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Countdown to Christmas …traders optimistic in spite of low purchasing power
With barely two days to Christmas, a significant number of people have stormed various market centres in Accra to make last minute purchases ahead of the long holidays.
Owing to the general economic situation, it had been predicted that the festive season may not be bubbly like previous years and that exactly seems to be the case.
While some centres were busy attending to customers, same could not be said about other places as some traders complained of low patronage.
Goods ranging from colourful outfits, gift hampers, edibles, and decorative items were displayed but the purchasing power of potential customers had fallen.
The Spectator toured some market centres in Accra where some women were dressed purposely to catch the attention of potential customers.
Some had switched from selling their usual items to dealing in products they thought would be bought quickly. The response of clients seemed unfavourable as some of them feared they may run at a loss.
One of the traders, who sold ladies’ bags, said she was expecting to make some good sales but prospective buyers were merely window shoppers and she could not differentiate the festive season from ordinary days.
Apart from the activities in Accra, our Reporter Alberto Norreti Mario reports that there has been a remarkable increase in the number of customers scrambling to buy food and various Christmas items from the various shopping centres in the Ho Municipality.
The Stadium Gate Supermarket, for instance, has pledged to commit resources and recruit people with physical disabilities (PWD) as well as other young people to perform various social responsibilities with proceeds accruing from the sales during the season.
The Chief Executive Officer (CEO) of the supermarket, Mrs Victoria Letsa said that the shopping centre was looking into the possibility of building a decent park for children, in the regional capital, Ho.
She said that customers who were flocking to the shopping centre were showing interest in Christmas cards and trees, toys and various festive gifts and decorations. “Others are also doing window shopping for now,” Mrs Letsa added.
In response to the high demand from customers, she said the shop would recruit 10 more casual workers to add to existing 90 employees, adding that the daily average of 150 customers recorded had suddenly jumped to 300.
“Our motive is not only to make profit all the time, but we are also highly concerned about the welfare of communities, and so we will continue to render humanitarian services to the less privileged, especially during the Christmas season,” she said.
By Spectator Reporter
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
