Category: Local Economy
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More oil cash could help gov’t meet 2022 revenue target – Seth Terkper
Former Finance Minister, Seth Terkper says a sustained high price of crude oil on the international market could help government in raking in much-needed revenue for this year. From a revenue target of GH¢72 billion in 2021, government has set for itself a new target of GH¢ 100 billion for 2022, and is hoping the…
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We’re working to ensure successful implementation of E-levy – Telcos Chamber
The Ghana Chamber of Telecommunications, says despite the tough demands that come with the reconfiguration of the systems of Electronic Money Issuers (EMI’s) in Ghana, for the implementation of the Electronic transfer Levy (E-Levy), its members are committed to making sure the implementation comes off successfully. The implementation of the E-levy, which is expected to…
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Economist charges gov’t to boost domestic production of food to check rising inflation rate
As food inflation continues to impact strongly on national inflation, Economist, Dr. Patrick Asuming is urging Government to introduce more policies and programs to boost domestic production as part of efforts to check the rising inflation rate in the country. National inflation has accelerated to hit 19.4% in March 2022, the highest since 2009. The…
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Hike in prices of food, transport and housing push inflation for March 2022 to 19.4%
Significant increases in the prices associated with food, transport and housing have pushed the national year-on-year inflation for March 2022 to 19.4 percent. This is according to the latest data from the Ghana Statistical Service. The rate is a 3.7 percentage points higher than the 15.7 percent recorded in February 2022. The rise in the…
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More partnerships needed to grow pharmaceutical industry – CalBank MD
Managing Director of CalBank PLC, Philip Owiredu is advocating for more partnerships and investments in the development of critical drugs and improve the logistics necessary to boost the local production and supply of pharmaceuticals in the country. According to him, this will help curb the over-reliance on imported drugs which has led to the decline…
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ADB Bank’s profit jumps by almost 25% in 2021 to hit GH¢ 81.6 million
The Agricultural Development Bank, ADB Bank has continued its trend of profitability in the year 2021, after seeing its profit before tax rose by almost 30% to hit GH¢126 million at the end of last year. Strong growth in the banks’ net interest income and net fees and commission income among others, contributed to its…
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Industry players blame high cost of Hotels in Ghana on economic situations
The Ghana Hotels Association says the high cost of hotel services is due to the economic situation in the country. This comes on the back of a recent revelation by the association that some international tourists are, due to this circumstance, compelled to spend up to 60 percent of their budget on hotel accommodation. In…
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Access Bank’s profits before tax hits half a billion Cedis in 2021; profit after tax increases by 33.5%
Leading local Bank Access Bank Ghana PLC has seen a significant jump in its profits for the year 2021. The bank which recorded a profit before income tax of almost GHC 360 million in 2020, saw that metric jump up to a little over GHC 500 million in 2021, representing a growth of about 41%…
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Stock market doing well over uptick in participation of local investors – Analyst
Head of Research at Databank, Alex Boahen has attributed the increase in performance in trading activities on the local bourse to the impressive uptick in participation of local investors in the market. Despite ending the first quarter of 2022 with a loss of 1.67 percent compared the 13.9 per cent recorded at end of 2021…
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Go beyond the caution; enforce laws against pricing in foreign currencies – Forex analyst to BoG
A Forex Analyst is warning that the Bank of Ghana’s notice of caution to persons pricing goods and services in foreign currencies, will come to naught, if the Central Bank fails to ensure that the laws concerning the practice are enforced. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act…