Business Archives - Page 371 of 381

25 May

Boost For Organic Fertilizer Production As Agric Ministry Offers Support For Local Companies

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As part of efforts to address the shortage of agro-chemicals, the Ministry of Food and Agriculture (MoFA) has announced that the government was proactively working with local fertiliser producers to produce quality organic fertilisers on a large scale for farmers across the country. According to the sector Minister, Dr. Owusu Afriyie Akoto, organic agriculture has taken a huge premium on the international market, adding that the mass production of quality organic fertiliser will make Ghana less dependent on inorganic fertiliser. Dr. Afriyie Akoto was briefing journalists following a stakeholder meeting with local fertiliser producers on the production and promotion of…

25 May

Gov’t Expenditure Needs To Be Checked To Help Deal With Inflation – ICAG

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The Institute of Chartered Accountants Ghana is calling for fiscal discipline amidst the current high inflation and policy rate. Some stakeholders have blamed unbudgeted spending by government Ministries, Departments and Agencies (MDA’s) for contributing to the high level of inflation in the country. Since May 2021, when national inflation stood at 7.5%, the rate has increased consistently for 11 straight months, climbing all the way to 23.6% in April 2022. While backing the recent hike in the policy rate to 19 % to help check inflation, President of the Institute of Chartered Accountants, Professor William Atuilik said internal systems of…

25 May

Gold Exports Push Ghana’s Trade Surplus To $1.3 Billion In April

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New figures from the Bank of Ghana have shown that Ghana’s total balance of trade recorded a surplus of US$1.33 billion in the first four months of this year. This, according to the Central Bank’s Summary of Economic and Financial Data, is equivalent to 1.9 percent of Gross Domestic Product (GDP). The surplus recorded is higher than the US$1.1 billion recorded in the entire 2021. The figures which summarise Ghana’s economic activities in the month of April stated that Ghana’s total exports increased to US$6.1 billion as of April 2022. This was a 34 percentage points increase from the US$4.5…

23 May

Cedi Depreciation Pushes Ghana’s Debt To Over GH¢390 Bn In April; 78% Of GDP

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Recent data released by the Bank of Ghana puts Ghana’s total public debt stock as of March 2022, at US$ 55.1 billion or GH¢391.9 billion. In Dollar terms, the debt dropped by over $3 billion in the first 3 months of the year, from $58.4 billion in January to $55.1 billion in March. In Cedi terms, however, the total debt stock within the first 3 months of this year increased by about GH¢ 40 billion, from GH¢351.7 billion in January 2022, to GH¢391.9 in March 2022. The March 2022 debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio…

23 May

Government Partners Private Companies To Mine Abandoned Iron Ore In Oti Region

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Ghana’s iron ore and steel industries are set to receive significant boosts following the initiative by the government, and some potential investors to mine an abandoned ore reserve in the Oti Region. The reserve, which holds about 500 million tonnes of iron ore, will boost steel production in the country and also provide several direct and indirect employment to locals and other Ghanaians. According to the Ghana Integrated Iron and Steel Development Corporation, iron ore deposits discovered in parts of the Oti region including Akrokrowa and Akpafu, both farming communities, are “of the highest grade”. Speaking to Citi Business News during a…

20 May

Nigeria Begins Processes To Join Ghana-Côte d’Ivoire Cocoa Initiative

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As part of efforts to bring some relief to cocoa farmers in Nigeria and help them achieve a living income, the world’s fourth leading producer of cocoa has begun processes to join the Ghana-Côte d’Ivoire Initiative. The Ghana-Côte d’Ivoire Initiative was promulgated by the two leading producers of cocoa in the world, Ghana and Côte d’Ivoire to improve the livelihood of cocoa farmers. As part of the move, the two countries pushed for a US$400 a tonne Living Income Differential (LID) on cocoa sales for the 2020/21 crop season which will directly go to farmers. This move comes after reports…

20 May

GEA/Mastercard Foundation Young Africa Works Supports 3,000 Beneficiaries With Start-Up Kits

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The Ghana Enterprises Agency in collaboration with the Mastercard Foundation have presented 3,000 Start-up Kits to beneficiaries who have completed their apprenticeship program. The GEA/Mastercard Foundation Young Africa Works Project is under one of GEA’s flagship Programs, the Youth Entrepreneurship and Employment Programme (YEEP). YEEP is an upgraded and job-focused version of all the apprenticeship and technical training programs undertaken by GEA to equip the teeming youth with employable skills to support our existing entrepreneurs to create employment. The beneficiaries who have received a six-month training in Dressmaking, Hairdressing, Barbering, Leather Works, Auto Electricals, Welding & Fabrication among others are…

19 May

NPRA Recovers GH¢11m From Defaulting Employers

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The National Pensions Regulatory Authority (NPRA) has retrieved GH¢11million from 14 employers who woefully failed in paying employees’ pension contributions over the last two years to the appropriate trustees, as demanded by the law. The NPRA, to ensure strict compliance with the Pensions Act, has now been given prosecutorial powers. This means the Authority now has the power to prosecute defaulters, thereby enhancing its operations as well as deepening transparency. The Authority is making significant progress in its quest to ensure that the Ghanaian employee is guaranteed an improved living standard on retirement. During a visit by the Board of…

19 May

Demand APR On Your Loan – BoG Advises Bank Customers

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The Bank of Ghana (BoG) has asked commercial banks in the country to provide Annualize Percentage Rate (APR) to customers who are seeking facilities from the financial institutions since that is a legal requirement. APR is the yearly interest generated by a sum that’s charged to borrowers or paid to investors. The central bank also urged customers to demand from their financial institutions the APR before they sign on their loan contracts. This, the regulator said, would help them know how much the loan will cost after the duration. In its financial literacy series, the BoG said “Always demand the…

19 May

BoG Governor Confident Inflation Has Peaked; Expects Rate To Start Declining

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Governor of the Bank of Ghana, Dr. Ernest Addison, has described as baffling the sustained rise in the rate of inflation in the country. According to the governor, the Monetary Policy Committee, which is meeting to review developments in the economy, will need to decide on the current policy rate, which stands at 17%. The policy rate, which influences interest rates for individuals and businesses, is also used as a tool to curb inflation in the country. Data from the Ghana Statistical Service shows that the continuous surge in transport and food prices among others, across the country, has pushed…