Business

Ghana has been ranked the seventh wealthiest country in Africa with a total wealth of 63 billion dollars (US$bn 63) as at December 2017. The figures were contained in The AfrAsia Bank Africa Wealth Report 2018 published in September. The report covers wealth, luxury, prime property and wealth management trends in Africa from 2007 to 2017, with projections to 2027. Ghana’s ...

The Ghana Standard Authority (GSA) and GS1-Ghana, a global organization that specializes in management of barcodes system, has held a joint workshop on standards and labelling requirements for local businesses. The one-day workshop, which assembled manufacturers and retailers, was aimed at providing an avenue for stakeholders to discuss issues related to standardisation and labelling requirements to promote trade. It was also to ...

The Alliance for Development and Industrialization (ADI) is asking the government to establish a US$1billion commodity diversification and alternative livelihood for cocoa farmers as well as the non- traditional export sector in the country. This commodity diversification could triple the country’s agriculture export income within 3 to 4 years. As the country’s export earnings increases it would stabilize the fiat ...

Finance Minister Ken Ofori-Atta has said the Germany Ghana Investors Forum is a platform set to boost trade ties between the country and Europe. Mr. Ofori Atta said, “What we’re seeing is a certain clarity with regards to the Compact Africa and how Germany is looking at interventions to make sure that we sustain the type of progress that we ...

Ghana still exports about 80 per cent of its raw cocoa beans despite calls for value addition in order for the country to earn more revenue from the commodity. The Managing Director (MD) of the Cocoa Marketing Company (CMC), Mr Joe Forson, at a recent conference in Accra said about 20 per cent of the total cocoa output for the ...

Rebased economic figures released by the Ghana Statistics Service (GSS) indicate that the country’s economy expanded by 24.6 per cent in 2017. This means that Ghana’s economy increased to GH¢256 billion from GH¢205.9 billion recorded earlier. The rebasing involves replacing the old base year (i.e. 2006) used for computing the constant price estimates to a more recent base year – ...

State-owned Enterprises (SOEs) in the country recorded a net loss of GH¢1.29 billion last year, the State Ownership Report has revealed. The report, launched in Accra on Thursday,  however, said that the losses were a reduction over similar losses recorded in 2016. According to the report, the bane of SOEs was their chronic inability to contain costs, as their aggregate operating ...

Ghana’s real estate sector is once again being battered by the falling value of the Ghana cedi against major trading currencies and rising import charges. Speaking to Business Finder, Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Sammy Amegayibor said the fall in the value of the cedi is badly affecting players in the sector because most of ...

Despite the depreciation of the cedi, foreign currency deposits with banks grew by 18.3 percent in August 2018 compared with 6.4 percent and 6.2 percent growth respectively in June and May 2018. According to the latest Bank of Ghana’s Summary of Macroeconomic and Financial Data, foreign currency deposits also grew by 15.4 percent in July 2018. The recent growth might ...

The Trades Union Congress (TUC) is set to continue processes to demand Living Wage for workers. The National Living Wage will ensure that the daily wage of an average worker in Ghana caters for at least four people in a family instead of the current minimum wage which caters for only one person. Ghana’s Minimum wage is one of the ...