Category: Local Economy
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Akufo-Addo approves measures to ‘revive’ economy; Ofori-Atta to address Ghanaians
The Minister of Finance, Ken Ofori-Atta, will later this week brief Ghanaians on measures government seeks to implement to address current economic challenges. The Ministry of Information disclosed this in a statement issued on Monday, March 21, 2022. The Ministry indicated that Cabinet at its retreat at Peduase Lodge in Aburi earlier this month among…
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Pumping dollar into Ghana’s economy won’t solve cedi depreciation challenge – Joe Jackson
The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, has charged government to critically analyse factors that have led to the continuous depreciation of the cedi, and propose the appropriate solution to the causes. According to experts, the cedi is now one of the worst-performing currencies in Africa. According to the Bank…
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Cedi depreciation can’t be solved with public lectures and flawed analysis – Nii Moi Thompson
A former Director General of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson says the government must take practical steps in addressing the depreciation of the cedi. He said the situation cannot be tackled successfully with “flawed and politicized analysis or through public lectures.” In an article highlighting the cause of the country’s…
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ECG takes on two companies for engaging in power theft
Two companies, Samnort Company Limited and Concrete Jungle Coffee Club and Wellness, have been caught in ECG’s web for illegal meter bypass (illegal connection) and have since been disconnected and will be handed over to the police in the coming days. Samnort, a sachet water producing company, owes about GH¢62,000, while Concrete Jungle had no…
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Public debt stock rises above GH¢ 350 bn by Dec., 2021; more than 80% of GDP
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at December, 2021, at US$ 58.6 billion or GH¢351.8 billion. The amount is equivalent to 80.1% of Ghana’s Gross Domestic Product, the highest level recorded in recent history. In Cedi terms, the total debt stock increased by about GH¢7.3 billion…
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Government urged to impose export levies on specific agricultural commodities
As part of efforts to develop the agric sector, the Ghana Export-Import Bank, is urging Government to consider imposing export levies on some specific agricultural commodities, such as cashew sector. According to the Ghana EXIM Bank, this move will serve as a source of revenue for Government. Speaking on the sidelines of a stakeholder forum…
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ADB resumes Saturday banking in 27 branches
The Agricultural Development Bank PLC (ADB), has resumed its Saturday Banking Services in twenty-seven (27) branches across the country. The selected Branches in the Greater Accra Region include Spintex, Madina, Tema Main, Dansoman, Kaneshie, Makola, Ridge, New Town, Nima, Ring Road Central (RRC), Teshie, Nungua, and Abeka Lapaz. Also in the Ashanti Region and Bono/Bono…
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UMB is focused on building its SME portfolio and digital-first positioning – CEO
The Chief Executive Officer of the Universal Merchant Bank (UMB) Nana Dwemoh Benneh says the bank is focused on building a strong Small and Medium-Sized enterprises portfolio while making inroads into becoming one of the leading digital-first banks in the country. The remarks come as the bank celebrates its 50th anniversary. Universal Merchant Bank (UMB)…
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Ghana’s food security situation likely to worsen in coming months – Peasant Farmers
The Peasant Farmers Association of Ghana is warning that Ghana’s food security situation is likely to worsen if urgent action is not taken. Ghana declined from 78th position in 2016 to 82nd position in 2021 on the Global Food Security Index published by the Economist Intelligence Unit (EIU). The caution by the farmers’ association, comes…
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Stronger collaboration needed to develop non-traditional export sector – Herbert Krapa
A Deputy Minister-Designate for Trade and Industry, Herbert Krapa has called for stronger collaboration between the private sector and government to develop the potential of the non-traditional export sector to contribute to the growth of the economy. Government through the National Export Development Strategy (NEDS), hopes to increase non-traditional exports from the current 2.8 billion…