Hot!

Ghanaians to spend more on Valentine’s gifts

Ghanaians may have to spend more on valentine’s gifts for their loved ones this Valentine’s Day following the increase in prices of the products.

A survey conducted by Ghanaian Times in some suburbs of Accra including, Kwame Nkrumah Circle, Kaneshie, kokomlemle, and Makola among others, suggest that at least gifts have increased by half the prices that they were sold last month.

For example, a bar of chocolate that was sold at GH ₵ 10 last month was now sold at GH ₵ 15 as now and a love teddy bear sold at GH₵ 150 was now sold at GH ₵ 200.

The current prevailing price appears to be of grave concern to some consumers.

A businessman, Kojo Nti, who was out hunting for a gift for his loved ones said, he had been walking all day trying to get things at reasonable prices for his mother and girlfriend but his effort proved futile.

He noted that he wanted to buy a teddy bear, a bouquet of flowers, and a branded perfume for his girlfriend but he was exceeding his budget, so he had to leave one out to be able to get something for his mother because the prices of gifts were too expensive.

Mr. Nti pleaded with traders to reduce the prices of goods to a reasonable one, so customers can buy to express affection to their loved ones in this month of love.

The manager of Anjou Beauty at Darkuman, Hannah Amanquah said she had plans of surprising her boyfriend this month since it was a month of love and also her boyfriend’s birth month but due to the current prices of gifts, she had to cancel those plans.

She said, she would not be able to buy him anything for valentine’s or his birthday because the prices were too much for her.

Wisdom Dela, who said he normally buys chocolate because he likes it, said, he was shocked to hear the current price of the 100g bar of chocolate he usually buys at Kaneshie market.

He said, he bought it for GH10 at the same place just three weeks ago, only to go there yesterday and it was sold to him at GH₵15.

Therefore, he had to buy the one that was sold at GH₵10 which was previously sold for GH₵5 last month.

“The increased in the prices of chocolate is a big blow to us chocolate lovers because if you look at the prices as compared to the products, it is too much,” he said.

He recommended producers and traders look beyond Valentine’s Day when pricing their goods because there were people who bought those products regardless of the time of the year.

A trader at Makola market, Mabel Ofosu said the increase in products was not because of Valentine’s Day but rather they were selling it according to how they bought it from the wholesale.

She said some manufacturers have also increased their product due to increase in demand, so they were also selling at a rate they could also make a little profit.

“People should not look at the increased in products and show affection to their loved ones, there is no price greater than love so show your people the love they deserve,” she added.

BY CECILIA LAGBA AND GRACE SEY-ANSAH

Hot!

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.

Hot!

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