Bussiness
Public Lectures And Flawed Analysis – Economist
Renowned economist, Dr. Nii Moi Thompson has urged government to take pragmatic steps in dealing with the free fall of the cedi against major trading currencies.
The local currency, according to the Bank of Ghana has depreciated by about 14 percent within the first quarter of this year, against major trading currencies.
Reacting to the development in write-up sighted up by GhanaWeb, the former Director General of the National Development Planning Commission (NDPC) opined that situation cannot be tackled successfully with “flawed and politicized analysis or through public lectures.”
He suggested that government has to make more cuts on its domestic and foreign expenditures including that of foreign trips taken by government officials.
“It is clear that the cedi’s woes cannot be addressed successfully with flawed and politicised analyses, or through public lectures full of sound and fury that signify nothing. Addressing those woes will, instead, require sober reflection, a clear vision of the cedi and the economy’s future, sound policies, and disciplined action, all of which will certainly transcend governments,” Dr Nii Moi Thompson said.
“In the immediate term, as the crisis rages on, the government must begin as a matter of urgency by curbing frivolous spending, especially spending that is likely to weaken the cedi further. This includes the importation or purchase of luxury vehicles; a reduction in foreign travels by public officials (if they could do it at the height of COVID, they can do it now); an end to the president’s extravagant lifestyle and those of his appointees generally; an end to endless foreign “medical reviews” for public officials, including MPs; and any other spending that puts needless pressure on the cedi,” he added.
Meanwhile, Ghana’s economy has been downgraded by key rating agencies such as Moody’s Investor Services and Fitch Ratings.
The local currency on the other hand, is still suffering major depreciation with some forex bureaus selling above GH¢8 to the US dollar.
Ghana is also faced with increased inflation figures and persistent fuel price hikes since the start of 2022.
Source: Ghanaweb.com
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
