Business

23 Aug

‘If I Were You, I Would Be Selling My Dollars By Now’ – Says Oppong-Nkrumah

wontumionlineBusiness
The Information Minister has encouraged Ghanaians to heave a sigh of relief as government is expected to inject about $2bn into the ailing economy. Kojo Oppong-Nkrumah noted in an interview with citinewsroom that this means the rapid fall of the cedi will be a thing of the past, shortly. Since the start of this year, the Ghana cedi has suffered persistent depreciation against major trading currencies, especially the US dollar. As of July, this year, the cedi lost its value by more than 20 percent. The local currency is now trading above GH¢10.00 to one US dollar on the exchange rate market.…
Read More
23 Aug

N/R: Utility Tariff Hikes May Collapse Our Businesses – Entrepreneurs BUSINESS & FINANCE

wontumionlineBusiness
Some entrepreneurs in the Northern Region have expressed fear that the recent tariff increase might collapse their businesses. The Public Utilities Regulatory Commission (PURC) recently announced hikes in utility tariffs with electricity going up by 27.15 per cent and water by 21.55 per cent to take effect from September 1. Some of the business owners, who spoke to the Ghana News Agency in Tamale, said they were already faced with declining profit margins on their products and services and the implementation of the tariff would worsen their plight. Mr Mohammed Yushaw Adarkwa, the owner of Moshawdarkwa Company Limited, a sachet…
Read More
23 Aug

BoG’s Role In Fiscal, Monetary Policies Should Be Clearly Spelt Out – Franklin Cudjoe

wontumionlineBusiness,
The Founding President and Chief Executive Officer of IMANI Center for Policy and Education, Franklin Cudjoe says that the ambiguities surrounding the role of the Central Bank of Ghana on fiscal and monetary policies need to be reconsidered. Speaking on The Big Issue on Citi TV, he said the position of the Central Bank claiming that it is only in charge of the monetary aspect and not the fiscal aspect of the economy is really not clear. He pointed out that, in the long run, the Central Bank is drawn to the table to help solve the problem as seen…
Read More
23 Aug

Treasury Yields To Increase In Coming Weeks; Inflation To Peak In Quarter 4 – Report

wontumionlineBusiness, , , ,
With liquidity constrained and the policy rate of the Bank of Ghana at 22%, yields on treasury bills are expected to go up in the coming weeks. According to Databank Research, upward pressure on yields persist due to tightened monetary policy directive. For instance, yields went up across the T-bills curve, with the 91-day at 27.72% (+38 basis points) and the 182-day yield at 29.29% (+56bps). “In light of the policy rate hike, we expect investors to focus on T-bills in the primary market for re-pricing benefits. We expect investors would concentrate on short-term bonds in the secondary market to…
Read More
23 Aug

Do Not Use Aircraft Number N-195DN For Flights To Accra – GCAA Writes To Delta Airlines

wontumionlineBusiness,
The Ghana Civil Association Authority (GCAA) has cautioned Delta Airlines against using its aircraft with registration number N-195DN for flights to Accra. The caution is contained in a letter dated August 19, 2022 addressed to the “Accountable Manager” at Delta Airlines. This follows the “events of August 1st, 2022 in which the aircraft with registration number N195DN was forced to return to gate due to a technical problem.” The GCAA said following the incident, it conducted an investigation to ascertain the circumstances that led to such an occurrence. The Authority noted that the investigation revealed that: The crew reported a…
Read More
22 Aug

OSP Digs Into Suspected Corrupt Auctioning Of Vehicles By Customs Officials

wontumionlineBusiness
The Office of the Special Prosecutor has cast its net wide at the Customs Division of the Ghana Revenue Authority (GRA) once more. This time around, the Special Prosecutor is going after officials of Customs who auctioned vehicles and other goods through illegal means. In a press release from the Office of the Special Prosecutor, it has disclosed that investigations have started into the suspected corruption and corruption-related offences by Customs officials. “The Office of the Special Prosecutor has commenced investigation into suspected corruption and corruption-related offences in respect of auction sales of vehicles and other goods by the Customs…
Read More
22 Aug

BoG Warns Public Against Engaging Services Of 19 Unlicensed Loan Providers

wontumionlineBusiness,
The Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers. According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016. A statement, issued by the Central Bank, noted that these illegal entities mostly employ the use of mobile applications and social media in their activities.   The entities which are 19 in number include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan,…
Read More
22 Aug

Vegetable Exporters Target US$7m Revenue By 2023

wontumionlineBusiness
Vegetable producers and exporters in the country are projecting an annual revenue of US$7million between now and next year as contribution to the non-traditional export sector (NTE). According to the producers, this is as a result of increasing demands in the EU and US markets coupled with high production capacity in Ghana. Already, statistics from the Ghana Export Promotion Authority (GEPA) show that the NTE sector contributed US$3.3billion in 2021, representing an increase of about 17 percent over the 2020 earnings of US$2.8billion. Speaking to the media on the sidelines of the launch of Ghana Vegetables, President of the Vegetable…
Read More
22 Aug

BoG’s Role In Fiscal, Monetary Policies Should Be Clearly Spelt Out – Franklin Cudjoe

wontumionlineBusiness
The Founding President and Chief Executive Officer of IMANI Center for Policy and Education, Franklin Cudjoe says that the ambiguities surrounding the role of the Central Bank of Ghana on fiscal and monetary policies need to be reconsidered. Speaking on The Big Issue on Citi TV, he said the position of the Central Bank claiming that it is only in charge of the monetary aspect and not the fiscal aspect of the economy is really not clear. He pointed out that, in the long run, the Central Bank is drawn to the table to help solve the problem as seen…
Read More
22 Aug

Interest Rate Nears 30%; T-bills Auction Oversubscribed For 10 Weeks Running

wontumionlineBusiness
Interest rates neared 30% as the government Treasury bills auction was oversubscribed for the 10th consecutive week. However, the rising yields come with increased costs for the government as interest expenses may likely go up. Interest rates on the yield curve continued to surge as liquidity increased in the market. However, the yields are lower than the current inflation rate of 31.7% (July 2022). The rising interest rates indicate that government will spend more on interest payments for this year. Whilst the 91-day T-bill went for 27.7%, higher than the previous week’s 27.3% that of the 6-month traded at 29.2%,…
Read More