Business Archives - Page 384 of 389

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…

26 Apr

Elon Musk Strikes Deal To Buy Twitter For $44bn

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The board of Twitter has agreed to a $44bn (£34.5bn) takeover offer from the billionaire Elon Musk. Mr Musk, who made the shock bid less than two weeks ago, said Twitter had “tremendous potential” that he would unlock. He also called for a series of changes from relaxing its content restrictions to eradicating fake accounts. The firm initially rebuffed Mr Musk’s bid, but it will now ask shareholders to vote to approve the deal. Mr Musk is the world’s richest man, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle…

26 Apr

Move From Abossey Okai To Afienya Won’t Be Forced On Spare Parts Dealer– Leadership Assures

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Leadership of the Abossey Okai Spare Part Dealers Association is assuring its members that no trader will be forcefully evicted from their current location as part of ongoing efforts by the government to relocate spare parts dealers of Abossey Okai in Accra to Afienya, a community in the Greater Accra Region. The remarks follow a recent call by the Greater Accra Regional Minister, Henry Quartey, for investors to come on board and support the government’s plan to develop the new automotive hub in the capital. Mr. Quartey upon assumption of office announced plans by the government to relocate spare parts…

25 Apr

A Continuous Rise In Input Prices Will Lead To Higher Commodity Prices – AGI

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The Association of Ghana Industries (AGI), is warning that prices of final goods will continue to rise if the high Producer Price Inflation rate in the country is not checked. Data from the Ghana Statistical Service shows that the year-on-year producer inflation for all industries was 29.3 % in March 2022. The 29.3 percent year-on-year producer inflation rate for all industries indicates that between March 2021 and March 2022, prices received by domestic producers for the production of their goods and services increased by 29.3 percent. In March 2021, the producer price inflation rate for all industries was 13.0 %.…