Category: Local Economy
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KIC and Mastercard Foundation launch Agri-MSMEs acceleration program
The Kosmos Innovation Center (KIC) in partnership with the Mastercard Foundation have launched the KIC Business Booster – an acceleration program aimed at scaling Micro, Small, and Medium Enterprises (Agri-MSMEs) in the agriculture sector. The KIC Business Booster accelerates the growth of Agri-MSMEs by improving their investor readiness and connecting them to potential funding. Agri-MSMEs…
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We are confident in homegrown recovery plan; IMF still not an option – Ofori-Atta
Finance Minister, Ken Ofori-Atta, has reiterated government’s stance on not seeking a bailout from the International Monetary Fund, IMF, despite the current economic challenges. Mr. Ofori-Atta says government will consider home-grown solutions to deal with the difficulties because the country has what it take to recover from the issues facing the economy. The government, despite…
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Utility tariff adjustment must favour industries, sustain business growth – GNCCI
As the Public Utilities Regulatory Commission (PURC) engages stakeholders on electricity tariff adjustment in the face of current economic challenges, the Ghana National Chamber of Commerce and Industry (GNCCI) says any adjustment must favour industries. According to the GNCCI, further increases, particularly in energy cost, will be detrimental to the private sector. The GNCCI notes…
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Continuous increase in food, transport prices push April inflation to 23.6%
The continuous increase in food and transport prices across the country has pushed the national year-on-year inflation for April 2022 to 23.6 percent. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service. The rate is 4.2 percentage points higher than the 19.4% recorded in March 2022. The rise…
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CUTS International justifies calls for review of utility tariffs
Think tank, Consumer Unity and Trust Society (CUTS) International, has backed the push for a review of utility tariffs by the Electricity Company of Ghana and the Ghana Water Company Limited. The Think Tank, however, maintains that there is the need to speedily address the inefficiencies within the system to make the companies sustainable. CUTS…
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Ghana Stock Exchange signs MOU with Jamaica Stock Exchange
The Ghana Stock Exchange (GSE) has signed a historic Memorandum of Understanding (MoU) with the Jamaica Stock Exchange (JSE) to forge a stronger relationship across the stock markets and the economies of both countries. This is the first time such an MoU is being signed with a Caribbean Exchange. It also presents enormous opportunities for…
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ECG proposes 148% increase in electricity tariff for 2022
The Electricity Company of Ghana wants tariffs to be increased by 148% for 2022 and with 7.6% average adjustments between the periods of 2023 to 2026. The sharp proposed increment, according to ECG, is due to the gap between the actual cost recovery tariff and PURC-approved tariffs as well as the cost of completed projects.…
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Association of Ghana Industries pushes for discounts on imports of raw materials
The Association of Ghana Industries (AGI) is pushing for a special discount on imports of raw materials to make producers more competitive in the country. According to the Association, the move is aimed at helping government build a strong manufacturing sector and aid manufacturers thrive under the African Continental Free Trade Area. The Chief Executive…
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Faulty equipment caused widespread blackouts – GRIDCo
The Ghana Grid Company has explained that the May 7 power outages in parts of the country were a result of a system disturbance caused by faulty equipment on the Takoradi Extension–Winneba line. In a statement, it said this caused all generating plants in Aboadze, Bui and Kpong to shut down. Plants in Tema were…
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State loses GHC9bn due to reduction in benchmark values – GRA
The Ghana Revenue Authority, GRA, has revealed that government, in the last three years, has lost nearly GHC9 billion in revenue from taxes generated on imported goods as a result of the implementation of the reduction in the benchmark values policy. The amount was lost between April 2019, when the implementation of the policy was…