Business News Summaries for December 9, 2021
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Reverse directive to GOIL to reduce fuel prices


Summary short_text

Government directed GOIL to reduce price of fuel at the pumps effective Tuesday, December 7.

The government on Monday directed the Ghana Oil Company to reduce price of fuel at the pumps effective Tuesday, December 7.


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Ghana signs strategic partnership agreement with Guyana
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Ghana signs strategic partnership agreement with Guyana


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Hon Mbomba also signed, on behalf of the Petroleum Commission of Ghana, a Memorandum of Understanding on cooperation in the petroleum sector with the Ministry of Natural Resources of Guyana represented by Hon Vickram Bharrat, Minister of Natural Resources, Minister Responsible for Petroleum, while Mr Alex Dadey, Board Chairman of the Ghana Investment Promotion Centre, signed an MoU on Mutual Cooperation In Investment Promotion with the Guyana Office for Investment, represented by Peter R. Ramsaroop, Chief Investment Officer and CEO, Guyana Office for Foreign and Local Investments.

Among others, the Petroleum Commission is to use its expertise and resources to support Guyana to develop its national competencies to enable it to efficiently manage the Petroleum Sector; evaluate and establish future partnership opportunities with the Commission and other relevant entities in Ghana to ensure continued collaboration between the two countries; and provide certain consulting and project management services and other activities.


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CNBC to host Bawumia today on Ghana's digital transformation


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Captains of Industries focuses on industry leaders who have made a tremendous contribution to a field, and the latest edition is expected to elicit detailed responses and insights from the man who is credited with spearheading Ghana's digital transformation.

Dr Bawumia is expected to shed more light on Ghana's digital journey so far, as well as give insight into the way forward to the global audience and international business community.


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We are still opposed to E-levy
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We are still opposed to E-levy


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The Minister for Finance, Ken Ofori-Atta, had stated that the government will continue engagements with the minority in parliament and other stakeholders including mobile network operators in getting the proposed e-levy approved.

Haruna Idfdrisu said although they have engaged the government on issues surrounding the budget, they were still opposed to the E-Levy.


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EXPLAINER: Understanding the exchange rate
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EXPLAINER: Understanding the exchange rate


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For example, if you have to give up GH¢6 to get $1, the exchange rate of the Ghana cedis to the dollar is GH¢6. On the other hand, for a traveller coming to Ghana, the exchange rate would be the amount of the currency of his country of origin that he would have to give up to get GH¢1. For instance, with $1, a traveller from the US can get GH¢6, so the exchange rate of the GH¢ to the $ is approximately $0.17 - to get GH¢1, and traveller must give up $0.17.

Any time Ghana's demand for imports exceeds exports, the exchange rate would go up which is the case always.


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Let's minimise the use of agrochemicals


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He said though agrochemicals were alternatives to labour, they had severe implications on crop yield when excessively used.

Ghana was traditional, one of the African countries that relied less on agrochemicals, but the use of agrochemicals is gradually becoming the 'spine' of agriculture in the country.


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GPRTU have agreed not to go on another strike
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GPRTU have agreed not to go on another strike


Summary short_text

According to him, even though some of their grievances were not met, they will not go on another strike.

GPRTU embarked on a sit-down strike on December 7, 2021 leaving a lot of people stranded at the various lorry stations.


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Local rice producers want tax hikes on foreign rice
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Local rice producers want tax hikes on foreign rice


Summary short_text

Domestic production of local rice currently stands at 30 percent, with foreign brands constituting 70 percent of the grain on the market.

PFAG is appealing for government to take swift action to increase investments in local rice production to enable local producers meet domestic demands.


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E-levy too insignificant to close deficit gap, find better ways
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E-levy too insignificant to close deficit gap, find better ways


Summary short_text

Mr. Terkper, in an interview with the B&FT, said considering the deficit gap and how much the E-levy is expected to bring in, introducting the tax would just be a distortion.

The broader issue should focus on how the huge deficit gap can be closed.


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Agric Minister, stakeholders discuss food export and fertilizer subsidy


Summary short_text

Dr. Akoto touched on fertilizer subsidy and said the prices of fertilizer had tripled and the country could no longer bear the 50 percent subsidy cost.

He gave the assurance that efforts were made to ensure the availability of adequate fertilizer for the next farming season and urged all stakeholders to support efforts at eliminating the smuggling of subsidised fertilizer.


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YouStart initiative wishful thinking, whimsical promise
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YouStart initiative wishful thinking, whimsical promise


Summary short_text

Business mogul, Dr Kofi Amoah, has questioned government's ability to get funding sources for the implementation of the ambitious YouStart initiative.

The Finance Minister, Ken Ofori-Atta, has assured that government is fully committed to implementing the initiative.


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Coffin makers complain of 'disappointing' sales despite COVID-19


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Elsewhere as coffin-makers contend with the unexpected increase in demand for coffins, local manufacturers are frustrated with a slow down in business despite the upsurge in covid-19 deaths.

Sales dipped throughout the year as a result of low patronage of local production of coffin, the Association Secretary, Effah Poku told Kasapa News on Wednesday.


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ECG identifies 1,537 illegal connections nationwide
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ECG identifies 1,537 illegal connections nationwide


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He said to motivate the public to assist in fighting the canker of illegal connections, ECG had announced a handsome reward package for informants who would give them tip-off for illegal connections.

The ECG Managing Director pleaded with all defaulting customers to either visit the Company's various offices and outlets to pay their electricity bills promptly while encouraging them to also download the ECG App and pay digitally.


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FDA assures public of safety of imported consumables ahead of Christmas
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FDA assures public of safety of imported consumables ahead of Christmas


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Emmanuel Yaw Kwarteng, Head of the Imports and Exports Control Centre, FDA. Speaking on Eye on Port, Mr. Kwarteng disclosed that the FDA being mindful of the potential surge in imported consumables at the latter end of the year, began putting in place strategic measures to control food products that enter the country.

The Head of the Imports and Exports Control Centre of the FDA also disclosed that, ahead of the festive season, the Authority has begun embarking on its inspection activities in all warehouses in order to ensure that products there are neither expired nor unwholesome.


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We are working with FDA to check import of unwholesome products
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We are working with FDA to check import of unwholesome products


Summary short_text

Executive Director of the Food and Beverage Association, Samuel Aggrey has stated that the association is embarking on increased surveillance to guard the import of food and beverages into the country as the festive season beckons.

It is in this light that, the food and beverage association is scaling up efforts to check and stop these products from entering the market.


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Digital Transformation requires investment and infrastructure development
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Digital Transformation requires investment and infrastructure development


Summary short_text

Promote increased digital literacy, to enable our citizens in every part of the country to take advantage and use the digital infrastructure and services we are putting in place.

Mrs. Ursula Owusu said the digital transformation for the country's development is a journey adding that, without the foundational elements put in place, Ghana will struggle to capture its share of growth in the burgeoning digital economy.


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#TrendingGH: Reduce prices of fuel at all pumps stations
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#TrendingGH: Reduce prices of fuel at all pumps stations


Summary short_text

Commercial transport operators at the Lapaz, Madina, Adenta branch of the GPRTU have expressed dissatisfaction over the reduction of fuel prices by GOIL. The commercial drivers embarked on a sit-down strike on Monday, December 6, 2021, to demand that government reduce taxes on petroleum products.

The aftermath of the engagement was government's instruction to Goil to reduce its prices effective Tuesday December 7, 2021.


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Two new banks in the offing
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Two new banks in the offing


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Banking Consultant, Nana Otuo Acheampong, has revealed that there could be two new banks joining the banking industry soon.

According to the September 2021 Banking Sector Development Report, the banks registered ¢3.17 billion profit in August 2021, compared with ¢2.72 billion during the same period last year.


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Group CEO of Transnet speaks on cyber attack
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Group CEO of Transnet speaks on cyber attack


Summary short_text

Portia Derby, CEO of the company explained in an interview with Eye On port during a visit to the Ghana Ports and Harbours Authority that the immediate reaction of the company was to shut down its systems while steps were taken to identify the source of the attack.

Portia Derby urged port operators to invest in infrastructure to safeguard their operations.


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Corruption Fight: Banks must flag unusual huge sums of money in accounts of clients
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Corruption Fight: Banks must flag unusual huge sums of money in accounts of clients


Summary short_text

Globally, over one trillion dollars was paid as bribes and over 2.3 billion dollars stolen, she said, adding that the UN estimated that funds lost to corruption represented 10 times the amount to social debt assistance.

Mr. Roland Affail Money, President of Ghana Journalists Association, said the media had an indispensable role to hold duty bearers accountable for their actions and commended journalists who had put their lives on the line to fight corruption considering how dangerous it was.


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