Business News Summaries for October 22, 2020
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National Development Bank to take off from January 2021
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National Development Bank to take off from January 2021


Summary short_text

The National Development Bank is now set to take from January next year, Finance Minister, Ken Ofori-Atta has disclosed.
The government in 2017 hinted it will establish a national development bank in the country.


Source: MyJoyOnline |
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We'll uphold high standards to have only the best firms listed – GSE – Citi Business News
Image source: CitiNewsRoom

We'll uphold high standards to have only the best firms listed – GSE – Citi Business News


Summary short_text

The Ghana Stock Exchange, GSE, says it is committed to upholding the highest of standards to ensure that only the best performing companies stay on the local bourse.
Commenting on the recent delisting's in an interview Citi Businesses News, the Deputy Managing Director of the Ghana Stock Exchange, Abena Amoah, explained that the bourse was focused primarily on protecting the interest of investors, but has also prioritized the development of an enabling environment for listed businesses to thrive and for delisted companies to return after they have put their houses in order.
On the decline in the Ghana Stock Exchange Composite index which reflects the average performance of shares of listed companies, Madame Abena Amoah called on local and international investors to develop a long-term view when it comes to investing in companies on the Ghana Stock Exchange in order to reap the inherent benefits.


Source: CitiNewsRoom |
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Dannex Ayrton Starwin PLC partners mPharma to produce quality medicines locally – Citi Business News
Image source: CitiNewsRoom

Dannex Ayrton Starwin PLC partners mPharma to produce quality medicines locally – Citi Business News


Summary short_text

Dannex Ayrton Starwin PLC also known as DAS PLC, has signed a Memorandum of Understanding with mPharma Pharmaceutical Ltd. to increase access to quality and low-cost medicines for Ghanaians.
Under the MOU, the two companies will explore a potential business collaboration focused on contract manufacturing of branded molecules by DAS PLC for mPharma, manufacturing cooperation to deliver high-quality medicines, as well as strategic arrangements to enable mPharma Limited distribute DAS PLC products across all mPharma network facilities.
Speaking to Citi Business News, Chief Executive Officer of Dannex Ayrton Starwin PLC, Daniel Kissi, said the new agreement is an important step in the company's drive towards universal health coverage.


Source: CitiNewsRoom |
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Ken Ofori-Atta completes tenure as Chairman of Joint Ministerial Committee of the Boards of Governors
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Ken Ofori-Atta completes tenure as Chairman of Joint Ministerial Committee of the Boards of Governors


Summary short_text

Ghana's Finance Minister, Ken Ofori-Atta, successfully completed his 2-year tenure as the Chairman of the Development Committee of the World Bank and International Monetary Fund after chairing his 4th DC plenary meeting.
The 2020 Development Committee plenary was held virtually on Friday, 16th October 2020.The Committee is an inter-ministerial Committee of Finance and/or Development Ministers who represent the full membership of the Bank and Fund..


Source: MyJoyOnline |
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'Be discerning about what you consume'
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'Be discerning about what you consume'


Summary short_text

Mrs. Terlabie said the public needs to be abreast of the conditions of an approved product, to enable them identify unapproved and suspicious products.
"The FDA exists not only to regulate Food, Drugs, Herbal and Homeopathic Medicines, Veterinary Medicines, Cosmetics, Medical Devices, Household Chemical Substances, Tobacco and Tobacco Products, Blood and Blood Products as well as the conduct of Clinical Trials but also to serve as an advisory body to those who aspire to either sell or produce any FDA regulated products," she added.


Source: GhanaWeb |
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Communities in Amansie West happy as electrification project takes off
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Communities in Amansie West happy as electrification project takes off


Summary short_text

After years without electricity, 10 communities in the Amansie West District of Ashanti will be hooked onto the national grid within the next 3 months.
"12,000 communities in Ghana have benefited from the electrification project. By 2025, every household in Ghana will have access to electricity; 338 communities are in the Ashanti Region."


Source: MyJoyOnline |
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Producer inflation rises to 9.6% in September
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Producer inflation rises to 9.6% in September


Summary short_text

The producer price inflation in the Mining and Quarrying sub-sector decreased by 6.1 percentage points over the August 2020 rate of 37.9 percent to record 31.8 percent in September 2020.
In September 2019, the producer price inflation rate for all industry was 9.1 percent.


Source: GhanaWeb |
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Government establishes affordable housing schemes for Ghanaians
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Government establishes affordable housing schemes for Ghanaians


Summary short_text

Government as part of its plans to revive the affordable housing concept has established the National Housing and Mortgage Fund.
According to Ken Ofori-Attah, it is time for housing to be affordable for all Ghanaians and thus government is targeting the development of about 2 million housing units for both the public and private sector.


Source: MyJoyOnline |
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AfCFTA wants structured relationship with GNCCI to boost growth
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AfCFTA wants structured relationship with GNCCI to boost growth


Summary short_text

The structured relationship will be enhanced with digital platforms, open markets across the continent for members of the Chamber and the entire private business sector.
He said the AfCFTA would on December 5, 2020 launch a digital platform in South Africa to streamline all procedures that made business transactions expensive and enhance business linkages among the private sector.


Source: GhanaWeb |
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GSS rolls out pre-certification training programme for trainers of censuses


Summary short_text

The training will combine virtual with in-person training.
The orientation will provide an introduction to the training and an overview of the tools needed to train successfully in censuses.


Source: GhanaWeb |
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Ofori-Atta pleads with rich countries to extend suspension on debt servicing
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Ofori-Atta pleads with rich countries to extend suspension on debt servicing


Summary short_text

The Finance Minister urged the G-20 countries to not only extend their Debt Service Suspension Initiative by two years but also re-examine the scheme.
To help developing countries deal with the economic crisis caused by the Covid-19 pandemic, the G20 launched the Debt Service Suspension Initiative, which freezes low-income countries' external debt service payments to official bilateral creditors until the end of 2020.


Source: GhanaWeb |
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Land title registration reduced to 120 days
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Land title registration reduced to 120 days


Summary short_text

The Lands and Natural Resource Minister, Mr Kwaku Asomah-Cheremeh has indicated that the government has reduced land title registration from 3 years to 120 days.
The Minister for Lands and Resource added that the essence of the Bill would be to ensure sustainable land administration, management and effective land tenure.


Source: MyJoyOnline |
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AfCFTA secretariat to unveil cross-border trading platform for SMEs


Summary short_text

Wamkele Mene, Secretary-General of the AfCFTA. The digital platform, it said, will enable SMEs to expand their reach and explore growth opportunities in the AfCFTA, while ensuring seamless cross-border trading when the free trade deal takes off in 2021.
"We intend to launch this digital platform for trade for SMEs in time for the start of trading scheduled for January 2021," Mr. Mene told Business24 in an interview.


Source: GhanaWeb |
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157 excavators used in illegal mining still in government custody
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157 excavators used in illegal mining still in government custody


Summary short_text

Lands and Natural Resources Minister Kweku Asumah-Kyeremeh has revealed that a total of 157 seized excavators from illegal miners are still in the custody of government.
He also added that so far the government has trained 4,500 small scale miners on responsible mining across the country.


Source: MyJoyOnline |
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Kab-Fam Ghana wins Outstanding Electronic Retail Company of the Year Award
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Kab-Fam Ghana wins Outstanding Electronic Retail Company of the Year Award


Summary short_text

Electronic Retail Giant, Kab-Fam Ghana Ltd has been awarded the outstanding electronic retail company of the year at the Ghana Business Standard Awards held on at the Movenpick Ambassador Hotel.
The 2020 Ghana Business Standard Awards ceremony was held in Ghana at Movenpick Ambassador Hotel on October 16th, to recognize and reward outstanding businesses that contribute to the economy across various award categories.


Source: MyJoyOnline |
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Prof Divine Ahadzie: Time to shift the housing discourse in Ghana from affordable to social housing
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Prof Divine Ahadzie: Time to shift the housing discourse in Ghana from affordable to social housing


Summary short_text

Unlike affordable housing, social housing is not subject to market forces but operated as a welfare scheme.
Data reported in the GHANA HOUSING PROFILE also suggests that between 1957 and the year 2009, the total number of so called affordable housing delivered by successive governments is 54,526.


Source: MyJoyOnline |
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Govt to reduce housing deficit by 40%
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Govt to reduce housing deficit by 40%


Summary short_text

"Let's not project terribly, but we can give you a very strong indication that the deficit will be reduced considerably. If we are able to reduce the deficit by 40 percent, it means we have done fairly well because the deficit is 2 million housing units," Samuel Atta Akyea projected.
According to Ken Ofori-Atta, government's two main schemes backing national housing projects will see some significant reduction towards bridging Ghana's housing deficit.


Source: GhanaWeb |
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Ghanaian traders await African Trade Observatory access
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Ghanaian traders await African Trade Observatory access


Summary short_text

The African Trade Observatory has since begun testing the online dashboard to give real-time trade statistics to African users.
Mr. Chiza Charles Chiumya, the AU Commission's Acting Head of Trade, enthuses that: "One of the reasons for the low level of intra-African trade is the absence of trade information and market opportunities. The provision of market information and opportunities in Africa will be the main pillar of the ATO. Real-time data on trade flows is the new crude oil, especially now when the implementation of the AfCFTA is the beacon of hope towards the Post-COVID recovery strategy for Africa."


Source: GhanaWeb |
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Producer Price Inflation increases marginally for September – Citi Business News
Image source: CitiNewsRoom

Producer Price Inflation increases marginally for September – Citi Business News


Summary short_text

The Producer Price Inflation for September 2020, saw an increase compared to the same period last month.
The utilities sub-sector recorded the lowest annual inflation of 5.8 percent.
"The year-on-year producer inflation for all industry was 9.6 percent in September 2020; the monthly change rate was 0.1 percent. The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 31.8 percent, followed by the Manufacturing sub-sector with 5.9 percent. The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 5.8 percent. For the monthly changes, the mining and quarrying sub-sector recorded the highest inflation rate of 5.2 percent, followed by manufacturing sub-sectors with 0.2 percent. The Utility sub-sector recorded no monthly inflation rate in August 2020.".


Source: CitiNewsRoom |
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Lack of airport in Cape Coast affecting Tourism
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Lack of airport in Cape Coast affecting Tourism


Summary short_text

Speaking in an interview with the GNA in Cape Coast, Mr Ashun said international tourists land in Accra before travelling to the tourism hub in Cape Coast.
"Some important international personalities have had their flights cancelled due to the hours they would have spent on the road especially from Accra to Cape Coast. Therefore, an airport in Cape Coast for a direct flight is timely and would increase revenue and boost tourism," he noted.


Source: GhanaWeb |
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