Business Archives - Page 381 of 390

18 May

Banking Consultant Bemoans Continuous Charging Of Unfair Fees By Banks

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Banking Consultant, Nana Otuo Acheampong, has bemoaned the continuous charging of some fees by some banks in the country contrary to directives from the Bank of Ghana. In June 2021, the Central Bank warned commercial banks and Specialised Deposit-Taking Institutions in Ghana to abolish some unfair charges in the banking sector. The directive was reiterated recently by the Bank of Ghana with a call on customers to report any suspicious or unapproved charges from their financial institutions. Although the reason for this reiteration was not stated, Nana Otuo Acheampong believes some financial institutions are still charging their customers unfairly. “They…

18 May

Policy Rate Likely To Be Increased To Tame Inflation – Databank CEO

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The Monetary Policy Committee (MPC) of the Bank of Ghana will from today Wednesday, 18th May 2022 to Friday, 20th May 2022 hold its 106th Regular Meetings to review developments in the economy. The MPC’s regular meetings over the next three days will conclude with an announcement of a decision to either maintain, reduce or increase the policy rate on Monday, 23rd May 2022. At the last meeting the policy rate which informs the rate at which the central bank lends to commercial banks which ultimately influences final interest rates was increased by 250 basis points to 17 % to…

17 May

Seth Terkper Urges Gov’t To Present Its Policy Alternative To An IMF Program

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Former Finance Minister, Seth Terkper has urged government to come out with alternative policies and programs that will support Ghana’s ailing economy, since it insists on not going to the International Monetary Fund (IMF) for support. Finance Minister, Ken Ofori-Atta, last week reiterated government’s stance on not seeking a bailout from the IMF, saying government will consider home-grown solutions to deal with the difficulties because the country has what it takes to recover from the issues facing the economy. But responding to a question by Citi Business News in a zoom interaction, Mr. Terkper noted that it is important that…

17 May

A Comprehensive Storage Strategy Will Deal With Post – Harvest Losses & Inflation – CSIR

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As food inflation in the country continues to rise, further pushing national inflation to unprecedented levels, the Council for Scientific and Industrial Research (CSIR) is urging government to invest in a comprehensive storage strategy to deal with post-harvest losses in the country. This the CSIR believes will eventually make food available all-year round which will keep prices and food inflation under control. While the national inflation rate stands at 23.6% for the month of April, it is important to note that food inflation according to data from the Ghana Statistical Service accounts for 50% of that the national rate. All…

17 May

Over 120,000 Persons Reimbursed For Wrongful E-levy Deductions – GRA

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After the initial challenges that fraught the first few days of the implementation of the electronic transfer levy, over 120,000 customers have so far been reimbursed for wrongful deductions. Head of Project Management Unit at the Ghana Revenue Authority Isaac Kobina Amoako stated that “The data we had for those who had a refund on 1st of May from one particular charging entity was around 120,000 customers whose monies have been refunded for 1st of May. I do not have the statistics for the other charging entities and for the other days that the reversal has been made. We’ve made…

16 May

Fuel Prices To Rise Marginally In Second Pricing Window Of May – IES

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Consumers of fuel may have to brace themselves for more shocks in the next couple of days because the Institute of Energy Security (IES) is forecasting a 3 to 6 percent increase in the price of petrol and LPG and 2 percent increase in the price of diesel on the local market. According to the Institute, this is attributed to the 7.64% rise in Gasoline price, 1.90% rise in Gasoil price, and the 6.05% rise in the price of LPG on the international market plus the growing pockets of fuel shortages across the country. Although the Cedi appreciated by 0.28%…

16 May

Ghana Needs More Entrepreneurs To Check Imported Inflation – Finance Minister

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Finance Minister, Ken Ofori-Atta, has explained that the only way by which imported inflation in Ghana can be minimized is if the country is able to raise more entrepreneurs to produce locally. According to him, it is for this reason that the government is investing heavily in projects that can build an entrepreneurial society in the country. His comments come on the back of a soaring inflation rate which currently stands at 23.6 percent, of which inflation for imported goods exceeded domestic inflation for the first time in 29 months. The inflation for imported goods was 24.7 percent, which is…

16 May

Current High Inflation Rate Phenomena Is Not An Isolated Event – Seth Terkper

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Former Finance Minister, Seth Terkper has called on government to take a comprehensive look at the economy to resolve the high inflation rate phenomena being experienced and its knock-on effect on other parts of Ghanaian life. According to Mr. Terkper, the high rate of inflation is connected and tied to different aspects of the economy Data from the Ghana Statistical Service shows that the continuous increase in transport and food prices among others, across the country, has pushed the national year-on-year inflation for April 2022 to 23.6 %, which is over 13 percentage points higher than the upper band of…

13 May

Businesses Will Pass On Increased Cost Of Production From High Utility Tariffs – GNCCI

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The Ghana National Chamber of Commerce and Industry (GNCCI) is cautioning that its members would have no choice but to pass on any increases in their cost of production that will arise, as a result of high utility tariffs. The remark follows the recent proposals for tariff increases by the Electricity Company of Ghana (ECG) and the Ghana Water Company Limited. The two companies, as part of their tariff proposals presented to the Public Utilities Regulatory Commission (PURC), want power and water tariffs to be increased by 148% and 334% respectively. In an interview with Citi Business News, the CEO…

13 May

Stakeholders Call On Policy Makers To Address Upsurge In Prices Of Goods

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Following the recent announcement on the rise in the inflation rate in the country, industry players have intensified calls for an intervention to check the rising prices of goods and services in the country. Ghana’s economy has in recent times experienced a downturn. Stakeholders have cited the depreciating cedi, spike in fuel prices, inflation rates and the general increase in the cost of living as pointers to the claim. Calls have been on the rise for the government to present an economic rescue plan to address the economic crisis which only seems to be getting worse. Recent data from the…