BUSINESS

Ignore fake fuel subsidy promo – GOIL

The Ghana Oil Company Limited (GOIL) has said it is not running any fuel subsidy promotion. It has therefore urged the general public to disregard any fuel subsidy promotion scheme with a link being circulated on social media. A statement issued by the Company on Wednesday, 20 July 2022, said: “The promotion encourages unsuspecting customers to join a fake trivia ...

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AfDB Board approves more than $1bn for emergency food production plan

The African Development Bank Group’s Board of Directors has approved 24, fast-track programs to help Africa mitigate rising food prices and inflation caused by Russia’s war in Ukraine, climate change and the Covid-19 pandemic. The first round of approvals is part of the Bank’s $1.5 billion African Emergency Food Production Facility, established in May to boost food security, nutrition, and ...

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IEA proposes policy rate be raised to 20%

The Institute of Economic Affairs (IEA) has proposed that the Monetary Policy Committee of the Bank of Ghana increase the policy rate by 100 basis points or 150 basis points to hit 20 per cent or 20.5 per cent from the current 19 per cent. “…We are minded to suggest that the MPC should increase the policy rate by a ...

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Why are foreign banks dominating in Ghana but Ghanaian banks aren’t in other lands? – TUC boss

The Ghanaian economy must be structured in a way that will enable locals produce what they eat and also eat what they produce, Secretary-General of the Trades Union Congress (TUC) Dr Anthony Yaw Baah has said. In his view, the Ghanaian economy needs serious restructuring to favour local entrepreneurs. Dr Yaw Baah said these at a press conference while speaking ...

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Understanding structural problems key in addressing economic challenges – Lord Mensah

A Professor at the University of Ghana Business School (UGBS), Lord Mensah has said there is the need for policymakers to understand the structural challenges in the country as a way of addressing the economic problems. For instance, he said regarding agricultural sector that, the two most common foods Ghanaians consumed are maize and rice. He asked whether these are ...

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Going to IMF is scandalous – GUTA

The Ghana Union Traders Association (GUTA) has called on the government to pay critical attention to value for money on contracts it awards and also avoid scandalous expenditure if it really wants to come out from its economic quagmire. President of GUTA, Dr. Joseph Obeng bemoaned how the state pays double or three times the amount paid by private entities ...

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Where Ghana finds itself currently, an IMF programme will help faster recovery – John Kumah

A Deputy Minister of Finance, Mr John Kumah has said an International Monetary Fund (IMF) programme will help the country to come out from the economic challenges faster. He said the government hopes that the programme will benefit the country. “Our objective as government is to restore confidence in the economy and rebound it from the difficulty, from the challenges, not only in ...

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Going to IMF means govt’s programmes aren’t potent to tackle the challenges – Gatsi

The Dean of the Business School at the University of Cape Coast, Professor John Gatsi has said that the decision to return to the International Monetary Fund (IMF) is an indication that the programmes and measures outlined by the government to deal with the economic challenges are not strong enough. It also means that the management of the economy has been difficult ...

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Ofori-Atta falls on own ‘sword’ as Ghana makes U-Turn to IMF?

Ghana is heading to the International Monetary Fund (IMF) for support despite repeated assurances given by the Finance Minister Ken Ofori-Atta that the country would not return to the Bretton Woods institution. On Friday July 1, the Ministry of Information announced in a statement that President Nana Addo Dankwa Akufo-Addo has instructed Mr Ofori-Atta to commence formal engagements with the IMF, inviting the Fund to support an ...

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