Business Archives - Page 367 of 381

01 Jul

July 1 Deadline: You Wil Not Lose Your Account But Your Risk Profile Will Increase – Bank To Customers

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Bank customers who fail or are unable to link their GhanaCard to their bank accounts before the July 1 deadline, will not lose the account but will have their risk profile elevated, Deputy Chief Executive Officer of the Ghana Bankers Association, John Awuah has said. If they fail to link the Card to the accounts, the banks are going to scale up due diligence when such customers attempt to transact business, Mr Awauh stressed. The Bank of Ghana (BoG) had earlier directed that starting July 1, the Ghana Card shall be the only identification card to undertake transactions at all…

29 Jun

Africa’s Internet Economy To Cross $180 Billion By 2025: Report

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Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy, according to a report from Google and the International Finance Corporation (IFC). The report titled e-Conomy Africa 2020, pointed out that the internet economy in Africa is bound to see exponential growth as a growing urban and mobile population brings tremendous potential to the economy. Specifically, Google and IFC estimate that internet penetration is 40% today and a 10% increase in mobile Internet penetration can increase GDP per capita by 2.5% in Africa, compared with 2%…

29 Jun

Ghana Has The 4th Cheapest Average Cost Of Internet In Africa – Statista

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Data from a leading provider of market and consumer data, Statista shows that Ghanaians enjoy the 4th cheapest internet data in Africa. Africa is said to have some of the highest costs of internet service, often blamed for the low rate of internet penetration on the continent. Equatorial Guinea currently has the most expensive price of mobile data, with one gigabyte costing as much as $49.67 followed by Sao Tome and Principe where one-gigabyte data costs $30.97 on the average. Even though Ghana’s neighbouring countries such as Togo, Burkina Faso and Benin buy internet data for as high as $4.69,…

24 Jun

CBOD Calls For A More Structured Supply Of Forex For Petroleum Products

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The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has blamed the inadequate supply of foreign exchange for the procurement of petroleum products at the doorsteps of commercial banks in the country. The remark comes on the back of a report from Bloomberg which claimed that Ghana faces a looming fuel shortage because the Bank of Ghana is rationing dollars. Ghana’s monthly fuel import bill stood at $450 million in May, up from $250 million in January. Addressing a media dialogue on the topic “Forex Challenges and Ghana’s Fuel Supply” organized by the chamber,…

24 Jun

DBG Funds Will Not Be Used To Buy Gov’t Securities – Deputy CEO Assures

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As stakeholders continue to lament the low level of lending to key sectors like Agriculture and manufacturing, the newly launched wholesale bank, the Development Bank Ghana is assuring that it will implement effective measures that will ensure their funds go to key sectors of the economy. Universal banks in the country, for some time now, have been accused of using a chunk of their funds to invest in less risky government securities instead of giving such funds out as credit to the private sector. According to the May 2022 edition of the Bank of Ghana’s Monetary Policy Report, the asset…

23 Jun

Adopt Common Regional and Continent-wide Approaches to Address Africa’s Challenges – VP Bawumia

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African governments have been urged to collaborate and implement a common strategy towards mitigating the destabilization and destruction wrought on the continent’s economies by the combined effects of the COVID 19 pandemic and the Russia-Ukraine conflict. Adopting a common approach with the ultimate aim of reducing dependency and becoming self-sufficient would not only help the continent weather the current storm, but also prepare her for any such upheavals in the future, the Vice President, Dr Mahamudu Bawumia has asserted. Speaking at the 22nd Annual General Meeting of the African Trade Insurance Agency in Accra on Thursday, June 23, 2022 Vice…

22 Jun

“African Risk Premium” Makes Borrowing Expensive For Africa – Akufo-Addo Laments

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As Ghana continues to be locked out of the international capital market, due to its high debt-to-GDP ratio as well as its poor credit ratings among others, President Akufo-Addo is calling for a scrapping of the “African risk premium” calculated into loans given to African countries. According to him, the phenomenon only makes the cost of capital for countries on the continent including Ghana exorbitantly expensive, thereby negating the effect of such facilities on their development agenda. Despite being locked out of the international capital market, Ghana can be described as being one of the most active African countries when…

22 Jun

West Africa Bloc Deploys Stabilizing Force To Guinea-Bissau

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West Africa's regional bloc, the Economic Community of West African States (ECOWAS) deployed troops to Guinea-Bissau on Monday to help stabilize the country after a failed coup earlier this year. The 15-nation bloc announced in February that it would deploy the force, a few days after President Umaru Sissoco Embalo survived what he called an assassination attempt by drug traffickers. read more "We thank ECOWAS heads of state for their... solidarity at a time when Bissau was grappling with upheavals linked to several attempts to subvert constitutional and democratic order," Defence Minister Marciano Silva Barbeiro said at an inauguration ceremony…

21 Jun

Tesla Sued By Former Employees Over ‘Mass Layoff’

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Former Tesla Inc (TSLA.O) employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a "mass layoff" violated federal law as the company did not provide advance notice of the job cuts. The lawsuit was filed late Sunday in Texas by two workers who said they were terminated from Tesla's gigafactory plant in Sparks, Nevada, in June. According to the suit, more than 500 employees were terminated at the Nevada factory. The workers allege the company failed to adhere to federal laws on mass layoffs that require a 60-day notification period under the…

20 Jun

Global Factors Responsible For 80% Of Ghana’s Current Inflation Rate – Head Of BoG Research

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As Ghanaians continue to deal with consistent increases in the cost of the goods and services they consume, which have seen the country’s inflation rate rise consistently for 12 straight months, reaching 27.6% in May this year, leadership of the Bank of Ghana says 80 % of the current rate can be attributed to global factors. As at May 2021 Ghana was enjoying the lowest rate of inflation it had recorded in years. At 7.5%, the rate had fallen within the medium term target band of the Bank of Ghana which has stayed at between 6 % and 10 %…