Business

15 Aug

Any Tarrif Increase Will Be business-friendly – PURC

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The Executive Director of the Public Utilities Regulatory Commission (PURC), Dr. Ishmael Ackah has hinted at a tarrif increment soon. He however did not provide the effective date for the adjustment. Dr. Ackah also declined to mention the percentage increment. He nonetheless, indicated that the tarrif adjustment will be “business-friendly, especially for Small Medium Scale Enterprises (SMEs).” Dr. Ackah disclosed this at an interaction with media personnel in Accra on Friday, August 12, 2022. He noted that PURC acknowledges the economic challenges utility consumers face. However, this must be juxtaposed with the need for the providers to stay in business.…
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12 Aug

Bank Of Ghana Widens Its Scope On Cryptocurrency

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The Bank of Ghana has assured stakeholders of its preparedness to sanitize the digital space with respect to cryptocurrency. The Central Bank admits that in the initial stages of the new digital currency, there was a gap, however, the regulator has braced itself to make it cleaner while building public interest. Speaking at the MTN MoMo Stakeholder forum which explored the impact of the Central Bank’s digital currency on future monetary policy and digital payments, the Assistant Director in charge of Fintech and Innovation at the BoG, Clerance Blay, maintained that the digital position of his outfit is in consonance…
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12 Aug

Government Working To Stop Cedi Depreciation, Further Downgrades – Deputy Finance Minister

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The Deputy Finance Minister, Abena Osei-Asare, says the government is hoping to quickly pull itself together and work very hard to pursue its fiscal policies to regain the confidence of the international financial community. According to her, the recent downgrades by international rating agencies initially stem from the delay in the passage of the government’s fiscal policies at the start of the year. She explained that the contention with the e-levy in Parliament had undermined the confidence the international financial community had in the government, leading to withdrawal of investments and the chain of downgrades that have happened since then.…
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12 Aug

Current Economic Situation One Of The Toughest I’ve Experienced Since 1981 – Joe Jackson

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Director of Operations at Dalex Finance, Joe Jackson, has described the current economic downturn as one of the toughest he has experienced since 1981. According to him, there is no dispute when it comes to the dire economic situation the country finds itself in and this is especially reflected in Ghana’s interest rates. “The government Treasury bill, 91 days Treasury bill was 12.5% per annum in January, now it is almost 28. That’s what? 200% + increase. What does that do to your planning? What does that do to your budgeting? What does that do to an institution that has…
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11 Aug

MTN Ghana Holds MoMo Stakeholder Forum To Assess Impact Of eCedi On Future Digital Payments

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Pioneer of Mobile Money in Ghana, MTN Ghana on Wednesday, August 10, held a Mobile Money (MoMo) Stakeholder Forum in Accra. The forum was held on the theme; "Assessing the Impact of the Central Bank's Digital Currency on the Future of Digital Payments." The event is part of activities lined up for the 2022 Mobile Money month which was launched in the capital last week on the theme ‘Accelerating Growth in Digital Payments – The Role of Partnerships’ is part of efforts to ensure digital inclusion. After years of success with mobile money and other digital financial payment systems, the…
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11 Aug

Perennial Rapid Cedi Depreciation Will Not Stop Until We Prioritise Industralisation – AGI President

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The Association of Ghana Industries is warning that the perennial rapid fall of the cedi will continue until the structure of the economy is changed to prioritise industrialisation to boost exports. According to its President, Dr. Humphrey Ayim-Dake, industry is not surprised about the current rate of the depreciation of the cedi. Speaking to Joy Business, Dr. Ayim-Dake said government must implement tight policies targeted at promoting industry. “The remedy that we have stated year-in-year out is to beef up the industrial sector and focus more on the export-oriented production and to avert this cyclical issue that comes year in…
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11 Aug

Tex Styles Ghana To Empower 5,000 Tailors, Dressmakers In 5 Years

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Management of Tex Styles Ghana Limited, manufacturer of GTP and Vilisco textile prints, is set to empower 5,000 tailors and dressmakers across the country in the next three to five years. According to its Managing Director, Fatoumata Doro, its agenda is to become the finest fashion brand in the country and beyond. Speaking to Joy Business at the re-launch of its Fashion Show, she said GTP wants to consolidate its goal by being more innovative. “We want to sustain our goal to become innovative and come out with new ways of defining our business. We are going to strengthen our relations with…
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11 Aug

Our Cars To Sell For Cheaper Soon- Locally Assembled Automobile Companies

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Locally assembled automobile companies in Ghana are optimistic about a significant drop in the price of their vehicles soon. This is based on the government’s Ghana Automotive Development Programme which would give such businesses tax breaks of up to 10 years. A Brand Manager at Silver Star Auto, Delali Greenstock, whose outfit is collaborating with French vehicle giant, Peugeot, to assemble their cars in Ghana, is confident that they would be able to post lower prices once the program is fully implemented. “In the very near future, we are expecting the prices to really drop because we are expecting the…
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10 Aug

GPRTU Officially Launches ‘Oya App’ To Drive Digitalisation Initiative

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The Ghana Private Road Transport Union (GPRTU) has taken the lead amongst all transport unions in the country to launch its much-anticipated ‘Oya App’ to drive its digitalisation agenda. The launch of the pace-setting App was held at the forecourt of the Trades Union Congress (TUC) in Accra on Tuesday, August 9. The bus tracking and digital payment app is the biggest technological reform introduced by the GPRTU in the last three decades of operations. Oya is in line with the Union’s vision of providing safe transportation through digitalization. Primarily, the app will improve road safety, enhance passenger security, ensure…
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10 Aug

Ghana Mines Workers’ Union Threatens Industrial Action

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The Ghana Miners Workers’ Union has threatened to embark on an eminent strike action. This threat comes at a time when the country is experiencing dire economic challenges. The General Secretary of the Union, Abdul-Moomin Gbana says government has refused to meet their concerns during stakeholder engagement sessions. Among other things on the table, the Union is calling on government to ensure their safety in their line of work. In an interview with Citi Business News, Abdul-Moomin Gbana said, “The Ghana Miners Union will not hesitate to embark on an indefinite strike action to drive home our demands of paying…
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