Business Archives - Page 373 of 379

29 Apr

Use Of Public Enterprises League Table To Assess Performance Of SOEs To Begin In May – Minister

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As part of efforts to help identify state owned enterprises that are struggling for government to extend the necessary support, the Ministry of Public Enterprises is set to begin the use of a Public Enterprises League Table starting from next month, May, 2022. The sector minister, Joseph Cudjoe, believes the league table will help keep such enterprises on their toes which will, in turn, urge them to work harder to increase revenue for themselves and the country. According to the 2020 State Ownership Report, State Owned Enterprises recorded a cumulative loss of GHS2.6 billion in 2020. This however represents nearly…

29 Apr

Price Of Cooking Oil To Rise Following Indonesia’s Ban On Palm Oil Export

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The price of cooking oil and other products like soaps and biscuits, that are produced using crude palm oil (CPO) should rise in the coming weeks in Ghana if the ban on the export of palm oil from Indonesia isn’t lifted. This is according to stakeholders within the palm oil industry. Indonesia, the world’s biggest producer of crude palm oil, ordered a ban on the export of the commodity starting April 28 to address an ongoing shortage of cooking oil in the country. Ghana is a currently a net importer of crude palm oil and according to the Managing director…

28 Apr

Scrap All Taxes On LPG – LPG Sellers Urge Government

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Vice-Chairman for the LPG Marketing Companies Association of Ghana, Gabriel Kumi, has reiterated calls to the government to subsidise the cost of Liquified Petroleum Gas (LPG). He said LPG has become an alternative to charcoal and wood fuel and once it becomes expensive, people will switch to the alternative. Speaking on the Super Morning Show, on Wednesday, he stated that subsidising the cost of LPG will significantly improve the consumption of the product in the country. The call comes after JoyNewschecks revealed that the hike in the price of Liquefied Petroleum Gas (LPG) has led to an increase in demand for charcoal as…

28 Apr

Cedi To Record Modest Gains Against Dollar In Coming Months – Fitch Solutions

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Fitch Solutions, research arm of ratings agency, Fitch, has projected modest gains for the Ghana cedi against the dollar in the coming months. The local currency came under severe pressure in the first three months of 2022, making it the worst performing currency on the African continent during the period. But the recent monetary policy actions by the Bank of Ghana and fiscal measures from the Finance Ministry appears to be yielding results. The Monetary Policy Committee of the Bank of Ghana increased the policy rate – the rate at which it lends to commercial banks – by 2.5% per…

28 Apr

Shippers’ Authority, FDA Move To Tackle Non-Tariff Barriers Impeding Trade Facilitation

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As part of measures to improve processing of documents at the port, the Ghana Shippers’ Authority (GSA) has partnered the Food and Drugs Authority (FDA) to sensitise shippers on ways to address import permit application challenges. The move is part of efforts to tackle the growing Non-Tariff Barriers (NTBs) as well as support trade facilitation. At the sensitisation forum organised under theme ‘The Role of FDA – Addressing Import Permit Application Challenges to Facilitate Trade’ held at the FDA office in Tema on Wednesday, April 27, 2022, the Tema Branch Manager of the GSA, Charles Darling Sey said, more efforts…

27 Apr

Collaborative Effort Required To Address Market Fires – TAGG

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The Traders Advocacy Group Ghana is calling for a holistic approach to dealing with the frequent fire outbreaks in the country. President of TAGG, David Amoateng, believes there must be a concerted effort by local assemblies, leadership and markets folks, and the Ghana National Fire service, to prevent the occurrence of fires in markets across the country. “Anytime there is a fire outbreak, the first organization that we attack is the fire service. But sometimes you can’t blame them because in some cases they could not have access to the scene. So inasmuch as we want the government to supply…

27 Apr

BoG Assures Of Robust Policies To Stimulate Economic Growth– Elsie Awadzi

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As the country finds ways of recovering from the COVID-19 pandemic and the on-going war between Russia and the Ukraine, the Bank of Ghana has assured that it will continue to provide strong policy support to promote domestic and regional economic growth recovery efforts. This is according to the Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi. Speaking at the 2022 edition of The Money Summit (TMS) organised by the Business and Financial Times, the deputy governor said the impact of the current happenings on the economy is critical thus the need to think outside the box…

27 Apr

Concrete Steps Must Be Taken To Expand Production To Promote Regional Trade – BoG

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Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi has reiterated the need for concrete steps to be taken to expand production and delivery of goods and services to promote regional trade and growth under the African Continental Free Trade Area. According to her, this will help accelerate the progress of the implementation of the AfCFTA Agreement and promote Africa’s inclusive growth and sustainable development in the context of cross-border payment system. She made the call at the 2022 edition of the Money Summit organised by the Business and Financial Times, on the theme ‘Africa’s Economic Growth –…

27 Apr

Payment Of Neutrality Allowance Will Trigger Inflationary Pressures – Labour Consultant

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A Labour Consultant, Austin Gamey is warning of increased inflationary pressures if the calls for a neutrality allowance by the Civil and Local Government Staff Association of Ghana (CLOGSAG) are heeded by the government. Currently, the national inflation rate is close to 20%. CLOGSAG laid down their tools on Thursday, April 21, 2022, following the inability of the government to pay the allowance as agreed upon in January this year. The strike by members of the Civil and Local Government Staff Association, Ghana (CLOGSAG), in demand for the payment of their neutrality allowances has continued into this week. The neutrality…

26 Apr

Investment In Storage And Processing Key To Food Security – Fatima Alimohamed

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Chairperson of Agribusiness at the Association of Ghana Industries, Fatima Alimohamed, says investment in storage infrastructure and advanced food processing methods is crucial to addressing the challenge of food security in Ghana. “We need to invest in infrastructure and in terms of storage warehouses to be able to take care of this kind of foods because they’re perishable, you can’t keep tomatoes. You’ve got to get it from the market and send it, but more than that we now need to start thinking very progressively in terms of dehydrated foods as well.” “In terms of how can we take our…