Category: Local Economy
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14.5% policy rate will slow down inflation, decelerate growth of economy – Economist
Economist with the University of Ghana, Dr. Adu Owusu Sarkodie says raising the policy rate by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) to 14.5% in November 2021, will help slow down inflation but is also likely to affect the economy’s growth rate as well. The rate had been maintained at…
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Ghana’s debt stock rises to GH¢341.8 billion, nearly 78% of GDP
An additional GH¢1.5 billion has pushed Ghana’s public debt stock to GH¢341.8 billion as of September 2021. Standing at GH¢340.3 billion in August this year, the new figure represents a marginal 0.44 percent increase in the country’s debt stock. On a year-to-year basis, the debt stock has seen a 24.7% increase compared to GH¢274.1 billion…
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Rice Millers Association angry over exclusion from benchmark policy reversal
The Rice Millers Association of Ghana has expressed its disappointment over government’s failure to exclude rice from the recently reversed 50% benchmark value reduction policy The association had long advocated a reversal of the policy saying such a move will help in improving the fortunes of the local rice industry. According to the Rice Millers…
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Bank of Ghana raises Monetary Policy Rate to 14.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 100 basis points to 14.5% percent. This is the first time the Central Bank has increased the key rate since May this year, after being maintained at 13.5% for two consecutive times. The rate, which is of keen…
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Government must address infrastructural concerns to boost domestic tourism – Hotels association
The Ghana Hotels Association says efforts must be made to address the infrastructure deficits across the country to chalk major successes with the government’s domestic tourism drive. According to the Association, poor road networks, and unstable phone connectivity among others in parts of the country discourage people from patronizing tourist attractions in such areas. President…
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Volta Fair 2021: Don’t look for money to start businesses, look for customers – Investment Banker to startups
Chief Executive Officer (CEO) of DCI Microfinance, Mr Selassie Woanya has urged young entrepreneurs not to concentrate on money but to focus on customers to enable their businesses to flourish. He said customers could assist business owners in enhancing the growth of their businesses and offer them opportunities. Mr Woanya, speaking at the Young Entrepreneurs…
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Volta Fair 2021: Senyo Hosi urges youth to consider venturing into agro processing
Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors Senyo Hosi has urged the youth of the Volta Region to consider investing in other parts of the agricultural value-chain instead of just focusing on traditional farming. According to the businessman, who is also the founder of an indigenous agric social business in the…
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E-levy likely to erode gains made in digitalization agenda – Ken Ashigbey
The Ghana Chamber of Telecommunications says the electronic transaction levy has the potential of undoing the gains made in digitising the economy. According to the Chamber, this policy initiative is at variance with steps taken by members to improve financial inclusion. The decision to slap a 1.75% tax on electronic transactions has been met with…
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![Stakeholders concerned about impact of e-levy on digitalization drive [Video]](https://citibusinessnews.com/wp-content/uploads/2021/10/mobile-money-ghana.jpg)
Stakeholders concerned about impact of e-levy on digitalization drive [Video]
Stakeholders have warned that the electronic transaction levy risks eroding gains made in digitising the economy. The Finance Minister, Ken Ofori-Atta, in the 2022 budget statement revealed that a 1.75% tax will be slapped on electronic transactions beyond GH¢100 daily and more than GH¢3,000 monthly. But according to observers, this policy initiative is at variance…
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Enterprise Life launches Annuity Prime Product
A part of efforts to increase insurance penetration in the country, leading life insurance underwriting company in Ghana, Enterprise Life, has launched a new insurance package, primarily for the persons who are 60 years and above. The product, “Annuity Prime” which is also targeted at pensioners is a single product endowment and is designed to…