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Solving an ancient problem of price stability and food security – The Ghana Commodity Exchange, a saviour  By   Francis Asalu Improving food security, stabilizing prices and creating opportunities for the secondary market to make some money whiles the value chain gets improved are a some major benefits associated with a commodities market. What is a commodities exchange, what is in it for the citizens and how does its business model help improve the livelihood of the average farmer are questions that linger in the minds of anyone who reads the first sentence of this article. A commodities exchange is a financial structure that connects farmers, warehouses, a stock exchange, investors and the consuming market. The Securities Industry Act 2016 (Act 929) defines a commodity to include a livestock, fishery, forestry, mining product, energy product, financial instrument, and/or index. Ghana is starting with an agriculture based exchange which will trade corn, cocoa, coffee, whea

Analysis: Implications of Microfinance for Efficient Finance... : Implications of Microfinance for Efficient Finance Systems in Ghana. BY ATTA GEORGE PEPRAH Most Microfinance (MFIs) in Ghana are de...

Analysis: GATEWAYS TO FINANCIAL INDEPENDENCE Economist ... : GATEWAYS TO FINANCIAL INDEPENDENCE Economist says that men’s wants are always above their means. However, despite this economic p...

GATEWAYS TO FINANCIAL INDEPENDENCE Economist says that men’s wants are always above their means. However, despite this economic principle, one can definitely attain financial independence. Financially independent people have assets that generate income (cash flow) that is at least equal to their expenses. A person’s assets and liabilities are an important factor in determining if they have achieved financial independence. Financial independence therefore means being able to meet your expenses from your generated incomes. Despite the presumed economic depressions experienced around the globe, you can still attain financial independence. This can be achieved through: 1) Buying income generating assets There is one adage I heard from a gentleman which I learnt a lot from. This adage states that “rich men buy assets but poor men buy liabilities”. If you want to attain financial independence then endeavor to spend your monies on assets that generate income for you rather t

                                                                                                                             ARE WOMEN COMMODITY?   woman at the office Marketing theory has been discussed over years. Many theorists had tried to explain marketing thought since it was a separate field apart from economics ,Since ancient times, people who are being sold just like a mere things sold in a market to be slaves, pimp, and it is quiet alarming that even naive child is a victim of this kind of discursive life. Atiwa rural bank Ur bank of choice Women have been also analyzed to be part of those bundles of things paraded, bidded for, sold and traded off despite the fact that women are making huge contributions for the development of their countries in different aspects, today  still women are being tricked as commodity. A commodity is a basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are used as inputs in th

Implications of Microfinance for Efficient Finance Systems in Ghana. BY ATTA GEORGE PEPRAH Most Microfinance (MFIs) in Ghana are deposit-taking institutions. However, deposit-taking is not without risk. MFIs must be able to lend profitably enough to pay for and protect the deposits they mobilize. They must also be able to cope with temporary downturns when these arise. Failure to do so can quickly harm financial stability and deprive small depositors of their deposits. For this reason, Ghana has subjected their banking sectors including the MFIs to prudential regulation. There are several players in the microfinance sub-sector. Rural and Community Banks (RCBs) constitute the largest players in the rural formal banking sector. RCBs are unit banks owned by community members and stand out as the largest financial players in terms of geographical coverage According to ARB Apex Bank (2013) as at 2013 there were 143 RCBs with 546 branches across the country with more than 1.2 mill

Rural banks shun credit reports. Ernest  Addison(Governor of Bank of Ghana) It has emerged that some financial institutions, especially rural banks, conduct credit searches only on their commercial customers or first-time borrowers . The  practice is in violation of Section 26 of the Credit Reporting Act, 2007 (ACT 726), which mandates all financial institutions to obtain credit reports on all prospective borrowers before granting or refusing a credit facility application. According to the Credit Referencing Activity Annual Report, 2017, authored by the Financial Stability Department of the Bank of Ghana (BoG), the body presented the performance, key developments and trends in credit referencing system in the country said trend indicated a low usage of credit reports. It said, for instance, that some rural and community banks (RCBs) had not conducted credit checks on some borrowers with the notion that they were their regular customers, while  majority  of microfinance

FIFA to set up Normalization Committee for GFA The Federation of International Football Association (FIFA) after their meeting with the Government of Ghana have settled on a number of ways to solve the current Ghana Football crisis.  FIFA issued a warning to the Government of Ghana to withdraw their liquidation case against the GFA or face suspension.  One of the major steps is the Government will take steps to discotinue their bid to dissolve the Ghana Football Association.  The governement wrote to FIFA asking for further discussion on the issue and they have now come to a consensus after the meeting. FIFA says it will establish a normalization Committee to replace the Ghana Football Executive Committee, FIFA also said they will consult the government and CAF to appoint persons with integrity and competence to steer the affairs of Ghana football among others. 

Ban On Galamsey Lifted       The Government of Ghana has lifted the ban placed on all small-scale mining activities across the country. This was announced by the Chairman of the Inter-Ministerial Committee on Illegal Mining, Professor Kwabena Frimpong Boateng, who is also Minister for Environment, Science, Technology and Innovation, at a meeting with journalists in Accra on Thursday, 16 August 2018. “We can imagine that this decision to lift the ban will elicit varied responses from Ghanaians,” he stated adding that: “There will be many who will say that the water bodies are still polluted and so the ban must be maintained. On the other hand, there will be those who will argue that hundreds if not millions of Ghanaians whose incomes are related to small-scale mining are under extreme pressure that they can no longer cope with the sustained ban.” As part of efforts to deal with the effects of illegal small-scale mining popularly known as 'galamsey&#

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Gov’t To Meet FIFA On August 16 Over Ban Threat. The Government of Ghana will send a three-man delegation to meet world football governing body, FIFA, to engage in further deliberations on how Ghana can avoid a football ban while working to reform the Ghana Football Association. Sports Minister, Isaac Asiamah; Deputy Attorney General, Godfred Dame; and Deputy Chief of Staff, Abu Jinapor, will make up government’s delegation for Thursday’s meeting in FIFA’s headquarters in Zurich, Switzerland. All have also previously attended a similar meeting with FIFA on June 29, regarding the same matter. FIFA issued a 10-day ultimatum to government on Monday to discontinue its petition to have the GFA dissolved, or face a ban from football. In FIFA’s view, the move constitutes “government interference”. But in a 12-point response on Tuesday, Sports Minister Isaac Asiamah, sought further audience with FIFA to fashion a way forward. Incoming Information Minister, Kojo Oppong Nkrumah, confirm

Inflation For July Drops To 9.6%. The inflation rate for July 2018 declined to 9.6% compared with the rate of 10% recorded in June this year. The monthly change rate in July 2018 was 0.4%, compared with the rate of 1.0% recorded in June 2018. The reduction can be attributed to the results recorded for the non-food subgroup which declined from 11.2% to 10.7% in July. Non-food inflation The main price drivers for the non-food inflation rate were Clothing and footwear (15.0%), Recreation and Culture (13.4%), Furnishing, Household and Equipment and Routine Maintenance (12.5%) and Miscellaneous goods and services (12.0%). Food inflation The price drivers for the food inflation rate were Coffee, tea and cocoa (11.3%), Fruits (9.7%), Meat and meat products (8.6%) Mineral water, soft drinks, fruit and vegetable juices (8.4%), vegetables (8.4%) and food products (7.7%). Regional breakdown Five regions –  Upper West, Brong Ahafo, Western, Ashanti and Northern regions recorded inf

Only 66% of Rural Banks have met BoG’s minimum capital requirement – Apex Bank The ARB Apex Bank is urging all Rural and Community Banks (RCB’s) that have not met the Bank of Ghana’s minimum capital requirement of Gh 1million to speed up with their compliance plans. Currently, 94 out of the 141 RCBs across the country have met the minimum capital base required by the central bank. Expressing concern for all RCBs to comply and even add more to the regulatory minimum capital, Reuben Adamtey, a director of the Apex bank said complying with the directive will also enable the banks to take advantage of bigger business opportunities in their operations

First Allied Savings refuses to pay “pure water” seller’s GHC5,000 savings Posted on  August 14, 2018 Share this story The Abossey Okai Branch of the First Allied Savings and Loans Company has refused to pay a 22-year old “Pure-water” and buff loaf seller, Grace Frimpong, her 2 years’ Susu savings to enable her pay for her school fees. Frimpong Grace narrated that she had gained admission to study a 3-year Registered Community Nursing programme at the Nursing and Midwifery Training College Korle-Bu, and has only up to Wednesday 15th of August to fully pay her admission or forfeit her chance of entering into school this year. Narrating her ordeal to Atinka FM’s Vincent Kwofie, she revealed that after several deliberations with authorities at the Savings and Loans Company, she was given only GHC 2,000 and was told to secure a loan to settle her fees till the bank solves its current challenges. Frimpong Grace after completing her Senior High School has been

WHAT GOVERNMENT MUST LOOK OUT FOR IN SOLVING DEPRECIATION OF GHANA  CEDIS ?    Atta George Peprah For every nation, a robust economy is the desired goal. An economy that experiences growth, low inflation and relatively shared wealth has been the focus of most governments around the world. Ghana is no different in this respect. In spite of the periodic economic challenges, governments, both past and present, have been proudly clamoring about their economic achievements. The exchange rate, another economic indicator, is a key determinant of a nation’s economy. For free market economies, the exchange rate is crucial in the line of international trade.A stable or strong currency means a nation can import items cheaper than it would if its currency was weak. Exchange rates are also important factors investors need to consider when investing in a country’s economy due to its propensity to affect the real value of their currency. The Ghana Cedi, which was first est

Bank of Ghana set to announce two final Bank mergers Home     Editorials     Business Editorials Business Featured Articles Finance In the News Bank of Ghana set to announce two final Bank mergers By   Samuel Kwame Danso  - August 14, 2018 Information reaching Reportier Communications indicates the central bank of Ghana, the Bank of Ghana will soon approve and announce two final mergers in the Ghanaian banking sector. The move, which follows attempts by banks to consolidate operations to meet the new Bank of Ghana minimum capital requirements is expected to safeguard customer savings and bank deposits while streamlining operations to meet regulatory requirements. According to sources, one of the final two expected merger arrangements is between Sahel Sahara Bank and Omni Bank, while the other is between GN Bank and Premium Bank. The merger between Sahel Sahara and Omni Bank, which is known to be at a