Business Archives - Page 385 of 389

25 Apr

Economist Optimistic That Ghana’s Economy Will Perform Better In 2022

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Economist, Dr. Patrick Asuming, is optimistic that Ghana’s economy will record a higher growth rate by the end of this year. Provisional data from the Ghana Statistical Service shows that Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020. The new figure exceeds the 2021 GDP growth rate of 5.1 percent captured in the 2021 mid-year budget, and projections made by other stakeholders like the International Monetary Fund. Dr. Asuming, in a reaction to the new figures, expressed delight at the bouncing back of the economy. “This is very good news because…

22 Apr

1D1F: President Akufo-Addo Commissions $30 Million Factory At Ningo Prampram

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The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Friday, 22nd April 2022, commissioned the Atlantic Life Sciences Ltd, a company operating under Government’s 1-District-1-Factory initiative. Speaking at the commissioning, President Akufo-Addo stated that the ceremony “is in further fulfilment of the promise by Government, in partnership with the private sector, to set up at least one medium to large scale enterprise in every district of Ghana.” According to the President “Whilst previous attempts at rural economic revitalisation in Ghana have focused mainly on the provision of physical infrastructural facilities, the One-District-One-Factory Programme focuses on the promotion of commercially…

21 Apr

Manufacturing Sub-Sector Pushes PPI For March 2022 To 29.3% From 21.4%

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The year-on-year producer price inflation for March 2022 has risen to 29.3 percent, according to data from the Ghana Statistical Service. This rate represents a 7.9 percentage point increase in the average price of goods and services received by domestic producers in the country for their production activities relative to the 21.4 percent recorded in February. On a monthly basis, the change in the producer price index between February and March was 6.8 percent. The producer price inflation in the Mining and Quarrying sub-sector increased by 19.8 percentage points over the February 2022 rate of 13.8 percent to 33.6 percent…

21 Apr

Opoku-Ahweneeh Danquah Takes Over As GNPC CEO From Dr. K.K Sarpong

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The Deputy Chief Executive Officer at the Ghana National Petroleum Corporation (GNPC), in charge of Technical Operations, Opoku-Ahweneeh Danquah, has taken over from Dr. Kofi Koduah Sarpong as the new chief executive officer of the company. Dr. K.K Sarpong, is expected to step down as the chief executive officer of the company later this week after leading GNPC for five years. Dr. Sarpong was appointed CEO of GNPC in 2017. Mr. Opoku-Ahweneeh Danquah has over 18 years of experience in strategy across multiple businesses, with most of his focus in, but not limited to, oil and gas. He joined GNPC…

21 Apr

World Bank Urges Ghana To Implement Policies That Attract Private Investment

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The World Bank Group has called on government to prioritize policies that attract investments from citizens and foreigners. According to the Bretton Woods institution such an approach is critical especially as countries like Ghana strive to return to a path of sustained economic growth. Ghana like many other developing countries is dealing with the impact of the COVID-19 pandemic, rising inflation, and the ongoing war in Ukraine, with the latter pushing up prices of food and fuel. The World Bank’s latest Africa pulse report also highlights a tightening of global financial conditions; and reduced foreign financing flows into the Sub-Saharan…

21 Apr

GDP Growth Rate Increases To 5.4% In Q4 Of 2021; Exceeds 5.1% Target Set In 2021 Budget

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Provisional figures released by the Ghana Statistical Service show that Ghana’s economy grew by 5.4% in 2021. The figure which was released by the Government Statistician shows that the growth rate of the economy exceeded the 2021 Gross Domestic Product (GDP) growth rate of 5.1 percent captured in the 2021 mid-year budget. Ghana’s economy grew at the fastest rate in two years in 2021, beating forecasts by the government and the International Monetary Fund after a better-than-expected fourth quarter. According to the Government Statistician, Prof Samuel Kobina Annim, Gross domestic product grew 5.4% last year after expanding a revised 0.5%…

20 Apr

Ghanaian Economist Responds To Russia Embassy Over World Economic Hardships

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A Ghanaian economist, Dr. Frank Banor has responded to a tweet by the Russian Embassy that intends to distance Russia from being part of the reasons, world economies are facing hardships. In a telephone interview on Wontumi TV which was monitored by Wontumionline, Dr. Banor explained that data and facts show that the invasion of Ukraine by Russia has brought hardships to the entire world. According to him, several economies were recovering from the impact of COVID-19 and within a twinkle of an eye, Russia worsened things by fighting Ukraine. “World wheat production has gone done because the two countries…

20 Apr

Registrar General’s Department To Increase Penalty For Late Filing Of Annual Returns

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The penalty for late filing of annual returns for companies will be increased from GH¢450.00 to GH¢500 effective 30th June 2022. This is according to the Registrar General, Jemima Oware. This increment would apply to all company entities, namely Public/Private Companies Limited by shares, public/private companies limited by guarantee (Churches, Schools, Unions, Associations, Clubs etc.) and private unlimited companies. These companies are to file their financial statements together with their annual returns at a cost of GH¢50.00 per year. In a statement signed by the Registrar General, Jemima Oware, the RGD said external companies are to submit their accounts to…

20 Apr

GCB Bank Records Strong Growth In Profits In 2021, After A Sluggish 2020

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Leading local bank, GCB Bank Limited has recorded an overall strong performance in the year 2021, as seen in its impressive growth in profits, both before tax and after tax as well as the increase in the loans and advances given to the bank’s customers last year as compared to the situation in 2020. Profits From growing by about 7% in 2020 when compared to its performance in 2019, GCB Bank saw its profit before income tax grow by a whopping 35.5% in 2021. Profit before income tax grew from about GH¢ 601.9 million in 2020 to GH¢809.8 million last…

20 Apr

Stakeholders Urged To Ramp Up Education On E-Levy Ahead Of 1st May Start Date

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With about 10 days to go, to the highly anticipated implementation of the Electronic transfer Levy (E-Levy) by the Ghana Revenue Authority, the Ghana Chamber of Telecommunications, is calling for a ramping up of education by the various stakeholders on the project to ensure the public is adequately informed. The levy of 1.5 % on selected electronic transfers, which for about 4 months faced stiff rejection from the minority in parliament along with other Civil Society Organization (CSO’s), was passed and assented to by the President late last month. Speaking to Citi Business News on preparation towards the levy’s implementation,…