Author: TNRgh

The Bank of Ghana has assured the public that the fundamentals of the economy is sound and strong, despite recent depreciation of the Cedi. Speaking at “The Cedi Forum” to discuss the depreciation of the local currency, the head of Financial Markets and Treasury Stephen Opata pointed out that the Central Bank has firm grips over the issues. He said the depreciation of the Cedi is temporary, promising that measures such as “adequate reserves” have been put in place to address the shocks. “We’re providing liquidity to the banking systems to meet the shocks,” Opata stated on Thursday, 13 September…

The global chocolate and cocoa industry is rapidly demanding traceable cocoa that is certified and produced in a sustainable manner. In Ghana, licensed buying companies are leading the drive for farmers to implement better farming and management practices in exchange for premium price on their produce. But there are calls for the industry regulator, COCOBOD, to play a lead role in establishing a Ghanaian standard, independent of external interest in the cocoa trade. This report looks at the impact of cocoa certification on farmers’ livelihood and the need to harmonize the various certification programmes. Cocoa is an essential commodity in…

The President, Nana Addo Dankwa Akufo-Addo, will from Friday, 14th September, 2018, embark on a 4-day working visit of the Central Region. Following visits to the Brong-Ahafo, Western, Volta, Northern, Upper East, Upper West as well as the Ashanti Regions, the tour is a continuation of the President’s ongoing nationwide visits. The Central regional tour will see the President visit the Komenda Edina Eguafo Abirem, Cape Coast, Gomoa West, Mfantseman, Agona West and Effutu constituencies. Beginning with a Durbar of Chiefs and people of the Komenda Traditional Area, President Akufo-Addo will pay a familiarization visit to the Komenda Sugar Factory,…

The management of uniCredit has called on its customers to remain calm and ignore rumours that the firm is facing challenges following the consolidation of its sister company – uniBank- with others into the Consolidated Bank of Ghana (CBG). The BoG merged uniBank, Sovereign bank, Beige bank, Royal bank and Construction bank under the new name CBG. The merger, according to the Governor of the Central bank, Dr, Ernest Addison, was necessary because the five banks were in critical financial distress. The action has fueled rumours that Unicredit is distressed, forcing their clients to troop to their branches. However, in…

MenzGold has denied taking cash deposits[/caption] The directive to Menzgold Ghana Limited to shut down its operations with immediate effect cannot hold, the company’s lawyers tell the Security and Exchange Commission (SEC) that issued the order. Kwame Akuffo and Co Unlimited, solicitors for Menzgold, explained that their client cannot comply with the directive because what it does do not fall within the regulatory regime of SEC. The Commission had said evaluation of Menzgold’s documentations shows that the company does not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as…

Nana Appiah Mensah who owns embattled gold trading investment firm, Menzgold Ghana Limited, is rallying support from his former school mates at Adisadel College in the face of threat by authorities to shut down his company. There has been a longstanding controversy between the regulator, Bank of Ghana, and the firm over issues of licence. The central bank has in several statements cautioned the public against doing business with Menzgold, saying it has no licence to operate. But Nana Appiah Mensah, who owns a chain of businesses, has in the past treated the warnings with disdain. The Securities and Exchange…

Some members of the Invisible Forces, a pro-NPP vigilante group[/caption] Today on Ghana Rising, Let’s swing out of the strict world of business and onto the muddy inroads of political vigilantism. Political vigilantism through my lens is a by-product of unwholesome politics, and an indicator of the untarred state of Ghanaian politics. This discussion will limit itself to the two main political parties: The National Democratic Congress (NDC) and the New Patriotic Party (NPP) who are identified enablers of vigilante groups. Ghana is presently within that cyclical phase where regional and national executives are elected leading up to the presidential…

The year-on-year inflation rate for August was 9.9 per cent up from 9.6 per cent recorded in July 2018. The monthly change rate in August 2018 was zero per cent, compared with the rate of 0.4 per cent recorded in July 2018. The year-on-year non-food inflation rate for August 2018 was 10.8 per cent compared with the rate of 10.7 per cent recorded in July 2018, while the year-on-year food inflation rate for August 2018 was 7.9 per cent, compared with 7.4 per cent recorded in July 2018. Mr Baah Wadieh, the Acting Government Statistician, presenting the CPI for August…

Director for Secondary Education Division of GES Dr Angela Tena Mensah speaking to the participants[/caption] The Ghana Education Service (GES), with the support of the World Bank and the Ministry of Education, recently organised a five-day workshop at Tesano in Accra for mathematics, science, and Information and Communication Technology (ICT) teachers of some senior high schools in the country.  Opening the workshop, the Deputy Minister of Education (in charge of General Education) and the Member of Parliament for Bosomtwe, Dr. Yaw Osei Adutwum, said Government would continue to build the capacity of teachers to be effective in the performance of…

Happy Birthday boss…stay blessed Pic: AFP[/caption] The European Commission President Jean-Claude Juncker has proposed a new alliance with Africa to deepen economic relations and boost investment and jobs. The proposal could help create up to 10 million jobs in Africa in the next five years alone, Mr Juncker said. The vision involves what he calls a “continent-to-continent” free-trade agreement. It is part of the European Union plan to deepen ties with Africa to counter the growing influence of China. Europe has a complicated message for Africa. On the one hand, European Union leaders are still preoccupied by the challenge of…