Business

22 Aug

BoG To Close Down Licensed Forex Bureaus Flouting Foreign Exchange Law

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The Bank of Ghana has indicated it will soon close down licensed forex bureaus that are not complying with the foreign exchange law. Officials of the Central Bank disclosed this to Joy Business after embarking on some field exercises to check the state of compliance with some bureaus in the metropolis. There is the belief that actions by some operators have been contributing to speculation in the foreign exchange market, hence affecting the stability of the cedi. Head of Financial Stability at the Central Bank, Dr. Joseph France, said his outfit won’t hesitate to clamp down activities of forex bureaus…
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19 Aug

AUDA-NEPAD Holds Workshop For Youth And Media On AU Year Of Nutrition

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With the growing global concerns over food security, The African Union Development Agency –  AUDA-NEPAD has held a two-day workshop for stakeholders including the youth and the media to proffer solutions to creating more awareness of the need for proper nutrition and ensuring food security in Africa. This comes at a time when COVID-19 has disrupted global supply chains coupled with the Russia Ukraine war which has not only hampered the supply of wheat a significant food source on the continent but also farm inputs like fertilizer. The two countries are crucial to food production on a global scale and…
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19 Aug

VEPEAG, GAVEX Partner To Boost Vegetable Production, Exports In Ghana

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Two leading actors in Ghana’s fruit and vegetable sector have joined forces to increase the production and supply of quality fruits and vegetables in Ghana and to boost exports to overseas destinations. The Vegetable Producers and Exporters Association of Ghana (VEPEAG) and the Ghana Association of Vegetable Exporters (GAVEX) have worked independently over the years and made significant investments into the growth of the sector and its contribution to the Ghanaian economy. The two have jointly announced the birth of Ghana Vegetables, an action plan set to revolutionise the fruits and vegetables industry in Ghana by promoting safe fruit and…
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19 Aug

Address The Nation On Current Challenges – Prof Adei Tells Akufo-Addo

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A former Board Chairman of the Ghana Revenue Authority (GRA), Prof Stephen Adei has charged President Akufo-Addo to address the nation on the challenges confronting the country. According to him, the enormity of the current economic problems is similar to the Covid-19 situation. Thus, the President must once again hold periodic nation addresses to let the people know government’s plan in resuscitating the economy. JoyNews/AdomNews · Address the nation on challenges confronting Ghana – Prof Adei tells Akufo-Addo Prof Adei was speaking on JoyNews’ UpFront on Thursday. “We just went through one crisis, Covid-19, the very week spoke to the nation. And every Sunday…
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19 Aug

Cedi Hits ¢10 To A Dollar; BoG Measures May Halt Depreciation In Short-Term

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The Ghana cedi has hit the ¢10 mark as it traded at ¢10.01 in the retail market yesterday August 15th, 2022. At the same time, the cedi went for ¢10 to a euro. The cedi’s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted by the recent measures announced by the Bank of Ghana and the expected $750 million syndicated loan. The Bank of Ghana had introduced measures including working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the…
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18 Aug

MTN Ghana Introduces Voucher Distribution Denomination Change To Prevent Price Disparity

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MTN Ghana has introduced an Electronic Voucher Distribution (EVD) Denomination Change to enable pre-paid customers who purchase airtime from retailers to receive the same value purchased. The EVD Denomination change initiative will prevent retailers from overcharging customers for purchasing electronic credit transfer. MTN customers can visit any EVD vendor (credit transfer agent) to purchase airtime and the same amount will be electronically transferred to the customer. In a statement issued on Tuesday, 16th August, 2022, the company noted that, “following the implementation of the EVD Denomination Change, credit transfer can only be purchased from 0.5ghc and in multiples of Ghc1…
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18 Aug

VADUG Members Resist Implementation Of Customs Amendment Act

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The Vehicle and Asset Dealers Union of Ghana (VADUG) says it will resist all attempts by government to implement the Customs Amendment law 2020, as it has the potential of collapsing their business. The vehicle dealers lament that despite several engagements with the government to halt the implementation of the bill, government has announced its intention to begin implementation of the bill from September 1, 2022. The Union members insist that their business is already on the brink of collapse due to the falling interest rate, high inflation and burdensome taxes hence their plea. Speaking at a press conference in…
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18 Aug

Dollar Shortage Hits Forex Market, Cedi Depreciation Nears ¢10 Mark

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Dollar shortage has hit the forex market as the rate of depreciation of the Ghana cedi nears GH¢10 to one US dollar. Checks with some banks and forex bureau by Joy Business indicate that whilst some banks are quoting ¢9.95 to the dollar, others are selling a dollar for ¢9.90. However, the situation is worst at the forex bureaus as they are quoting between ¢9.97 and ¢10.5 to one American greenback. As of Monday, August 15, 2022, the cedi had lost about ¢3.15 on the face value to the dollar since the beginning of the year. Some Senior Relationship Managers…
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18 Aug

BoG increases Policy Rate To 22%; Cost Of Borrowing To Shoot Up Significantly

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The Bank of Ghana has increased the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting today, August 17th, 2022. The move is part of measures to address the risks to the inflation outlook. However, cost of borrowing is expected to go up significantly, and consequently increase cost of living and doing business. Additional measures The MPC also took additional measures including raising the primary reserve requirement of banks from 12% to 15% to be implemented in a phased manner. Therefore, the reserve requirement will go up to 13% from September 1st, 2022 and…
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17 Aug

AGI Calls For Aggressive Local Production To Tackle Economic Woes

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The Association of Ghana Industries (AGI) has urged the government to aggressively promote local production of goods, saying it is the surest way the country can overcome the current economic crisis. Speaking at the opening of the three-day Ghana Industrial Summit and Exhibition 2022 in Accra, Dr Humphrey Ayim-Darke, President of the AGI, said investments in local industries to ramp up domestic production were crucial to deal with the current economic downturn. “It is imperative to note that no country can ever industrialise without deliberate policies and programmes to support industries or businesses,” he said. “The government has a role…
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