A team from the International Monetary Fund (IMF) is expected in Ghana this week to begin crunch talks with the government on how the Fund could help the country’s economic programme and accelerate Ghana’s journey to restore economic stability. The Bretton-Woods institution has already expressed its willingness to help Ghana to get out of its current economic quagmire following a formal request sent to the IMF by government in August. The Deputy Managing Director of IMF, Min Zhu in a statement
Government needs to extend to local businesses the big-hearted incentives it pampers foreign investors with in order to nurture small- and medium-scale enterprises in Ghana, Mr. Martyn Mensah, Group Chief Executive Office of UT Holdings, has said. “Why do we incentivise Foreign Direct Investment (FDI)? I have nothing against FDI, but we must pay the same, if not more, attention to local direct investment,†he said at the opening of the African SME Summit in Accra, under the theme “Small Companies,
The Global Cocoa Sustainability Manager of ECOM, Mr. Jason Green in the United Kingdom, has endorsed Ghanaian cocoa beans saying they are the best among the numerous cocoa beans his company deals with from around the world. “We buy cocoa in Ghana, Ivory Coast, Nigeria, Cameroon, Central America, South America, Indonesia, Papua New Guinea -- but I have to tell you that cocoa from Ghana is the best in the world,†he said, attracting a positive uproar amidst clapping from farmers during a premium
Businesses are looking for new ways of increasing profit margins and maintaining their market share. The most practical way is to undertake an effective cost-reduction exercise that will ensure quality of products and service delivery and retain customers. Most business owners would be worried that cutting down cost might affect the quality of products and services, but probably if you would scan the cost of doing business you would discover you may be spending more but getting less result. You
A campaign to solicit public input into the 2015 budget statement and economic policy is to end on the 5th September 2014. It is expected that the budget statement for 2015 will be presented to parliament in November for debate and passage in December 2014. The project will seek to facilitate public participation, provoke debate around the budget, and help shape public policy. It also seeks to promote civil society participation at all stages of the national budget preparation and implementation,
Dr. Hans Adu-Dapaah, Director, CSIR-Crops Research Institute at Fumesua near Kumasi in the Ashanti Region, has said that the Plant Breeders Bill is a positive development which seeks to address the interests of plant breeders as well as promote agricultural productivity. “The benefits of the Bill cut across several sectors of the economy and will promote national development within the context of sustainable national development,†he said Dr. Adu-Dapaah said this in a presentation titled “Misconceptions
Alliance Capital Ghana Limited, dealer in consumer electronics is close to sealing a deal with Turkish electronics giant, Atmaca Elektronik -- manufacturer of the SUNNY brand of electronic products, in setting up an assembling plant in the country. The plant is for the manufacture of electronic gadgets such as LED flat-screen televisions and HD Multimedia Satellite Receivers in the country. This was revealed at the just-ended Turkish International Building and General Trade Exhibition in Accra by
The Managing Director of Access Bank, Dolapo Ogundimu, has drawn attention to prospects of the horticulture sector becoming a major foreign exchange earner for Ghana amid growing concerns about the country’s widening trade deficit. “The scarcity of foreign exchange, in particular the US dollar, has led to a rather sharp decline in value of the local currency. The horticulture industry is worth billions of dollars, and we are convinced Ghana can position itself to reap the benefits in this non-traditional
Ghana’s strict adherence to a 60-tonne limit for transit cargo is pushing haulage companies into neighbouring countries like Benin, Togo and Côte d’Ivoire, where they can load up to 68 tonnes. The Shipping Review, a quarterly journal of the Ghana Shippers’ Authority (GSA), has reported of a significant reduction in transit traffic through the country’s seaports as a result of the new axle load policy. Axle load is the acceptable weight of cargo that a truck is allowed to carry, and it is
The Bank of Ghana financed 70 percent of the government’s GH¢4.8billion budget deficit in the first half of the year, continuing a trend of excessive lending to the government which analysts warn could harm the economy. The level of financing appears immoderate when compared to recent years, as B&FT’s analysis of deficit-financing sources since 2008 showed no time when the level of central bank lending to government was more than 60 percent of the first-half budget deficit. Just one year
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