Tuesday, January 19

Business

Government intends  to issue bonds worth 22.3 billion cedis in first quarter
Business

Government intends to issue bonds worth 22.3 billion cedis in first quarter

The government intends to issue more than 22.3 billion cedis worth of bonds in the first quarter, the Finance Ministry said in its issuance calendar. The Ministry said 19.7 billion cedis would be used to roll over maturing bonds, while 2.6 billion would be fresh issuance to meet the government’s financing requirements. According to the calendar the government will  issue 91-day and 182-day treasury bills weekly, while 364-day treasury bills will be issued every two weeks. The two year and seven year debt will be issued through the book-building method. The Calendar is part of Government’s effort to improve market transparency in theissuance of Government securities. It is developed based on the Net Domestic Financing provided in the 2021 Expenditure in Advance Appropria...
Export application under AfCFTA through ICUMS to start January 18
Business

Export application under AfCFTA through ICUMS to start January 18

Application processes through the Integrated Customs Management System (ICUMS) for export under the African Continental Free Trade Area (AfCFTA) is to commence on January 18,2021. This was announced by Mr Fechin Akoto, Assistant Commissioner of Customs in charge of Tariff and Trade, and responsible for Free Trade Agreements including AfCFTA, in a media interaction. He indicated that the Customs Division of the Ghana Revenue Authority (GRA) was currently assisting the exporters on the necessary processes, as well as all key information regarding trading in the AfCFTA. He said a desk was being established for activities related to Customs processes under the AfCFTA, disclosing that, a portal with the necessary information on the AfCFTA including the various tariff offers of the...
Ghana faces grave economic challenges in 2021 – Kenneth Thompson
Business

Ghana faces grave economic challenges in 2021 – Kenneth Thompson

Mr Kenneth Thompson, Chief Executive Officer, Dalex Finance Limited, on Wednesday said Ghana stands to face grave economic challenges in 2021, if government does not adopt the right economic recovery strategy. He said the Ghanaian economy was in recession after two consecutive quarters of negative Gross Domestic Product growth, adding that, the standard prescription for a recovery from recession was an economic stimulus package and yet Ghana was ‘broke’. Mr Kenneth Thompson made this remark in an interview with the Ghana News Agency on the country’s economic prospects in the year 2021, “looking through the crystal ball”. He said the only way the country could start to fund a half-way decent stimulus package in 2021 was either to borrow about five billion dollars on the intern...
Huawei rewards students in 5G certification
Business

Huawei rewards students in 5G certification

Huawei Technologies Ghana has rewarded the top ten outstanding students for their excellent performance in the Huawei 5G certification course held for over 300 University students across top Universities in the country. The student, who emerged successful in the Huawei Certified ICT Associate (HCIA-5G) certification examinations were rewarded with a sleek Huawei Y series smartphone (Huawei Y9 Prime 2019) to motivate them to work harder and embrace the learning of Information Communication Technology (ICT). Other students who were awarded were: Randel Daketse, Joshua Eyram Wordey, Ibrahim Anyars, Seth Owusu Ansah, Kobina Ackon Annan, Sylvester Dotse, Jeremiah Dela Amlanu, Jones Appiah, Sam Mensah and Osei Bonsu. The course which was held virtually, trained students from the Gh...
SEC warns public against electronic commerce and trading scheme
Business

SEC warns public against electronic commerce and trading scheme

The Securities and Exchange Commission (SEC), has warned the public against doing business with Chy Century Hong Ye Group Limited and Sairuir E-commerce Ghana Limited.    The Commission said the entities had not been licensed to carry out capital market activity, including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).    The public interest warning is issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929).    A statement from the Commission advised the public to be cautious with investing in unlicensed products.      It also advised the public to consult SEC through its toll free line number 0800100065 or main line number 0302768970-2 to confirm the licensing status of any firm...
Cocoa farmers urged to embrace mass spraying exercise
Business

Cocoa farmers urged to embrace mass spraying exercise

Nana Kumi Abiesi, the Nsawam–Adoagyiri Municipal Chief Farmer in the Eastern Region, on Monday said COCOBOD has increased machines in the various cocoa growing areas to enable the spraying gangs reach every farm to combat the capsid virus.    Speaking at a meeting with cocoa farmers at Nsawam, he said embracing the mass cocoa spraying exercise would help farmers to increase the crop yield.    Nana Kumi, also the Chief of Abiesi near Nsawam, said when farmers embraced the programme it would help increase the national cocoa output to reduce poverty among the farmers.    He said the spraying exercise was part of the cocoa production method and its introduction was a testimony of government’s determination to help improve the cocoa industry.    The chief farmer, therefore,...
Trading at Madina Market takes a nosedive after Christmas
Business

Trading at Madina Market takes a nosedive after Christmas

Trading at the Madina Market in Accra have taken a nosedive after the good sales during the Christmas and New Year festivities. Scores of traders, in an interview, some of the the traders said sales were good during yuletide but business activities normally slowed down after the festive occasion in January before kick-starting gradually in February. Ms Veronica Narh, a trader at the market, said it had become a norm that business activities within the markets took a dramatic turn downwards, as most people overspent during the festive period and slowed down their spending habit immediately after the yuletide. She said most workers were yet to receive salaries after spending that of December, adding: “We have adjusted to that traditional routine of making good sales in December...
Fidelity Bank awards 2020 best performing agents
Business

Fidelity Bank awards 2020 best performing agents

Fidelity Bank Ghana has rewarded the 2020 Bank's best performing agents in five territories; Accra, Western, Northern, Eastern, and Ashanti. S-Duah Enterprise from the Ashanti territory was adjudged the Overall Best Performing Agents for 2020 and was awarded a cash prize and certificate at a ceremony held in Accra. The Fidelity Bank Annual End of year Award ceremony was on the theme: “The Relevance of Agency Banking in a Pandemic (COVID-19)”. Other winners include Tigger Phones, Kcehcs Rehoboth Enterprise and Mupaason Enterprise all from the Western territory. The rest were Mubak Enterprise, Blessed Dabern Enterprise and Peoples Phones and Trading from the Northern territory; and Antwi F. Ventures, Nyame Nanim Enterprise, and ANB George Ventures from the Eastern territory....
ACEP launches report on gender budgeting of mineral revenue in Ghana
Business

ACEP launches report on gender budgeting of mineral revenue in Ghana

The Africa Centre for Energy Policy (ACEP) has launched a research report that exposes critical gender gaps in allocation of resources, utilization and benefits in mining communities in Ghana. The report, which is titled, “Promoting gender budgeting: the case of Mineral royalty utilization in Ghana,” seeks to underscore the need to relook at how mineral revenue is allocated in view of the need to promote the welfare of women in mining communities. In an opening remark before the launch of the report which was done via Zoom, the Executive Director of ACEP, Mr. Benjamin Boakye, said the essence of the report was to recognize that mining created impact and that the impact tended to be varied, “And in Ghana,… based on socio-cultural issues, women tend to suffer more than men.” “S...
Government must pursue policies to improve business environment-AGI
Business

Government must pursue policies to improve business environment-AGI

Mr Tsonam Cleanse Akpeloo, the Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), has asked the government to pursue policies that would improve the business environment, reduce the cost of capital and financing, and remove regulatory bottlenecks for growth.    “We expect that Government will continue to bail out troubled businesses and provide stimulus packages to support efforts by businesses to bounce back,” he said.    Mr Akpeloo in his New Year’s message to AGI members said, “As businesses continue to manage the aftermath of Covid-19, we shall continue to engage government to ensure that stimulus plan for larger businesses will be operationalised speedily.”    He urged the government to integrate the interest of the private sector in policy fo...
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