Business

17 Aug

Emergency MPC Meeting: Goldman Sachs Projects 200 Basis Points Hike In Policy Rate

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A global investment and research firm, Goldman Sachs, has predicted that the Bank of Ghana (BoG) will raise its policy rate by 200 basis points (bp) on Wednesday when it concludes an emergency Monetary Policy Committee (MPC) meeting called to respond to the current economic challenges. This is according to the Daily Graphic. The firm said in a research update issued on August 16, 2022 that the central bank would raise the rate from the current 19 per cent to 21 per cent in an attempt to calm the turbulence in the foreign exchange (FX) market and help ease inflationary…
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17 Aug

Over $600m Spent On Imported Chicken In 2021 – Poultry Farmers Unhappy

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Over $600 million worth of chicken is dumped onto the Ghanaian market annually. This has compounded the woes of Ghana’s poultry industry which is on the verge of collapse due to the lack of regulation to check the dumping of chicken onto the market. Speaking at a hearing over allegations of dumping of chicken into the country by the Ghana International Trade Commission, National Chairman of the Poultry Farmers Association, Victor Oppong, expressed worry that local players may be forced out of business. “On annual basis, we receive 600,000 metric tons of frozen chicken which is made up of 569…
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17 Aug

Mid-Year Budget Failed To Give Hope To Ghanaians; Consult CSOs For Help – IFS To Government

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The Institute for Fiscal Studies (IFS) has described the 2022 Mid-Year budget as not addressing the country’s true economic challenges. According to the IFS, the solutions presented by government do not address the fundamental challenges affecting the economy, hence the recent rapid depreciation of the cedi, rising inflation rate and growing debt stock. Speaking at a press conference, Senior Economist with the IFS, Dr. Said Boakye said government must admit it needs help and consult all stakeholders for assistance including Civil Society Organisations (CSOs). “Why is the government pursuing such a weak fiscal consolidation strategy in the face of the…
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16 Aug

Ghana Holds Potential To Become Leading Global Supplier Of Coconut —GEPA Boss

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The Chief Executive Officer of Ghana Export Promotion Authority, GEPA, Dr. Afua Asabea Asare says, with the necessary investment, Ghana can become a leading global supplier of coconut and generate significant export revenue for the country. Ghana is set to hold the second edition of the International Coconut Conference Festival, ICF, from Tuesday, 20th to Friday 23rd September. The four day Trade and exhibition event will among others bring together key stakeholders in the coconut growing and processing industry Speaking at the launch of the event in Ellembele in the Western Region, Dr. Afua Asabea Asare disclosed that in 2021 “fresh coconut…
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16 Aug

Cedi Depreciation: Government Urged To Enforce Laws On Pricing In Dollars

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The Executive Director of Danquah Institute, Dr. Antoinette Tsiboe Darko is calling on the appropriate authorities to speedily put in place measures to reduce the dollarisation in the economy. According to her, the pricing of goods and services in dollars is a structural defect which has worsen the economic challenges confronting the country. She compares the situation to our neighboring francophone countries and maintains that the CFA appreciates better than the Cedi. Speaking on the Big Issues on Citi TV, she said, “We have structural issues which speak to the issues we are currently facing. We have a dollarized economy. It…
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16 Aug

BoG, EOCO Deepen Collaboration To Build Robust Financial Sector

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As part of efforts to build a strong and robust financial sector, the Bank of Ghana and the Economic and Organised Crime Office, EOCO have signed an agreement strengthen the investigative operations of the EOCO. To this end, the Board of the Central Bank has approved a grant of ten million Ghana cedis which will be disbursed in two phases. Speaking at the signing ceremony, Governor of the Bank of Ghana, Dr. Ernest Addison the move will help the Economic and Organised Crime Organisation (EOCO) to carry out its mandate properly. “By this Memorandum of Understanding, the bank of Ghana…
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16 Aug

BoG To Hold Emergency MPC Meeting On Wednesday

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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced an emergency meeting scheduled for Wednesday, August 17, 2022. According to a statement issued by the Central Bank, the emergency MPC meeting is to review recent developments in the Ghanaian economy. The move by the Committee, is believed to be mainly the result of the continuous rise in the inflation rate. Other important issues such as the depreciation of the cedi as well as measures to check the country’s declining foreign reserves will also feature in the Committee’s discussions and review of the economy. Inflation at the…
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15 Aug

Gov’t Must Invest More Resources Into Agriculture Sector – Agribusiness Chamber

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A Value Chain Development Specialist and Director of Policy and Research Bureau, Chamber of Agribusiness Ghana, Kojo Ahiakpa, has called on the government to explore the by-products of natural gas in the manufacture of fertilizers. Speaking to Citi Business News, he suggests that to avert the looming possibility of price hikes in fertilizers in the ensuing year as a result of the impasse between Russia and Ukraine, the government through the Ministry of Food and Agriculture must be responsive and tap into the natural elements that exist in the environment. “We would like to re-emphasize the need for government to…
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15 Aug

Private Sector Critical To Renewable Energy Target- Sector Ministry

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For Ghana to attain its renewable energy target by 2030, the private sector’s role is critical. Government has over the years, been unable to attain its renewable energy target, revising it from 2020 to 2030 due to the failure to implement policies toward achieving the goal. Presently, renewable energy is just one per cent of the country’s renewable energy mix. Deputy director for renewable energy at the sector ministry, Engineer Seth Mahu, called on businesses in the country to take advantage of various grants to enable them to contribute to the attainment of the government’s renewable energy target. “The numbers…
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15 Aug

BoG Gives Assurance Cedi’s Stability Will Be Restored

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The Bank of Ghana has given strong indication that the recently approved $750 million Afriexim loan facility by Parliament once disbursed, among other measures, will boost the foreign exchange position of the country and help restore confidence in the cedi. The additional measures include the cocoa syndication loan which is expected in the last quarter of 2022 and expected to provide more foreign currency to help address the cedi depreciation, the Gold Purchase Programme to increase foreign exchange reserves and the Special Foreign Exchange Auction for the Bulk Distribution Company’s (BDCs) to help with the importation of petroleum products. The…
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