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BUSINESS NEWS | GHANA AND BEYOND

The latest Summary of Macroeconomic and Financial Data from the Bank of Ghana (BoG) has revealed Ghana’s debt stock accumulation has risen to GH¢43.5 billion in seven months. This comes after the total debt at the beginning of 2020 was pegged at GH¢219.6 billion. According to figures from the BoG, the current accumulation brings Ghana’s total debt to GH¢263.1 billion as at the end of July 2020. The central bank said the total amount of new debt accumulated in the first seven months of the years 2016, 2017, 2018 and 2019 stood at GH¢8.7 billion, GH¢11 billion, GH¢21.8 billion, and GH¢28.9 billion respectively. Additionally, the BoG said the debt accumulation for the first seven months of 2020 represents an increase of 19.8 percent in the country’s debt stock from January to July.

President, Nana Addo Dankwa Akufo-Addo , has commissioned an Integrated Composting and Recycling Plant at Adagya in the Bosomtwe District of the Ashanti Region. The US$95-million plant, when fully operational, is projected to create employment for 2,300 people, 800 directly and 1,500 indirectly. Speaking at the commissioning of the plant during a tour of the Ashanti Region, President Akufo-Addo said the plant boasts of a production capacity to convert 2,400 tonnes of waste material into by-products daily.

The Ghana Cocoa Board (COCOBOD) has signed a syndicated loan agreement of US$1.3 billion for the purchase of cocoa beans in the 2020/2021 crop season. The Chief Executive Officer (CEO) of COCOBOD, Mr Joseph Aidoo, explained that Ghana would receive the money when the agreement is signed, adding that cocoa farmers are assured of receiving physical cash at all COCOBOD contracted agents’ sales points throughout the country when the season is opened in October 2020. The loan agreement was signed on Tuesday, 29 September 2020.

Ghana has been selected among only four initial countries across the world to receive financial support from the COVID-19 Private Sector Global Facility, established by the United Nations Development Programme (UNDP), the United Nations Global Compact (UN Global Compact) and the International Chamber of Commerce (ICC). The other three selected countries are Colombia, the Philippines and Turkey. This was announced by UNDP Administrator, Achim Steiner at the SDG Business Forum during the UN General Assembly last week, the largest and most inclusive UN convening of private sector leaders, under the motto “Recover Better Together”.

The government has pumped GH¢18 million into Darko Farms Company Limited, an integrated poultry production company, in Atwima in the Ashanti Region, to revamp its operations. The financial support, which was channelled through the Ghana EXIM Bank, followed the inclusion of the company in the One District-One Factory (1D1F) programme. The company, which faced operational challenges due to financial constraints prior to the capital injection was due for additional GH¢4 million, to enable it expand and produce at maximum capacity.

G-Money, GCB Bank Ghana Limited’s mobile money service has launched ‘Nexus,’ an open Application Programming Interface (API) system to onboard third-party Financial Technology (FinTech) partners. With the API, G-Money partners are now able to perform disbursements, collections and bill payments including the payment of school fees and utility bills. Additionally, partners will be able to issue USSD Vouchers, Static and Dynamic (Quick Record (QR) payments for customers’ onboarding. Speaking at the launch, Head of Mobile Financial Services of GCB Bank Ltd, Mr. Carl Ashie, said the new services and features would provide more convenience to G-Money customers.

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