Category: Local Economy
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Ghana gets $1bn pledge from banks to spur finances
International banks have pledged to lend Ghana $1 billion for budget purposes and to boost central bank reserves as the country seeks to cut its fiscal deficit and stabilize the local currency. This is according to Bloomberg. The country raised $750 million through syndicated loans with the participation of about eight African and European banks…
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Citi Business Festival’s Cedi Summit scheduled for June 27
The Citi Business Festival’s Cedi Summit will come off on June 27, 2022, at the Alisa Hotel. The Cedi Summit is a one-day Economic Summit being organised by Citi TV in partnership with the Institute of Statistical, Social and Economic Research (ISSER) and ABSA Bank Ghana, as part of the 2022 Citi Business Festival, that…
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All hands must be on deck to bring Ghana’s economy back on track – BoG
With the world economy, including Ghana’s, dealing with the aftershocks of the COVID-19 pandemic and the challenges being posed by the ongoing Russia-Ukraine war, stakeholders in Ghana including the government, the Bank of Ghana, businesses as well as the media are being charged to actively and effectively play their roles to build confidence and facilitate…
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Economist advocates targeted fiscal policies to help deal with rising inflation
Economist with Databank, Courage Martey, believes the time for targeted fiscal policy interventions like subsidies for key sectors like Agriculture to check the rising rate of food prices which feeds into food inflation and national inflation is now. While the contribution of food and non-alcoholic beverages to national inflation saw a reduction by 1.6 percentage…
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World Bank approves $145m credit to enhance urban services to 2m people in 35 Secondary Cities
The World Bank has approved an additional financing of $145 million International Development Association (IDA)* credit for the Ghana Secondary Cities Support Program. This builds on an existing program of support to secondary cities agreed in 2018 and enables the program to scale up to support 35 secondary cites across the country. A statement issued…
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Akufo-Addo charges private sector to help with Ghana’s economic recovery
As the Ghanaian economy strives to rebound to pre-pandemic levels, the Government is urging the private sector to come up with innovative products and services to satisfy the needs of their markets. The remarks come at a time when businesses are complaining about the high cost of production in the country, which is affecting the…
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#CitiBusinessFestival: Five things to consider when resetting your MSME after COVID-19
The Citi Business Festival’s forum on Micro Small and Medium Enterprise (MSME) discussed ways of resetting businesses after COVID-19. The forum saw Kosi Yankee, the Chief Executive Officer of the Ghana Enterprise Agency; Audrey Abakah, head of SME, agency and partnerships at Absa; the CEO of Busara-Africa, Taaka Awori and Richard Densu, the Senior Manager,…
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Upward adjustment of tariffs won’t solve ECG’s challenges – Former Power Minister
Former Minister for Power, Dr. Kwabena Donkor has indicated that it will take more than a tariff adjustment to salvage the Electricity Company of Ghana (ECG) from its current financial woes. This comes on the back of proposals by ECG for an increment of more than 140% in tariffs to enable it to cover fully…
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Take advantage of YouStart programme – Absa Bank’s Audrey Abakah urges MSMEs
Head of SME & Partnerships at Absa, Audrey Abakah, has urged Micro Small and Medium Enterprise (MSME) to take advantage of the governement’s YouStart programme. According to her, the youth entrepreneurship programme will be a vehicle for young entrepreneurs to not only gain access to capital, but also training, and technical skills. Audrey Abakah, who…
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#CitiBusinessFestival: Industrialization key to resetting MSMEs after Covid-19 – GEA CEO
The Chief Executive Officer of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh has advised Micro, Small & Medium Enterprises (MSME) to place more emphasis on industrialising their operations. Speaking during the second live forum of the Citi Business Festival, Ms. Yankey-Ayeh said industrialisation is crucial to helping businesses bounce back from the adverse effects of…