking…
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Palm Oil Adulteration: FDA introduces traceability system to rid supply chain of culprits
The Ghana Food and Drugs Authority (FDA) has introduced a traceability system for products in the country to help enhance food safety issues and safeguard the health and safety of the consuming public. This follows a recent survey carried out by the Authority which reveals that palm oil adulteration has now reached 23%, an indication…
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MPS ready to cede 20% of container traffic for two years – GPHA
Management of Ghana Ports and Harbours Authority (GPHA) has revealed that Meridian Port Service (MPS) has agreed to cede 20 percent of container traffic to the Authority effective August 1, 2022. The decision was arrived at after a crunch meeting with the Minister of Transport, Board Chairman of the Authority, the Director of Tema Port…
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AGI urges Government to speedily take a decision on Tax Exemptions Bill
The Association of Ghana Industries, AGI, is entreating Parliament to decide on the tax exemption bill which was brought before the house in 2019. The push by the Association follows calls by many stakeholders to government to put in place measures to ensure the State is not deprived of billions of cedis, especially through tax…
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IMF’s Country rep defends mixed assessment of Ghana economy in July 2021
The International Monetary Fund’s Resident Representative to Ghana, Dr. Albert Touna-Mama, defended his outfit’s mixed assessment of Ghana’s economy during the July 2021 Article IV consultations, which said Ghana’s economic outlook was improving. Speaking on the Citi Breakfast Show, Dr. Touna-Mama, explained that the assessment that preceded the dire economic downturn in Ghana was based on…