Business

08 Aug

5 SMEs Begin Business Development Training At Recycle Up! Ghana

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Five small and medium-sized enterprises in the Ashanti region have begun a six–month incubation training at the Recycle Up! Ghana. The training is to equip the participants with relevant business development skills and also provide support and investment exposure for their businesses. The Green Employment and Enterprise Opportunities in Ghana (GrEEN) project is a four-year project implemented in the Ashanti and Western Regions of Ghana. The project is a European Union funded programme that SNV Ghana is implementing with the United Nations Capital Development Fund. It seeks to support the development and scale-up of businesses in the agriculture sector, renewable…
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08 Aug

Standard Bank Slashes Ghana’s Growth Rate To 3.1% In 2022

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Africa’s biggest bank, Standard Bank, has slashed Ghana’s growth rate forecast for 2022 to 3.1%, from the earlier 6.2%. It has also lowered its 2023 Gross Domestic Product (GDP) forecast for the country to 4.1%, from the earlier 6.8%. The government in the 2022 Mid-Year Budget Review cut the growth rate for this year to 3.7%, from the earlier projection of 5.8%. But according to Standard Bank’s ‘Africa Market Revealed’ report, the country’s growth now faces a confluence of downside risks in 2022 and 2023. “Firstly, the government is running out of external financing options; therefore, public investment in infrastructure is…
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05 Aug

GIPC Signs MOU For Deeper Collaboration With GSE

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The Ghana Investment Promotion Centre (GIPC) and the Ghana Stock Exchange (GSE) have today signed a Memorandum of Understanding to facilitate a deeper collaboration between the two institutions. The MoU was signed on behalf of the two institutions by Yofi Grant, Chief Executive Officer of GIPC and Ekow Afedzie, Managing Director of GSE, at the Centre’s head office in Accra. The MOU establishes a practical framework for developing greater cooperation between the GIPC and the GSE. As a result, the GIPC and the GSE, which have the same goal of attracting and advancing investments in Ghana, will pursue more innovative…
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05 Aug

Ghana’s Economy Growing Despite Rising Inflation Rate – Yofi Grant

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The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said the country’s economic growth and outlook continue to be positive, although its year-on-year inflation has shot up. He stated that the fundamentals are still resilient and strong but not as weak as perceived, despite acknowledging that a number of factors including the outbreak of Covid-19 have contributed to the existing economic recession. Speaking to the BBC’s Daniel Dadzie in an interview, he highlighted that Ghana is not the only country to hit the snag because other developed economies have equally recorded higher inflation rates. “As…
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05 Aug

Ghana’s Debt-to-GDP Ratio To Hit 83% In 2022 – Fitch Solution

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Fitch Solutions has said that Ghana’s public debt will continue to rise to cover large deficits in the coming quarters, forecasting total public debt to rise from 79.0% of Gross Domestic Product in 2021 to 83.0% in 2022. Subsequently, the debt-to-GDP ratio will hit 84.5% in 2023. “As Ghana has effectively been cut off from international capital markets, the country will have to rely on domestic debt issuance over the short term”, it said in its monthly report. It added that Ghana’s domestic debt market is relatively shallow and banks are already highly exposed to government debt. “As such, a…
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05 Aug

Crude Oil Price Falls To Nearly $90 Per Barrel

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The price of crude oil continues to fall as the commodity —which peaked at more than $130 barrels in March 2022— has given up all the gains triggered by Russia’s war on Ukraine, falling to nearly $90 a barrel. But the reasons for this, given the tight supply, are complicated. This fall in the price of the crude oil is nearly six-months low JPMorgan says a US recession looks increasingly less likely in the eyes of the stock market. If this continues, prices of petroleum products on the local market will see the biggest reduction in the next pricing window on August 15th, 2022. However,…
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04 Aug

Ghana Will Not Default In Eurobond Repayment – Report

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Ghana will not default on its pending maturing Eurobonds, investment bank, IC Securities has predicted in its country brief on Ghana. According to one of the leading investment firms in the country, a $750.0 million loan from the African Export-Import Bank, the $1.3 billion cocoa syndicated loan and the windfall from petroleum revenue will help shore up the country’s reserves, and prevent any default. The country has a $16 million of the $1billion Eurobond issued in August 7th, 2012 to mature. This was after it was initially issued with a principal amount to $750 million, due to reprofiling of some…
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04 Aug

WAPCo Commits To Cleaner And Reliable Energy

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Managing Director of the West African Gas Pipeline Company Limited, (WAPCo), operator of the West African Gas Pipeline (WAGP), Gregory Germani has assured of his outfit’s commitment to providing cleaner and reliable energy for customers. According to him, his outfit has an enviable safety practice and record which reflected its commitment to safe operations to protect lives and property. Speaking at a ceremony to celebrate WAPCO’s ten years of commercial operations in the Oil and Gas industry, Managing Director of the West African Gas Pipeline Company Limited, Gregory Germani, said WAPCo will build on the strong foundations of the past…
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04 Aug

Uneasy Calm At Vodafone Ghana – Takeover News Spark Redundancy Fears

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There is uneasy calm at Vodafone Ghana following the announcement by the Group to offload its 70 per cent stake to Telecel Group. There are fears among a cross-section of workers of the company about potential job losses when the deal is finally consummated and a new shareholder takes over the business. When Vodafone Group first took over from Ghana Telecom, there were assurances from the government to protect workers of the company but that was not to be as hundreds were laid off albeit with juicy severance packages. Graphic Business has gathered that although it is early days yet,…
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04 Aug

Government Eyeing GH¢750m With New E-VAT Policy

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The government is seeking to raise GH¢750 million in Ghana following the passage of the Value Added Tax Amendment bill, which introduces the E-Vat policy. The tax measure broadens the scope of the existing laws to cover electronic commerce, provides for the electronic issuance of a tax invoice, upfront payment of Value Added Tax by an unregistered importer and the zero-rating of the supply of locally assembled vehicles. A report of the Finance Committee of Parliament indicates that the e-vat policy addresses issues of inequalities and compliance in the payment of tax. During the mid-year budget review, the GRA said…
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