Category: Top Stories
-
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…
-
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…
-
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…
-
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…
-
Lack of investment at oil fields limiting oil production – CEO of Tullow
The Chief Executive Officer of Tullow Oil PLC, Rahul Dhir, has lamented the lack of investments in the oil industry. According to him, this is limiting the production of oil at the Jubilee and TEN oil fields. In an interaction with the media, he stated that: “Because of a lot of focus on climate change…
-
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…
-
Indigenous banks urged to leverage technology to reduce unbanked population – UMB CEO
Indigenous banks are being urged to leverage technology to reduce the number of unbanked Ghanaians in the system. According to the CEO of the Universal Merchant Bank Nana Dwemoh Benneh the time is right to tackle this long-standing issue within the financial sector. According to the World Bank’s Consultative Group to Assist the Poor (CGAP),…
-
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)…
-
Deputy Trade Minister highlights need for domestic production of goods
A deputy Minister for Trade and Industry, Nana Ama Dokua Asiamah Adjei, has highlighted the need for Ghanaian traders to focus on domestic production of goods instead of relying heavily on imports. This comes after complaints by traders about how the depreciation of the cedi against the dollar, high rates charged at the ports, and…
-
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…