Category: News
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Ghana records over $200m trade surplus in two months
New figures from the Bank of Ghana (BoG) show that, Ghana’s trade balance increased by US$231.9 million between June and August. This means, Ghana’s trade balance grew by about 13 percent from the US$ 1.78 billion recorded in July 2023. It brings the country’s total trade balance to US$ 2.01 billion as at August 2023…
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Public debt hits GHS 575.5 billion; now 71.9% of GDP
Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP). This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023. According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt…
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GEPA poised to achieve over $4bn target for non-traditional exports
The Chief Executive Officer (CEO) of the Ghana Export Promotion Authority (GEPA), Dr. Afua Asabea Asare, has stated that the authority is poised to achieve its over $4 billion target for Non-Traditional Exports (NTEs) for the country. NTEs are defined by the GEPA as all products other than cocoa beans, logs and lumber, unprocessed gold,…
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GRA fights off claims of harassing traders; calls for cooperation
The Ghana Revenue Authority (GRA) has appealed to the business community to collaborate with its taskforce as the Authority moves to engage leadership of traders to address concerns over the collection of taxes. This comes on the back of a warning by the Ghana Union of Traders Association (GUTA), against the GRA over allegations of…
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Global finance must transform to address Africa’s climate challenge – Ofori-Atta urges
Minister for Finance, Ken Ofori-Atta, has made a clarion call to action urging the global financial community to undergo a profound transformation to confront the pressing climate crisis affecting Africa. Mr. Ofori-Atta emphasized the critical need for increased financing to support Africa’s adaptation and mitigation efforts in the face of climate change. “Africa is at…
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Citi Business Olympics allows top-tier networking among corporate organisations – Papaye
Ivy Eva Yankah, the General Manager of Papaye, has highlighted the significance of Citi TV and Citi FM’s Business Olympics in fostering high-level networking opportunities among corporate organizations in Ghana. During an interview with Frema Adunyame on Citi TV’s Breakfast Daily, she emphasized the value of the event in bringing together professionals from diverse corporate…
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Ofori-Atta commends G20 for AU’s inclusion, urges common voice
The Minister for Finance, Ken Ofori-Atta says Africa now has the opportunity to contribute to key global issues and push for common interests that would help accelerate economic development in the region. Mr. Ofori-Atta’s optimism follows the recent inclusion of the African Union in the Group of 20 most important industrialized and developing economies, also…
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WTO Director-General calls for ratification of Fisheries Subsidies Agreement
The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called on member countries of the Organisation to fast-track the ratification of the Agreement on Fisheries Subsidies to check overfishing in the oceans. Speaking to about twenty-three journalists selected from developing countries in Geneva, Switzerland, Dr. Okonjo-Iweala bemoaned the ramifications of overfishing on…
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B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond
Minister of Trade and Industry, K.T. Hammond, has given the strongest indication that the Government’s flagship 1D1F Initiative is a success story, worthy of emulation by other countries aspiring to decentralize industrial development. Citing the case of B5 Plus Limited, he said the company has taken advantage of the Government’s initiative by investing in a…
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Ghana’s Complete Farmer, which connects farmers to global food buyers, raises $10.4M
Africa’s agricultural sector has a significant social and economic impact, per McKinsey. The percentage of smallholder farmers in sub-Saharan Africa exceeds 60%, while agriculture accounts for approximately 23% of the region’s gross domestic product. But despite the apparent opportunity in the agricultural sector, it is difficult for Africa to successfully participate in global supply chains…