Business

GUTA Suspends Plans To Close Shops Over Economic Hardship
26 Aug

GUTA Suspends Plans To Close Shops Over Economic Hardship

wontumionlineBusiness
The Ghana Union of Traders (GUTA) has called off its planned closure of shops scheduled for Monday, August 29, 2022. This was after a meeting with the Council of State. GUTA said a joint committee has been set up to look into its concerns. President of the Association, Dr. Joseph Obeng, after the meeting, said the “leadership of GUTA will meet the Council of State again after a month.” GUTA had earlier announced it would close all shops belonging to its members in Accra on Monday, August 29, 2022, to register its displeasure with the country's current economic challenges. According…
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Trade Surplus To Widen To 4.4% Of GDP In 2022 – Fitch Predicts
26 Aug

Trade Surplus To Widen To 4.4% Of GDP In 2022 – Fitch Predicts

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Despite the current poor economic situation and predictions of a worse situation due to further depreciation of the cedi and high inflation rate, Fitch Solutions believes elevated global commodity prices will cause Ghana’s trade surplus to widen to 4.4% of GDP in 2022 from 1.4% in 2021. Ghana recorded a trade surplus of $1.43 billion in the first half of this year, higher than the $886 million recorded during the same period last year. This is equivalent to 2% of Gross Domestic Product. According to the Bank of Ghana’s Summary of Economic and Financial Data, the country bagged $9 billion…
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26 Aug

Ekow Afedzie Retires As MD Of GSE

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Ekow Afedzie is retiring as the Managing Director of the Ghana Stock Exchange after 31 years of service to the Exchange. Making some remarks about his exit, Mr. Afedzie expressed gratitude to the Council of the Exchange chaired by Abena Osei-Poku, Managing Director of Absa Bank, for its unwavering support and commitment to the development of the Exchange. “I wish to express my sincere thanks and gratitude to the Council for their unwavering support and commitment to the development of the Exchange. My deepest appreciation also goes out to our stakeholders: Licensed Dealing Members, Ghana Fixed Income Dealers, Associate Members,…
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26 Aug

$750m Afrexim Bank Loan finally Hits BoG’s Account

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The $750 million African Export-Import Bank (Afreximbank) Loan has finally hit the Bank of Ghana’s (BoG) Account. Documents sighted by JOYBUSINESS showed that the swift advice came in tranches to hit government’s account with the Central Bank. The said transfer came in yesterday (26th August, 2022) afternoon. Government is primarily looking forward to use this money to finance some infrastructure projects. However, the Bank of Ghana will take the dollars and give the cedi equivalent to government. This will go a long to boost the Central Bank’s reserves, a move that could help slow down the rate of depreciation of the…
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25 Aug

2022 Light Crop Season To Close On September 8 – COCOBOD

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The Ghana Cocoa Board has announced that purchases for the 2022 light crop season will cease at close of business on Thursday, 8th September 2022. According to the Board, returns on the declared purchases will be accepted up to 4:00 pm on Thursday, 15th September in order to assist the Licensed Buying Companies (LBCs) to obtain the final returns from up-country. Ghana’s cocoa season runs two cycles consisting of the main crop season and the light crop season. Harvest from the main crop season is mainly exported while harvest from the light crop season is discounted for local grinders. The…
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25 Aug

Traders Advocacy Group Calls On Traders To Defy GUTA’s Strike Directive

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The Traders Advocacy Group Ghana is asking its members to disregard directives by the Ghana Union of Traders Associations (GUTA) to close their shops as a measure to drum home their displeasure with the government over the current economic situation. GUTA has instructed its members to act on the 29th of August in a bid to get the attention of the government on their concerns. But TAGG believes the move is counterproductive as it would further worsen the plight of the trading community. Secretary of TAGG, Nana Poku stressed that such a move would only drive customers of local traders…
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25 Aug

We Expect $3bn IMF Package To Be Approved In Quarter 4, 2022 – Fitch Solutions

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The International Monetary Fund (IMF) will approve the $3 billion financial package for Ghana in the 4th quarter of this year. This is when the Fund had agreed a programme with the Government of Ghana. However, the funds will come in tranches as a balance of payment support. At least, a billion dollars may be released by the Fund by the end of the first quarter of 2023. In its report dubbed “Ghana’s weak external position to strengthen on expected IMF deal”, Fitch Solutions said “despite a widening balance of payments deficit caused by large financial account outflows, we believe…
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25 Aug

First Tranche Of Cocoa Syndicated Loan To Hit BoG Account In October 2022

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The first tranche of the $1.3 billion COCOBOD Cocoa Syndicated Loan is expected to hit the Bank of Ghana’s (BoG) account by October 2022. This is what Joy Business has picked up from persons with knowledge of the Fund Raising Programme. The second tranche of $390 million, which would be spread over three months should be coming in from November 2022 to February 2023. Securing the fund and impact on the cedi  Sources say the Bank of Ghana is expected to “draw down” the funds from the Ghana International Bank in London, one of the participating banks of the programme.…
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24 Aug

China Cancels Debt Of 17 African Countries

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Africa's largest bilateral lender, China says it has waived debt owed by 17 countries in the continent for 23 interest-free loans that were due in 2021. According to a post on the China’s Foreign Ministry website, the Foreign Minister Wang Yi announced the debt cancelations in a meeting last week at a Forum on China-Africa Cooperation. Whilst it didn't provide details on the value of the loans which it said matured at the end of 2021, nor did it state which nations owed the money Similar announcement was made last year in an address to Chinese and African diplomats at…
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24 Aug

GNCCI Urges Gov’t To Introduce Deliberate Policies To Boost Revenue Mobilisation

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The Ghana National Chamber of Commerce and Industry, GNCCI, has reiterated calls for government to operationalise the Tax Exemption Bill and the Property Tax law and other deliberate programmes to boost domestic revenue mobilization. According to the Ghana National Chamber of Commerce and Industry, the high cost of doing business in the country which they attribute to the continuous depreciation of the cedi, high inflation rates and high taxation is affecting their members. In an interview with Citi Business News, President of the GNCCI, Dr. Clement Osei Amoako said in view of these unfavorable conditions, it was time for government…
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