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Ghana Economy

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Ahafo

Domelevo Urges Mahama to Prioritize Accountability and Governance.

Former Auditor-General Daniel Yao Domelevo has called on President-Elect John Dramani Mahama to deliver good governance during his tenure. Domelevo highlighted the mandate given to Mahama and his parliamentary majority as an opportunity to implement impactful policies. He advised against exploiting the majority for partisan interests and emphasized enacting constitutional reforms to enhance governance.He also advocated for separating the Attorney General's office from the Minister of Justice role to improve accountability. Domelevo urged Mahama to immediately recover looted funds as promised and avoid a "honeymoon period," stressing the urgency of addressing Ghana's economic challenges.

Edem 4Style December 12, 2024

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Ahafo

Mahama Transition Team Flags Last-Minute Recruitments and Payments.

The Transition Team for Ghana’s President-Elect, John Dramani Mahama, has expressed concerns about last-minute decisions made by the outgoing administration. Felix Kwakye Ofosu, the team’s spokesperson, highlighted issues such as rushed recruitments and significant payments, including a controversial GH₵240 million payment linked to the Electricity Company of Ghana (ECG). He questioned the necessity of this payment and urged its suspension until further scrutiny is conducted.The team also warned of the fiscal strain these actions could impose on the incoming government. Kwakye Ofosu emphasized the importance of allowing the new administration to manage critical financial decisions to ensure accountability and protect public funds. He called for broader consultations to address these matters, stressing the need for responsible governance amidst Ghana’s fragile economic recovery.

Edem 4Style December 12, 2024

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Ahafo

Land Disputes Stifling Ghana’s Economic Growth – Chief Justice.

Chief Justice Gertrude Sackey Torkornoo has expressed concern over the persistent issues surrounding land acquisition and disputes in Ghana. Speaking at the 10th anniversary lecture of the Central University Faculty of Law, she highlighted how prolonged land litigations discourage investments, inflate costs, and ultimately hinder economic development.She emphasized the critical role of customary law in land ownership but noted its underrepresentation in Ghana’s legal education system. Justice Torkornoo urged for a stronger focus on alternative dispute resolution (ADR) methods, such as mediation and arbitration, to speed up conflict resolution and reduce court backlogs.The Chief Justice also called for practical legal education that combines traditional learning with hands-on skills like project management and research. She stressed the need for lawyers to broaden their expertise to solve complex societal problems effectively.Additionally, she criticized the weak regulatory frameworks governing ethnic leadership and the […]

Edem 4Style December 2, 2024

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CENTRAL

Elmina Residents Demand Justice for Nduom’s Businesses, Threaten Divine Wrath.

Residents of Elmina in the KEEA Municipality have given the government a one-week ultimatum to restore Dr. Papa Kwesi Nduom’s collapsed businesses, warning of invoking the wrath of their gods if no action is taken.During a peaceful protest, locals accused the government of deliberately targeting the legacy of their prominent citizen. Protest leader John Quansah stressed the community's reliance on divine intervention, highlighting the spiritual significance of their appeal.The demonstrators also blamed former Finance Minister Ken Ofori-Atta for the collapse of GN Savings and Loans, calling it politically motivated. Protesters demanded justice for Dr. Nduom, describing him as a key figure in creating opportunities for the youth and preserving Elmina’s economic pride.

Edem 4Style November 28, 2024

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Ahafo

Ghana Increases Cocoa Price for Third Time in 9 Months to GH₵49,600 per Tonne.

In response to ongoing cocoa price fluctuations on the global market, the Ghanaian government has raised the cocoa farmgate price to GH₵49,600 per tonne, effective November 8, marking the third increase in the past nine months. The recent 3.3% adjustment aims to offer cocoa farmers fairer compensation and strengthen their position within the competitive global cocoa market.The Ghana Cocoa Board (COCOBOD) confirmed that this increase would boost the confidence of over 800,000 cocoa farmers and provide greater income stability. Local farmer associations lauded the price hike, though they also called for a consistent supply of agrochemicals to optimize cocoa yields. Ghana has seen a steady decline in cocoa output due to factors such as unfavorable weather, illegal mining, and smuggling, which have reduced production targets for the new season.

Edem 4Style November 11, 2024

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Ahafo

31,000 Women-Owned SMEs in Ghana Boosted by EU-Funded WACOMP Initiative.

The recent conclusion of the West Africa Competitiveness Programme (WACOMP) has provided notable support to over 31,000 women-owned small and medium-sized enterprises (SMEs) in Ghana. Funded by the European Union with a budget of €6.35 million and implemented by the United Nations Industrial Development Organisation (UNIDO), this five-year initiative focused on enhancing the competitiveness of industries like cassava, mango, pineapple, cosmetics, and personal care. WACOMP not only facilitated market access but also connected over 500 SMEs to financial institutions, enabling them to secure credit up to GH¢4 million.During the closing ceremony in Accra, the EU Ambassador to Ghana, Irchad Razaaly, highlighted the project’s impact on Ghana’s business landscape, stating it has set a foundation for sustainable growth and prosperity. This initiative has also strengthened local production standards, with new quality standards developed and ISO 17025 accreditation granted to Ghanaian institutions, […]

Edem 4Style November 7, 2024

Ghanaian cedi notes displayed alongside US dollar bills
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Ahafo

Cedi Weakens, Now GH¢17.10 to the Dollar

The Ghanaian cedi has continued its decline, now trading at GH¢17.10 to the US dollar, marking a significant year-to-date loss of nearly 29%. This depreciation is intensifying concerns over rising inflation and the cost of living as import costs and essential goods prices surge. Experts attribute the cedi’s sustained weakening to several factors, including high demand for foreign currency to support imports, reduced foreign exchange inflows, and ongoing economic challenges. The depreciation pressures the Bank of Ghana, which has intervened in the past by injecting dollars into the forex market, though this approach has seen limited success in stabilizing the currency. Businesses and consumers alike are feeling the impact, with imported goods becoming more expensive. Many companies are adjusting prices upwards, which could drive inflation even higher. The cedi’s depreciation is a critical issue ahead of the December elections, as […]

Edem 4Style November 5, 2024

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Entertainment

Joy Prime’s ‘Made in Ghana Fair’ Returns with Exciting Activities.

Joy Prime’s Made in Ghana Fair is returning this November with a variety of exciting activities, celebrating Ghanaian products and talent. This annual fair, organized by Joy Prime, highlights locally made goods and services, aiming to support and promote local artisans, businesses, and entrepreneurs. Visitors can expect an array of exhibitions featuring fashion, food, arts, crafts, and innovative products proudly made in Ghana. The event also includes interactive sessions, live performances, and workshops that spotlight the unique aspects of Ghanaian culture and creativity.The Made in Ghana Fair not only showcases products but also provides a platform for local entrepreneurs to connect with potential customers, partners, and stakeholders, thus fostering growth and awareness within the Ghanaian economy. The event aims to instill a sense of pride in homegrown products and encourage support for locally sourced goods.

Edem 4Style November 2, 2024

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Ahafo

Speaker’s Financial Assessment Request in Anti-LGBTQ Bill Case.

In Ghana, Speaker of Parliament Alban Bagbin has officially requested a comprehensive financial assessment regarding the implications of the Anti-LGBTQ Bill. This move seeks to evaluate the financial impact that the bill may have on Ghana's economy, especially in terms of foreign aid and investments. His request has raised varied opinions among members of Parliament and the public.Bagbin’s inquiry is rooted in concerns that the bill, which aims to criminalize LGBTQ activities and advocacy, could potentially affect Ghana’s international relations and economic support from pro-LGBTQ countries and organizations. The speaker’s request highlights the delicate balance Ghana must strike between maintaining its cultural values and addressing potential financial consequences from international backlash.This decision has sparked a renewed debate in Parliament, where some members argue that the moral and social objectives of the bill outweigh economic considerations. Others believe that understanding the […]

Edem 4Style November 1, 2024

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Ahafo

Fuel Prices Skyrocket in Ghana, Sparking Public Outcry.

Fuel prices in Ghana have surged dramatically, causing widespread concern among citizens and businesses alike. The National Petroleum Authority (NPA) announced the increase following global oil market fluctuations, which have seen crude oil prices rise due to geopolitical tensions and supply chain disruptions.As of this week, the price for a litre of petrol has risen by nearly 10%, now standing at GHS 15.50 per litre, while diesel has shot up to GHS 17.30 per litre. This marks one of the steepest increases in recent months and has triggered reactions from transport unions, market vendors, and consumers across the country.Transport operators, including the Ghana Private Road Transport Union (GPRTU), have already hinted at possible fare hikes, as their operational costs have become unsustainable. Many Ghanaians fear that this will further worsen the cost of living, as fuel price increases typically result […]

Edem 4Style October 18, 2024

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