Friday, April 19

Tag: Prices

Gold-for-Oil: 11 OMCs fail to reduce prices on first consignment
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News

Gold-for-Oil: 11 OMCs fail to reduce prices on first consignment

Some 11 out of 27 Oil Marketing Companies (OMCs) that benefited from the "gold for gold" policy have failed to reduce the prices of their commodities, Dr. Amin Adam, the Deputy Minister for Energy, has said. The situation, he said had been a setback on the policy intended to improve the supply of the commodity, positively influence price change, and shore up the exchange reserve of the country. “National Petroleum Authority (NPA) has to be very rigorous in ensuring that the framework that will be published to govern the pricing of the product is a strong framework. “And they have to ensure that they are able to monitor all those OMCs that will take the product to ensure they reflect in their pump prices,” he said in a media engagement. Ghana piloted the Gold for Oil policy wit...
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Rush for school items shoots up prices
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Rush for school items shoots up prices

Parents and guardians buying school supplies for their children and wards who have gained admission to senior high schools (SHSs) are complaining about the high cost of the items, blaming it on inconsiderate traders who are cashing in on the situation. Over the weekend, there was a significant rush for the purchase of SHS supplies in the central business district (CBD) of Accra and other market areas, ahead of the opening of school for first-year SHS students today. Left with little choice over getting the items, parents and guardians, although concerned about the cost of the items, had to go through, bargaining on prices to be able to meet their budgets. Enquires by the Daily Graphic about the prices revealed that the prices of some of the items had gone up by 50 per cent ov...
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GOIL cuts fuel prices by 14 pesewas, now selling at GHC6.85 per litre
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GOIL cuts fuel prices by 14 pesewas, now selling at GHC6.85 per litre

GOIL’s public relations officer says the move is to help cushion Ghanaians from rising prices for petroleum products on the international market The national oil marketing company GOIL has slashed fuel prices by 14 pesewas for both petrol and diesel. Checks at the various pump stations show GOIL’s Super XP Ron 95 and diesel are selling at GHC6.85 per litre.  The price change has been announced despite an earlier projection by the Institute for Energy Studies (IES) that fuel prices will hit the GHC7 mark by the end of this year. The reduction will come as a relief to consumers, given recent rampant increases in fuel prices. However, some OMCs are already selling their petrol and diesel at roughly GHC6.93 a litre. Robert Kyere, the public relations officer ...
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Ex-Factory Prices Inflation Records 11.1%
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Business

Ex-Factory Prices Inflation Records 11.1%

The year-on-year producer inflation for all industry was 11.1 per cent in April 2021 with the monthly change rate recording -0.1 per cent. The month-on-month change in producer price index between March 2021 and April 2021 was -0.1 per cent. The latest newsletter by the Ghana Statistical Service (GSS) which made this known, said the manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 13.7 per cent, followed by the mining and quarrying sub-sector with 11.9 per cent while the utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.2 per cent. The manufacturing and utility sub-sectors recorded no monthly inflation rate, with mining and quarrying sub-sectors recording the least inflation rate of -0.7 per cent. This ...
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Ghanaian cashew farmers leverage technology to receive better prices
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Business

Ghanaian cashew farmers leverage technology to receive better prices

An increasing number of Ghanaian smallholder cashew farmers are getting better prices on their harvests, and reducing their operations expenses, thanks to the continued rollout of a smartphone app that gives them direct access to Olam Food Ingredients in Ghana. The app empowers farmers to get prices directly from the company rather than from traditional buying agents, which yields not only higher prices for their cashews but cost savings on their expenses. This can have significant positive impacts on farmers and their communities: if the average daily food budget for a typical household of five is Ghc14 Ghc15 (equivalent to $2.40 - $2.58), farmers using the app can receive funds worth another month of food. It is one part of a robust, proprietary solution called ‘Olam Direct...
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Prices of basic foodstuff see marginal decrease in Takoradi
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Business, News

Prices of basic foodstuff see marginal decrease in Takoradi

The COVID-19 pandemic has affected various sectors of the economy but prices of some basic foodstuff have seen some marginal reductions in the Takoradi Market Circle. A visit by the Ghana News Agency to the business district of the Metropolis revealed that a tuber of yam which was sold for GHC 10.00 is now going for less than GHC 9.00 while a bigger bunch of plantain which was sold for GHC30.00 in January this year is now going for about GHC 25. A bag of rice sold at GHC130.00 is now Ghc127.00 while a sack of cassava which was sold for GHC 100 is now being sold at GHC 98.00. Madam Baby Acquah, a 45-year-old plantain seller, said the prices of foodstuff often sees a drastic reduction during the harvesting period where there is plenty of food in the system. She said we are curre...
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