GNCCI Archives - Wontumi Online

27 Jul

Policy Rate Hike Will Not Tame Inflation; Industry Will Rather Suffer – GNCCI

wontumionlineBusinessGNCCI, Mark Badu-Aboadgye, policy rate

The Ghana National Chamber of Commerce and Industry is challenging claims by the Bank of Ghana that the hike in the policy rate is to control inflation and liquidity in the system. According to the Chamber, the method adopted by the regulator to tame down inflation is not effective as inflation rather keeps increasing. It contend the 30% policy rate will complicate the current challenges facing the industry and result in further shut down of businesses. Speaking to Joy Business, Chief Executive Officer of the GNCCI, Mark Badu-Aboadgye, maintained, if the government continues to impose taxes, controlling inflation will be…

05 Jul

Urgently Work With BoG To Address High Inflation; Expand Tax Net Instead Of Introducing New Ones – GNCCI To Government

wontumionlineBusiness2023 Mid-Year Budget Review., BoG, GNCCI, Inflation, Tax net

The Ghana National Chamber of Commerce and Industry (GNCCI) is calling on the government to urgently work with the Bank of Ghana to find innovative ways of addressing the high inflation in the economy. This is part of its propositions for government to consider in the 2023 Mid-Year Budget Review. According to the Chamber, addressing the high inflation will help businesses to secure funds for expansion and recovery from the impact of COVID-19. The continuous increases in the policy rate and in effect lending rate, the Chamber said, are adversely affecting key productive sectors as well as the overall growth…

25 Jan

Utility Tariff Increase: GNCCI To petition Parliament After Meeting With PURC Ended Inconclusively

wontumionlineBusinessClement Osei-Amoako, GNCCI, Parliament, PURC

The Ghana National Chamber of Commerce and Industry (GNCCI) has decided to petition Parliament’s Select Committee on Mines and Energy over the increase in utility tariffs by the Public Utilities Regulatory Commission (PURC). According to the Chamber, the decision follows several appeals to the PURC to review the tariffs for large scale businesses since the current economic crises is already biting hard on their operations. This has forced most of them to look elsewhere for cheaper tariffs, while some others have fold-up. Speaking to Joy Business after an engagement with the PURC which ended inconclusively, President of the GNCCI, Clement…

27 Oct

Over Reliance On Monetary Policy To Fight Inflation, Stabilise Cedi Not Oorking – GNCCI

wontumionlineBusinessBoG, CEDI DEPRECIATION, GNCCI, Inflation, Monetary Policy

The Ghana National Chamber of Commerce and Industry (GNCCI) is raising concerns about the excessive reliance on monetary policy by the Bank of Ghana to control inflation and the cedi’s depreciation. According to him, the monetary policy tool is not working but rather worsening the economic situation. “There is the need to align the monetary and fiscal policies to address the situation by implementing unorthodox homegrown policies to tackle the ongoing economic crisis”, Clement Osei-Amoako, President of the Chamber disclosed at the 46th Annual General Meeting of the GNCCI in Accra. He urged government to work with the multinational companies…

12 Sep

Development Bank Ghana, GNCCI Undertake Capacity Building Workshop For 1000 SMEs

wontumionlineBusinessClement Osei-Amoako, Development Bank Ghana, GNCCI, Michael Mensah-Baah

Development Bank Ghana (DBG) in partnership with the Ghana National Chamber of Commerce and Industry (GNCCI) is undertaking the first phase of a capacity-building workshop targeted at 1,000 SMEs throughout the country. This initiative forms part of DBG’s commitment to foster strong partnerships to build capacity for SMEs. The programme has been designed for SMEs to build knowledge on the various business areas that will enhance their ability to access funding from DBG’s partner financial institutions (PFIs) as well as build sustainable businesses. The maiden edition held in Accra a fortnight ago, hosted a total of 94 participating SMEs whose…