Author: Admin
Ghana’s Fast Moving Consumer Goods sector is showing signs of recovery amidst easing inflation pressures, Maverick Research has pointed out in its latest Maverick FMCG Index. This is coming after a difficult two-year period of economic turbulence. For the first half of 2024, FMCG volumes rose by 4.0% and value increased by 2.0%, indicating that inflationary pressures are beginning to ease compared to the previous year. This rebound, it said, marks a potential turning point for the sector, which had been weighed down by high inflation and a struggling cedi in 2022 and 2023. The report pointed out that…
Tracing cocoa beans from the farm to the port of shipment is now a reality in Ghana with the introduction of the Ghana Cocoa Traceability System (GCTS). The Ghana Cocoa Board (COCOBOD) initiated this system as part of its digital transformation, with its development fast-tracked to comply with the European Union Deforestation Regulation (EUDR), which takes effect in December 2024. The EUDR, enacted in 2023, ensures that key commodities traded in Europe, such as cocoa beans, are sourced without contributing to deforestation and are free from child labour violations. The GCTS pilot in Assin Fosu through the Cocoa Management…
Many perishable food items on the market have been observed to be deteriorating at a faster rate than usual in recent times. The alarming revelation has been attributed to the abuse and misuse of inorganic fertilizer applications. The situation is heavily impacting the marketing of such produce as traders bemoan post-harvest losses, particularly of vegetables such as okra and pepper. At the Ayigya market in Kumasi, traders are noticing the declining quality of vegetables they purchase from various farming communities. Felicity Osei, a trader at the market, indicated that her baskets of pepper lasted longer and only shrunk…
The Electricity Company of Ghana Training School, located at Tema is set to become the second phase of the Electrical Engineers Training for African Countries, sponsored by the Japanese International Cooperation Agency. The training programme, set to begin on October 7, 2024, and run until November 22, 2024, will involve participants from nine African countries who will be trained on strengthening the electricity transmission and distribution network, promoting the introduction of renewable energy, and promoting energy efficiency. It will also focus on developing human resources and strengthening human networks in the energy sector. Speaking at the launch of…
The Minister of Communications and Digitalisation Ursula Owusu-Ekuful has announced that all is set for the 5G service to be rolled out from November 1, 2024. The Minister disclosed this during an interview in Accra last week. Mrs. Owusu-Ekuful noted that the necessary structures have been put in place for the service to commence. Government had earlier announced that the 5G service will be rolled out by the end of this year. What is 5G service? 5G service has been described as the Fifth Generation of Wireless Technology, which offers higher internet speed, higher upload and download speed, with…
The Bank of Ghana’s eCedi has been adjudged the winner of the innovation in digital currency design for financial inclusion by the Currency Research at the 2024 Payment, Innovation and Technology Week held from the 23 to 26 September 2024 in London, United Kingdom. The award was on account of the Bank’s compelling demonstration of the eCedi’s design elements, encompassing governance, accessibility, (online and offline), interoperability, and infrastructure with the potential to promote financial inclusion. The award was also in recognition of the Bank’s ecosystem engagement approach, which included the: Participation of banks and payment service providers during the…
by Elorm Desewu The framework for Ghana’s Green Finance Taxonomy is ready and its implementation would begin by next year May. The Green Finance Taxonomy is designed to support interventions that address climate change, environmental protection, resource efficiency and promote sustainable development. The framework serves as a critical tool for translating Ghana’s environmental and climate policy objectives into actionable criteria for investment and business decisions. The Green Finance Taxonomy will be rolled out in phases: beginning with qualitative criteria development for the selected sectors (Phase 1), followed by the introduction of quantitative thresholds, tax exemptions and sector-based incentives by May…
This pushed September 2024 inflation up to 21.5% from 20.4% recorded in August.
This is to help ensure that, the issuance of the recently launched Ghana Gold Coin does not promote money laundering and terrorism funding in the country.
Looking ahead to the second half of 2024, Fitch expects growth to remain strong, although it will decelerate from the high recorded in the second quarter.