Business News Summaries for January 19, 2021
Share: share
Ken Ofori-Atta to survive one term finance minister jinx?
Image source: GhanaWeb

Ken Ofori-Atta to survive one term finance minister jinx?


Summary short_text

"Since the 4th republic, no finance minister has made a second term even when the president who appointed them gets a second term."
"If Ken Ofori Atta is made a minister for finance. This will be the first time that Ghana will have the opportunity to give a finance minister a second term", he said.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Focus more on agric sector investment to improve economy
Image source: GhanaWeb

Focus more on agric sector investment to improve economy


Summary short_text

He said while many industries last year shrank amid the coronavirus pandemic, the sector recorded significant growth hence the need to focus more on it.
He said "Though the planting for food and jobs is working, I think we can do more than that, we can do better than we are doing. We have to do more investment because during the Christmas I understand poultry prices shot up and also egg prices shot up. It means that something was wrong with our local poultry production in Ghana. I believe the planting for food and jobs has not achieved its benefits 100 per cent, there is more room for improvement."


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Cedi to trade GH¢6.45 against US dollar by end of 2021
Image source: GhanaWeb

Cedi to trade GH¢6.45 against US dollar by end of 2021


Summary short_text

For 2020 which was an election year, the value of the cedi shed 3.9 percent to the US dollar and was tipped as the currency's best performance since the 1992 election.
To address a further depreciation of the cedi and stabilize the economy, the Bank of Ghana plans to inject US$775 million through its forex forward auction initiative for the first quarter of 2021.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Ghana plans to issue US$3.9 billion in bonds in first quarter
Image source: GhanaWeb

Ghana plans to issue US$3.9 billion in bonds in first quarter


Summary short_text

It said GH¢19.7 billion cedis would be used to roll over maturing bonds, while 2.6 billion is fresh issuance to meet the government's financing requirements.
The calendar showed that the government plans to issue 91-day and 182-day treasury bills weekly, while 364-day treasury bills will be issued every two weeks.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Stationery retailers enjoying gradual sales boom following schools reopening [Video] – Citi Business News
Image source: CitiNewsRoom

Stationery retailers enjoying gradual sales boom following schools reopening [Video] – Citi Business News


Summary short_text

After experiencing lacklustre sales for close to a year, businesses in the stationery value chain have begun witnessing a slow rise in patronage following the ongoing reopening of schools across the country.
The businesses however insist it will take time before they are able to record pre-COVID level of sales.
Citi Businesses News hit the Central Business District to ascertain the dynamics of the marketplace following the reopening of schools from kindergarten to the Junior High School level on Friday, January 15, 2021.


Source: CitiNewsRoom |
More from: CitiNewsRoom More in: Business
SSNIT's 10% pension increase not enough
Image source: GhanaWeb

SSNIT's 10% pension increase not enough


Summary short_text

Reacting to this development, Labour Consultant, Austin Garmey told Class News that the 10 percent increase is not enough.
"Obviously 10 percent is not enough and cannot be enough for a pensioner whose livelihood perhaps depends solely on this sort of income because you and I know that most of them or a lot of them do nothing again and that's all they live on. And so, it is certainly not enough and they could've gotten more but that is what they have in the interim," he noted.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Akufo-Addo and Bawumia hold Ghana's worst economic record in 40 years
Image source: GhanaWeb

Akufo-Addo and Bawumia hold Ghana's worst economic record in 40 years


Summary short_text

To him, the Nana Addo Dankwa, Dr Mahamudu Bawumia administration has taken Ghana beyond HIPC. He said debt is swallowing the country due to poor economic decisions taken by the current administration.
The Akufo-Addo /Bawumia government has delivered the worst economic performance in forty years.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety – Citi Business News
Image source: CitiNewsRoom

Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety – Citi Business News


Summary short_text

As the number of COVID-19 cases continues to surge in the country, the Bureau of Public Safety is calling on the business owners to put in place measures to help control the spread of the virus in their workplaces.
Speaking to Citi Business News, Executive Director of the Bureau of Public Safety, Nana Yaw Akwada, indicated that as a lot of people spend significant hours of their day in their offices, systems have to be put in place to prevent a spread of the virus in such areas.
The Bureau of Public Safety is a non-profit organization working together with Government agencies, Businesses and Civil Society Organizations towards improving the quality of public safety through advocacy, education and development of programs for sustainable development of the environment and public health to improve the quality of life of the citizenry across the country and the West African sub-region.


Source: CitiNewsRoom |
More from: CitiNewsRoom More in: Business
Show us the land for community mining
Image source: GhanaWeb

Show us the land for community mining


Summary short_text

The Ashanti District of GNASSM making such revelation argues that the community mining model which was introduced by the government and "Further implemented on party lines" is the brainchild of GNASSM. GNASSM said its members were sidelined during its implementation, as they claim "Issuing of license for community mining, was done from the office of the President and ministers."
The Ashanti District of GNASSM is calling for a review of the whole community mining policy where institutions and stakeholders in the small scale mining sector are handed free regulatory mandate devoid of politicisation to give credence to the President's call for depoliticisation of small scale mining in his inaugural address.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Retailers of school uniforms cash in on mad rush for school uniforms [Video] – Citi Business News
Image source: CitiNewsRoom

Retailers of school uniforms cash in on mad rush for school uniforms [Video] – Citi Business News


Summary short_text

The reopening of schools for students from Kindergarten to Junior High School across the country from January has brought excitement to some categories of businesses.
These include those that retail and sew materials used as school uniforms.
A visit to the Makola market in the Central Business District revealed a scene of brisk business for school uniform retailers.


Source: CitiNewsRoom |
More from: CitiNewsRoom More in: Business
Focus on homegrown policies or we'll return to IMF
Image source: GhanaWeb

Focus on homegrown policies or we'll return to IMF


Summary short_text

Moody's said "We expect most SSA sovereigns to see their debt burdens rise further in 2021. The average debt burden in the region will hover around 64% of GDP in the near to medium term compared to the 47% average in 2015-19", Moody's said.
"In SSA, higher external vulnerability indicators - which are a measure of short-term debt and upcoming external debt maturities against international reserves - will be more challenging for sovereigns outside of monetary unions. Zambia and Ghana will see the greatest EVI pressures, with 2021 levels forecast to be 509% in Zambia and 143% in Ghana".


Source: GhanaWeb |
More from: GhanaWeb More in: Business

In 40 years, Akufo-Addo govt worst in economy


Summary short_text

Moody's has said that the country's debt levels under the current administration are worrying, predicting that the economy of Ghana could come under pressure from its rising debt.
"The Akufo-Addo/Bawumia government has delivered the worst economic performance in forty years. When they took over, our debt to GDP ratio was under 56%. Now, it is nearing a staggering 80%, which is way beyond HIPC levels," he explained.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
COVID-19: Face masks sales increase after President's order to IGP – Citi Business News
Image source: CitiNewsRoom

COVID-19: Face masks sales increase after President's order to IGP – Citi Business News


Summary short_text

"I believe before the President's directive for the mandatory wearing of nose masks, business was good. Currently, sales is booming because everyone is buying nose masks, especially for their children. So, there is even a shortage of nose masks for children. As a result we are selling more of the face masks for adults," Afua Kraba, a nose mask seller said.
"Since the President announced the mandatory wearing of nose masks, a lot of people are purchasing more nose masks. The reopening of schools is also a contributing factor to the increased sales but there is a shortage in the nose masks for children. You can hardly get some in the market. But generally, sales is booming. More people come to ask and purchase for the adult ones," Bismark Buabeng, another nose mask dealer stated.
"Anytime the President gives a new directive on the mandatory wearing of nose masks, it results in an increase in prices. Now a box of adult nose masks is selling for GHC 25 and GHC 30. Previously, it was sold for GHC 20. But today the prices have increased again. For instance, the nose masks for children were selling for GHC 40 but since the announcement was made, it is now selling for GHC 80 and GHC100."


Source: CitiNewsRoom |
More from: CitiNewsRoom More in: Business
Focus on nuclear energy to reduce cost of electricity – AGI to government – Citi Business News
Image source: CitiNewsRoom

Focus on nuclear energy to reduce cost of electricity – AGI to government – Citi Business News


Summary short_text

The Association of Ghana Industries says Government ought to focus on nuclear energy to significantly reduce the cost of electricity in the country.
Speaking to Citi Business News, Director of Business Development Service at AGI, Johnson Opoku-Boateng says nuclear energy is the way to go and his outfit would support any efforts by the government towards it.
Presently, there are no nuclear power plants in Ghana even though the first President of Ghana, Kwame Nkrumah, created the Ghana Atomic Energy Commission in 1963 and initiated the plans for the Ghana Nuclear Reactor Project on November 25, 1964.


Source: CitiNewsRoom |
More from: CitiNewsRoom More in: Business
AGI troubled with rising COVID-19 cases and implications on demand of goods – Citi Business News
Image source: CitiNewsRoom

AGI troubled with rising COVID-19 cases and implications on demand of goods – Citi Business News


Summary short_text

The Association of Ghana Industries says the business community is concerned about a possible slowdown in demand for their goods and services if the disturbing situation with COVID-19 in the country is not managed effectively.
Between May and June of last year, at the height of the Coronavirus pandemic, the Ghana Statistical Service, in collaboration with UNDP and the World Bank, conducted the COVID-19 Business Tracker survey which revealed among other things that 35.7 percent of business establishments had to close during the partial lockdown, with 16.1 percent continuing to be closed after the easing of the lockdown.
Speaking to Citi Business News about the current situation, the CEO of the AGI, Seth Twum-Akwaboah, said all steps must be taken to halt a spike in COVID-19 cases in the country.


Source: CitiNewsRoom |
More from: CitiNewsRoom More in: Business
Commodity exchange considers trading cocoa
Image source: GhanaWeb

Commodity exchange considers trading cocoa


Summary short_text

"In the medium-term period, we're looking at bringing commodities such as the cash crops onto the trading floor of the exchange. We're looking at also the possibility of trading the domestic cocoa here in Ghana-that is, the cocoa traded and used by processors here in Ghana," Robert Dowuona Owoo, Chief Operating Officer of the GCX, said in an interview with Business24.
"When cocoa is listed, the international interested parties will see premium in investing. Fortunately, government's willingness to offload its shares in the exchange will make it even more attractive for international investors," the commodity expert said.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
BoG to 'arrest' cedi's depreciation with US$775 million injection
Image source: GhanaWeb

BoG to 'arrest' cedi's depreciation with US$775 million injection


Summary short_text

Usually - with the exception of last year when the coronavirus pandemic halted international trade, which resulted in an appreciation of the currency - the cedi sees a sharp depreciation in the first quarter each year, mainly due to high demand for forex from importers to settle their bills.
"So, we see a signal of firm commitment to support the cedi during the first quarter, which is normally a difficult period for the cedi every year. And this has given us reason to be confident that in addition to the foreign inflows, the FX forward auction by the central bank will support the cedi's stability in the first quarter," he said.


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Economist raises concerns over reduction of lending rates
Image source: GhanaWeb

Economist raises concerns over reduction of lending rates


Summary short_text

The concerns come as the Ghana Union of Traders Association has backed calls for a reduction in the lending rate as it would enable them gain access to credit in order to remain competitive.
Ghana's central bank in a recent report on lending rates for banks showed that as of October 2020, the rate was 21.26 percent, a figure which was lower in more than a year.


Source: GhanaWeb |
More from: GhanaWeb More in: Business

Akufo-Addo will have tough time fixing economy


Summary short_text

He said on the Key Points on TV3 Saturday, January 16 that Mr Akufo-Addo commenced his second term at a time the global economy is saddled with crisis following the outbreak of the coronavirus.
"The global environment is tight now when it comes to raising resources for development. Even developed countries are having challenges so first, you are coming into government at a time the global economy is suffering from all these challenges with the pandemic."


Source: GhanaWeb |
More from: GhanaWeb More in: Business
Debt level worrying, debt to GDP to hit 80% in 2021
Image source: GhanaWeb

Debt level worrying, debt to GDP to hit 80% in 2021


Summary short_text

"We expect most SSA sovereigns to see their debt burdens rise further in 2021. The average debt burden in the region will hover around 64% of GDP in the near to medium term compared to the 47% average in 2015-19", Moody's said.
"In SSA, higher external vulnerability indicators - which are a measure of short-term debt and upcoming external debt maturities against international reserves - will be more challenging for sovereigns outside of monetary unions. Zambia and Ghana will see the greatest EVI pressures, with 2021 levels forecast to be 509% in Zambia and 143% in Ghana".


Source: GhanaWeb |
More from: GhanaWeb More in: Business