Bussiness
Fuel prices to go up by Ghc17 despite Gold for Oil Policy – IES
The Institute of Economic Security (IES) is predicting an increase in fuel prices despite the Gold for Oil Policy being rolled out by the government.
Speaking on Starr Today with Joshua Kodjo Mensah Monday January 30, 2023 Policy Analyst with the IES, Adam Yakubu said consumers should expect that by Tuesday or Wednesday prices of petroleum will jump up per their estimated projections.
“Even though the government’s policy on Gold for Oil is on course we are not seeing anything after the 45 metric tons of oil that we brought in somewhere last week. In the last two weeks the international prices of petroleum have gone up and the cedi has also lost some considerable value against the major trading currencies and the dollar.
“Until the full disclosure of the Gold for Oil Policy by the government we are unable to see any clear reduction. Unless the government has something to do with its taxes on petroleum products that will bring some respite which we are not seeing because of the economic situation we find ourselves in,” Mr. Yakubu stated.
He continued: “So clearly, from now on consumers should brace themselves for Ghc15 to 17 cedis diesel and LPG Ghc14.”
Meanwhile, Former President John Mahama has stated that the government must put before parliament, the Gold for Oil agreement for parliamentary scrutiny and approval since the deal is an international financial transaction.
“According to the 1992 Constitution of Ghana international financial transactions require the approval of Parliament,” he stated at a public forum in London, adding “it does not matter that the Gold for Oil deal is a batter trade.”
Speaking in response to a question at the forum, attended by members of the UK & Ireland Chapter of the National Democratic Congress (NDC), President Mahama cited the Sinohydro agreement that exchanges the country’s bauxite for infrastructure development by China as a classic example of batter trade.
He further explained that if the Sinohydro agreement was a batter deal and went to Parliament for approval because it is an international financial transaction, why not the current deal in which Ghana’s gold is being exchanged for oil.
The former President noted that the deal is currently shrouded in complete secrecy with only government officials who are involved in the transaction knowing the details, describing the development as unacceptable.
Source: Ghana/Starrfm.com.gh/103.5FM
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
