Business

IEA Suggests Hybrid Approach In Tackling Rising Inflation Rate
14 Jul

IEA Suggests Hybrid Approach In Tackling Rising Inflation Rate

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The Institute of Economic Affairs (IEA) is asking the government to take overall responsibility in checking the rise in the country’s inflation rate, as it suggests the use of a hybrid approach to deal with the situation over the long term. This approach, according to the Institute, is a combination of the inflation targeting approach, which targets headline inflation, and an approach that directly targets key components that drive up the cost of items that determines the consumer price inflation in the country. Proposing the new approach to address the rising inflation which currently stands at 29.8 percent, the Institute…
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Stakeholders Call For Increased Transparency In How E-Levy Funds Are Used
13 Jul

Stakeholders Call For Increased Transparency In How E-Levy Funds Are Used

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The Chief Executive Officer of the Ghana Chamber of Telecommunications, Dr. Ing. Kenneth Ashigbey, has backed calls for transparency in the manner in which funds accrued from the Electronic Transfer Levy (E-Levy) are used. One of the sources the government was hoping would help it raise much-needed revenue is the E-Levy, but information from government’s quarters indicates that it is underperforming woefully. A leading member of the New Patriotic Party (NPP) Gabby Asare Otchere-Darko recently noted that the tax measure since its implementation has generated only 10% of estimated revenue, causing some to call for it to be scrapped. Others…
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Ghana’s Inflation Rate Soars Again; Hits 29.8% In June 2022
13 Jul

Ghana’s Inflation Rate Soars Again; Hits 29.8% In June 2022

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Ghana’s inflation rate soared again to hit 29.8 percent in the month of June, a 2.2 percentage point increase compared to the 27.6 percent recorded in May. This comes as many stakeholders continue to mount pressure on the government and the Bank of Ghana to quickly institute measures to check the continuous rise in the inflation rate. The 2.2 percentage points gap however comes as the lowest increase recorded since February. This signifies a slow-down in the inflation curve compared to previous months. On a monthly basis, inflation between May 2022 and June 2022 was three percent. The rise in…
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President Akufo-Addo Speaks On Ongoing Global Economic Turmoil
10 Jul

President Akufo-Addo Speaks On Ongoing Global Economic Turmoil

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President Akufo-Addo in his capacity as the African Union Champion of Financial Institutions addressed the Boma of Africa (www.africaboma.com), at the invitation of the African Union and AfroChampions, on the ongoing global economic turmoil. He strongly urged the assembled leaders to prioritise and focus on collective actions to strengthen Africa's influence in the global economic order. He expressed concern that smaller economies, many of them in Africa, often suffer the harshest consequences during global downturns though they contribute the least to the causes of these upheavals. The international instruments for resolving these crises lack input from smaller economies. Africa therefore…
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S&L Sub-Sector Contributes 35.1% Of Total Assets For Q1 Of 2022 – BoG
08 Jul

S&L Sub-Sector Contributes 35.1% Of Total Assets For Q1 Of 2022 – BoG

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Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has disclosed that the savings and loans sub-sector contributed 35.1 percent of the total assets of the specialized deposit-taking institutions sector in the first quarter of 2022. While commending the savings and loans sector for their significant role in the economy at the 12th Annual General Meeting of the Ghana Association of Savings and Loans Companies (GHASALC), Mrs. Addo Awadzi disclosed that “at the end of the first quarter of 2022, total assets of the specialized deposit taking institutions sector was about GHS16 billion. Of this, savings and loans…
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Help COCOBOD Develop A Robust Risk Management System – IAA Boss
08 Jul

Help COCOBOD Develop A Robust Risk Management System – IAA Boss

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A five-member Audit Committee has been inaugurated by the Director-General of the Internal Audit Agency (IAA), Dr. Eric Oduro Osae at the Ghana Cocoa Board (COCOBOD). Dr. Oduro Osae charged the committee should help the organisation to develop a robust risk management policy to anticipate risks, ensure constant awareness of the organisation’s risk exposures and put in place mitigating measures. He asked the committee members to be guided by the Public Financial Management Act, 2016 (Act 921) to creditably perform their mandatory, supportive, and advisory roles, especially, in risk management. Dr. Oduro Osae said under the mandatory role of the…
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“Collaboration With IMF To Repair Public Finances In The Short-Run” – President Akufo-Addo
08 Jul

“Collaboration With IMF To Repair Public Finances In The Short-Run” – President Akufo-Addo

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The President of the Republic, Nana Addo Dankwa Akufo-Addo, says all countries around the world are working to return themselves to a state of normalcy following the devastating impact of the pandemic of COVID-19, whose effects have been exacerbated by the Russian invasion of Ukraine. According to President Akufo-Addo, “Economies have been plunged into recessions, businesses have collapsed, and lives and livelihoods have been disrupted. Food and fuel prices have escalated dramatically, as global and domestic inflationary pressures mount. Hopefully, sooner rather than later, the world will make up on lost time.” Swearing in 10 Ambassadors and High Commissioners at…
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NPA Encourages Consumers To Lodge Complaints Of Foul Play At The Pump For Redress
07 Jul

NPA Encourages Consumers To Lodge Complaints Of Foul Play At The Pump For Redress

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The National Petroleum Authority is encouraging the public to reach out to its office whenever they have a challenge with products sold to them at the pumps. This according to the NPA will enable it to weed out non-compliant companies in the system. Communications Manager at NPA Mohammed Abdul-Kudus stressed that it was important that the right of consumers is protected to ensure they get value for money. “What we primarily do is when we get a complaint, we look at the department that is ultimately responsible, we put the complaint before the department then we rush immediately to the…
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Africa Should Aim At Supplying Gas To Europe – Ghana Gas CEO
06 Jul

Africa Should Aim At Supplying Gas To Europe – Ghana Gas CEO

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The Chief Executive Officer of Ghana National Gas Company, Dr Ben K.D Asante, says the current crisis between Russia and the rest of Europe over gas supply offers Africa the opportunity to supply the commodity to the Old Continent. According to him, the African continent has about 10 to 12 percent of the gas reserves in the world but only utilises 4 percent. “So, we have all it takes to export what we don’t use,” Dr Asante said. He made this known at the maiden Gas Commercialisation Workshop organised by Geneva-based Global Gas Centre (GGC) in collaboration with Ghana Gas.…
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BE WARNED: Fraudsters Linking Bank Accounts To Ghana Card
01 Jul

BE WARNED: Fraudsters Linking Bank Accounts To Ghana Card

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The Economic and Organized Crime Office (EOCO) is cautioning the general public that fraudsters are taking undue advantage of the linkage of the Ghana Card to bank accounts. According to EOCO, the fraudsters are sending messages to suspecting customers demanding their bank account details, Mobile App PIN and Mobile numbers. A statement on Thursday June 30, EOCO indicated that it has taken “notice with great concerns the rate at which some members of the general public have fallen victims to fraudulent banking transactions”. EOCO warned that “Fraudsters have taken advantage of the ongoing call on customers of bank to link…
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