GAPNEWS

           Ghana cedis and US dollars Managers of the country’s economy appear to have locked up the US dollar in the currency market once again. The cedi came under considerable pressure from the dollar, trading at GH¢4.9 to a dollar a month ago. This attracted criticisms against Vice President Dr Mahamudu Bawumia from his political opponents. However, he explained at a National Policy Summit in Tamale that the economic fundamentals were strong and that the marginal depreciation was as a result of the rebound of the US economy. In the last two weeks, the cedi has been appreciating against the dollar, as the interbank rates showed the local currency traded at GH¢4.7 to a dollar. This is a major relief to businessmen who were spending additional 20 pesewas to buy a dollar. The Vice President last month at the event explained that interest rates of the dollar had been increased by the Federal Reserve of USA, causing the dollar to appreciate...

No Need For Panic Withdrawals – BoG Tells Public The Bank of Ghana(BoG) has urged the public to refrain from panic withdrawals. The central bank has been chastised by some players including Chairman of Groupe Nduom, Papa Kwasi Nduom for failing to educate the public on recent reforms it is undertaking to clean up the banking sector, leading to panic withdrawals from banks. The Bank of Ghana has, for the past year, been embarking on exercises including the revocation of license of some banks it said were facing liquidity challenges, to strengthen the banking sector. The move has caused panic as some deposited fear they may lose their funds. Indigenous banks are the ones affected most. But speaking to Citi Business News at a training workshop for members of the Journalist for Business Advocacy, Special Advisor to the Governor of the Bank of Ghana, Ben Amoah, said the banking sector is still robust, hence there is no need for panic withdrawals. “Don’t panic to put u...

Osabarima Mmirrikkissi Okasum Apori,and a judge honoured with citations for their efforts at preventing environmental degradation . Ho, June 14, GNA - The Ministry of Lands and Natural Resources in collaboration with the Forestry Commission has launched this year’s Forestry Week and Greening Ghana Day celebrations with a tree planting exercise in the Volta Region. This is being done to commemorate the International Day of Forests. About 15,000 seedlings of various tree species will be planted in the Hohoe Municipality under the Greening Ghana project with a commemorative planting exercise along the banks of the Dayi River on Wednesday. The Region, a hub of charcoal and fuel wood production, was chosen for the celebration to enable the Forestry Commission engage identifiable groups on forest sustainability. Mr John Peter Amewu, Minister, Lands and Natural Resources, in a speech read on his behalf at a durbar to climax the celebration, said the theme, “Forests and Energ...

RCBs must brace for banking sector purge Togbe Afede XIV Togbe Afede XIV, Agbogbomefia of Asogli State and Board Chairman of the National Investment Bank has called on Rural and Community Banks in the country to brace themselves up for a possible clean-up of the rural banking sector. He said it was crucial that the ARB Apex Bank provided timely signals to RCBs to prevent shockwaves associated with financial tremor. “As RCBs, let us try to put our houses in order even as the regulators continue to tidy up the universal banking sector. Let us continue to strive to become better because as the dust begins to settle on the Universal Banks, the Regulators would start to shift their torchlight on the RCBs, and when we are not ready, we shall be caught unawares”, Togbe Afede stated. He said this in a speech read on his behalf at Apex Bank’s 17th Annual Managers Conference in Ho, which was on the theme: "Rendering Service with Passion; a Panacea for Co...

 WHY AFRICA  OR   GHANA IS POOR?  Poor management of the Economy and the Country’s natural resources are the main challenges to the sustainability of Ghana’s socioeconomic development efforts, One does not need to be told to realise what people are going through in order to put food on the table for their families. My point of view is we must consider the following as problem blocking our development in the country. We have for example allowed foreigners, fronted by Ghanaians, to take over retail trading.  Yet, the dos and don’ts of retail trading are explicitly spelt out in the laws of the country.  We have done the same harm to our environment and had our sources of drinking water muddied through illegal mining. Colonization and partitioning of Africa by Europe without regard for ethnic   identities, Cultural colonialism eventually leads to the foreigners' ways of being regarded as the better way and being held in a higher ...