Business

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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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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