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Bawumia’s delivery was factual; let’s support government to build the economy – Chairman of Parliament’s Finance Committee

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Chairman of Parliament’s Finance Committee, Kwaku Kwarteng, has commended the Vice President, Dr. Mahamudu Bawumia on his address regarding the state of the economy on Thursday.

In his view, the Vice President’s delivery was premised on incontrovertible facts, which affirm government’s efforts at building a robust and progressive economy, and therefore the need for all persons to rally behind government’s planned recovery programmes.

Speaking in an interview with Evans Mensah on NewsNight on Thursday, Mr. Kwarteng dismissed claims about loss of investor confidence in the economy.

“Anybody can pass any verdict. What is important is that, as a country, what has brought us here? And what is it that we can do to stop that? We should allow people to have their verdicts. Look investors and credit rating agencies would now look at you.

Since those expenditure cut measures were announced by the Finance Minister, we have clearly seen some stability in the exchange rate. I am confident that if government carried out the fiscal measures it has articulated recently, we will begin to see an appreciation in the Cedi. That is what is important”, he stated.

He also applauded the Vice President for acknowledging the challenges that confront the economy and reiterating the commitment of government to dealing with them.

Mr. Kwarteng therefore called on the populace to hold government accountable for the measures it has outlined to rescue the economy from its state of decline.

“What I think we should do as Ghanaians is to now hold government to the fiscal measures it says it will deploy in order to stabilise the Cedi. And thankfully, E-levy has now been passed, so there’s more confidence that we’ll now be able to raise the required revenue. Let us support government in these measures”, he charged.

Speaking at a lecture on the economy at the Pentecost Convention Centre at Kasoa on Thursday, the Vice President, Dr. Mahamudu Bawumia, touted government’s efforts in creating a resilient economy, despite the difficulties it has encountered over the last few years.

According to him, the COVID-19 pandemic and the war between Russia and Ukraine can be blamed for the current state of the economy, which many Ghanaians have repeatedly complained about. Reacting to the concerns of citizens, he stated that, government is working assiduously to deal with the issues; adding that, the needed transformation will not happen overnight.

“Changing the structure of our economy through diversification and value addition will not happen overnight. However, it remains a major pre-occupation of the government, because it is our pathway to reduce import dependency, expand the economy, create jobs, increase exports, and support the value of our currency.

The data shows that despite all the challenges of the last two years, even with COVID-19, the growth of the economy is fundamentally stronger than it was in the 2013-2016 period, and we will continue to do more,” he pledged.

Meanwhile, Former Deputy Minister for Information, Felix Kwakye Ofosu has said that Ghana has the worst credit rating ever in 20 years.

Speaking in an interview on NewsNight on Thursday, he said with this data, he does not understand why Ghanaians would be told that the economy “today is better than in the past.”

“Today, our public debt as of the end of the first quarter in the light of the recent Cedi depreciation, is GHC400 billion. Our public debt in 2016 was GHC120 billion the debt to GDP ratio in our estimation is around 85% as we speak. In 2016, it was 66%, the fiscal deficit for 2021 was 12% in 2016, it was 6%. As we speak, we have the worst credit ratings ever in 20 years since the rating start”, he said.

His comments were in reaction to the Vice President’s address on the economy on Thursday.

He described the address as full of lies and fabrications, designed to paint a false picture about the state of the economy. In so doing, Mr. Kwakye Ofosu, also dismissed the claims by the Vice President that, the COVID-19 pandemic and the Russia-Ukraine crisis should be blamed for country’s economic woes.

For him, the situation is due to government’s own mismanagement.



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New Commonwealth CEO discusses trade, other opportunities with Ofori-Atta, Kyerematen

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The newly appointed Chief Executive Officer of the Commonwealth Enterprise and Investment Council, Rosie Glazebrook has paid a courtesy to the Minister of Finance, Ken Ofori-Atta and the Minister of Trade and Industry, Alan Kyeremanten, to discuss the upcoming Commonwealth Business Forum which takes place beside the Commonwealth Heads of Government Meeting in Kigali, Rwanda from June 21st to 23rd.

She also discussed trade and other opportunities within the ECOWAS sub-region with them.

Speaking to the press, Rosie Glazebrook stated that the Commonwealth is keen to use its convening soft power to promote trade, investment and innovation across all 54 countries of the Commonwealth:

 “The Commonwealth advantage is based on shared language, history, culture and legal systems. This means that it is 21% cheaper for a Commonwealth country to trade with another Commonwealth country, rather than a non- Commonwealth country”.

 She continued, “Ghana and Africa have great resources and human capital that when harnessed properly will propel the entire continent to new levels of economic and geopolitical power. We want the Commonwealth to be a partner in this success story”.

 Whilst in Ghana, Mrs Glazebrook met with a cross section of Ghanaian businesses who have been specially invited to be part of the Commonwealth Business network in Ghana.

These businesses are the Universal Merchant Bank, headed by Nana Dwemoh Benneh; the Consolidated Bank of Ghana, headed by Daniel Addo; Etranzact Ghana Limited managed by John Apea; GLICO group headed by Edward Forkuo Kyei; Africa legal Associates headed by Nana Adjoa Hackman; Goldcoast Refinery headed by Dr. Said Deraz and Ghana EXIM Bank headed by Lawrence Agyinsam

Mrs. Glazebrook who until her appointment was the First Commissioner of Her Majesty’s Civil Service of the United Kingdom, takes over from Samantha Cohen CVO, the former Private Secretary to Queen Elizabeth who has recently been appointed as Chief of Staff to the UK Prime Minister, Boris Johnson.

CWEIC is a commercial, not-for-profit membership organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 54 Commonwealth member nations.

The role of CWEIC is to use the convening power and trusted network of the Commonwealth, which is led by Her Majesty the Queen, to drive trade and investment.

CWEIC’s network includes around 100 business and government Strategic Partners (members) including Standard Chartered, Dangote Group, Zenith Bank, Rolls Royce, ACCA and the Governments of Malta and the Maldives.

 Every two years, CWEIC hosts the Commonwealth Business Forum in association with the host country of The Commonwealth Heads of Government Meeting (CHOGM).



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Hollard Ghana and Melcom extend partnership online with e-commerce

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Insurance and commerce partners Hollard Ghana and Melcom have announced the extension of their “Shop and Insure” collaboration beyond the current in-store Hollard on-the-go booths in select Melcom stores, to e-commerce on www.melcom.com.

This move will enable more Ghanaians to conveniently use digital means to access financial security on their purchases and lives.

The existing partnership between the unconventional insurance group with subsidiaries Hollard Insurance and Hollard Life Assurance, and the retail giant, Melcom, enables customers who enter selected Melcom stores to sign up for insurance on their appliances, electronics, and families while they shop.

With this e-commerce addition, customers can also navigate Melcom’s online shopping portal to access Hollard’s general and life insurance products.

Speaking on the announcement, Group CEO of Hollard Ghana, Patience Akyianu, said; “As an innovative company, we seek ways to make insurance more accessible.

“Consequently, with this move to e-commerce, we have elevated our pioneering partnership with Melcom by adding digital to the conventional brick and mortar store distribution channel.

“We are proud to acknowledge that this aligns with our purpose of courageously pursuing a better way to improve the lives of Ghanaians.”

“Our goal at Melcom is to be a one-stop shop for all our customers. Recently, there has been a surge in e-commerce since the outbreak of the COVID-19 pandemic. As a forward-thinking company, it is only prudent to add insurance to the variety of products available in our online shop. 

Customers can now log on to www.melcom.com to enquire about the unique insurance products as they shop for their groceries and home essentials online.

“We believe it will deepen our partnership with Hollard while increasing insurance penetration in the country”, said The Directors of the Group. 

The Hollard general and life insurance policies available on Melcom’s e-commerce platform are motor, electronics and appliances, home, travel, life, funeral, and investment. Hollard is poised to answer all related customer enquiries.



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Max International donates to Potters Village

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Max International-Ghana, a global leader in glutathione-enhancing products has taken its ‘MaxGivesBack’ initiative to the Potter’s Village Home where it made mouthwatering donations to the children.

With the mission of empowering people not only to experience better health, success, and significance it is also providing for the needy and enhancing lives of victims of domestic violence, deprived children and orphans as well.

The team led by its Country Manager, Miriam Mahama donated items including 3000 litre-capacity polytank, bicycles, gas burner, assorted drinks, packs of mineral water, bags of sorghum, boxes of milk, gallons of cooking oil, boxes of tomato pastes and toiletries.

Other items are sanitary pads for the girls, washing basins, beans, diapers, and reading books.

The company also donated a cheque of ¢5,000 towards the educational needs of the children.

The Country Manager of Max International-Ghana, Miriam Mahama averred that the donation is part of her outfit’s Corporate Social Responsibility (CSR) which is carved under the “5 For A Smile” project where customers as well as staff donated ¢5 towards such worthy cause.

She also pointed out that the company is not reaching out only to orphanages, but the community as well and that during the COVID-19 lockdown, the company did a lot in the community to help people survive the situation.

“It is not only about revenue, but giving back to society. And for us being here at Potter’s Village, it’s a privilege to donate and assist these children with food items and cash for their educational needs. We encouraged them to keep their hopes and dreams alive,” she said.

Receiving the items on behalf of the Home, the Founder of Potter’s Village, Rev. Jane Adu thanked Max International for the gesture and saID the children are happy for the donation since it will go a long way in bettering their lives and their stay in the Home.

“We have one of the children at UCC, three at the University of Education, others at various stages of education…right from the creche to Senior High,” she added.

Rev. Jane Adu however noted that, most orphans find their way in that situation because of bad marriages, hence the Home is establishing a Marriage School where all the facts about marriage will be taught.

According to her, there are 39 factors one has to consider before getting into marriage and that the school when completed will ensure that it imbibe into the youth, these factors so as to help build strong marriages and thereby prevent the orphan’s situation in the country.



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