The Importers and Exporters Association is warning of possible food shortages and a further surge in food inflation in the coming days. The warning comes on the back of the announcement by the Bank of Ghana to cease the supply of forex for the importation of some commodities in accordance with President Akufo-Addo’s directive in...
Category: Business
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BoG no longer provides FX support for imports of rice, poultry, vegetable oil
Banks have been directed by the Bank of Ghana (BoG) that from today, Thursday November 17, they should no longer provide foreign exchange to persons for the import of rice, poultry, vegetable oil, tooth picks, pasta, fruit juice, bottled water, ceramic tiles and other non-critical goods. Sources within the BoG confirmed this to 3news.com on Thursday...
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Exporters, Importers demand removal of 1% Covid-19 levy
The Importers and Exporters Association of Ghana says government must do well to remove the one per cent Covid 19 Health Recovery Levy in the 2023 budget statement following an assurance by Majority Leader, Osei Kyei Mensah Bonsu that the budget will be read before November 30 The 2021 budget proposed a one per cent...
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Ex-Goldman banker, Asante Berko arrested over alleged bribery scheme
Former Goldman Sachs Group Inc. banker and former Managing Director of the Tema Oil Refinery, Asante Berko, was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank. A six-count August 2020 indictment unsealed last week in federal court in Brooklyn, New York, accuses Berko of conspiring with at...
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Ghana Standards Authority to help cut down on importation
Ghana will in the short term review the standards and requirements used for the importation of goods into the country. This according to the Ghana Standards Authority is crucial to cut down on the number of goods imported into the country even as the country takes steps to scale up manufacturing and production. Ghana’s imports...
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Ride hailing app drivers call for fares to correspond with fuel price hikes
The Online Drivers Union is calling for an increase in their fares commensurate with the increment in fuel prices. Speaking to Citi Business News, the President of the Online Drivers Union, Francis Tenge believes their demand is critical to sustaining their livelihoods. “What we want is there should be a corresponding increment in the base...
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Prices of goods to soar as October inflation hits 40.4%
The continuous increases in prices of food, housing, transport, water, electricity, gas and other fuels have pushed Ghana’s inflation rate to hit 40.4 per cent for the month of October 2022. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, October 9, 2022. Per the...
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Ghana’s food prices highest in Sub Saharan Africa – World Bank Report
The 2022 World Bank’s Africa Pulse Report has ranked Ghana as the country with sub-Sahara Africa’s (SSA) highest food prices. The report was released at the end of last month, October 2022, which indicated that domestic food prices have gone up by 122 percent since January this year. Many Ghanaians are feeling the heat and...
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Cedi records no depreciation for one week
The country’s ailing currency, for the first time in weeks, has seen no weekly loss in value against the US dollar. The Bank of Ghana has given assurance that the recent appreciation will see a further improvement, given measures it has rolled out and coming of the cocoa syndicated loan that has provided the needed...
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BoG must impose 5% ceiling on forex bureau rates vis-a-vis interbank rates – Kwakye
The Bank of Ghana (BoG) must impose a 5% ceiling on forex bureau rates against the interbank rates in order to stem speculative depreciation, Director Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has said. The Ghana Cedi, according to Interbank forex rates from the BoG as of November 1, 2022 is...