APA – Accra (Ghana)
The report that Ghana’s inflation rate took an unforeseen dip in August, marking its lowest point in 10 months is one of the trending stories in the Ghanaian press on Thursday.
The Graphic reports that Ghana’s inflation rate took an unforeseen dip in August, marking its lowest point in 10 months.
According to Government Statistician Professor Samuel Kobina Annim, annual inflation decelerated from 43.1% in July to 40.1% in August. This represents the most gradual rate of change since last October.
Prof. Annim attributed the primary cause of this deceleration to food prices. Food inflation saw a reduction from 55% in July to 51.9% in August, while non-food price growth decreased from 33.8% to 30.9%.
Moreover, for the first time this year, inflation for imported goods registered a lower rate compared to locally produced items. Locally produced items recorded an inflation rate of 42.4%, while imported items had an inflation rate of 36.2%.
The newspaper says that players in Ghana’s private and public sectors have another opportunity to showcase their fullest potential as they engage United States companies and strike new deals at the 2nd US Ghana Business Summit and Expo in Philadelphia.
The President of the US-Ghana Chamber of Commerce in Philadelphia, Florence Torson-Hart, told the Graphic Business ahead of the opening of the summit and expo today that the event is an unbridled platform for attendees to chat a new path and build lasting synergies that will have a positive impact on bilateral trade between the two countries while enhancing their businesses.
An initiative of the US-Ghana Chamber of Commerce, Philadelphia, the event which opens from today September 12 to September 17, is meant to among other things help to deepen discussion and relationship with critical institutions that facilitate international business development and cooperation.
Modelled around the concepts such as the World Affairs Council, African Caribbean Business Council and World Trade Centre of Delaware, the annual event comes at a time when Ghanaian businesses and trade institutions are seeking credible collaborations and partnerships to scale up in the wake of the challenging economic environment in the country.
Ms Torson-Hart said the chamber was leaving no stone unturned as it has put in place what she described as a “very robust agenda.”
“For example we will be traveling to two states and holding deep business and stakeholder discussions with the numerous Chambers of Commerce and business institutions.
We also have the opportunity to visit the manufacturing plants of High Companies who are leaders in manufacturing, construction and real estate. This company built the replacement bridge for the Tappan Zee Bridge (the Largest Transportation Design-Build Project in the US) in New York City.”
Ms Torson-Hart said delegates will also visit Case New Holland Industrial that makes world class equipment and technology for agriculture and construction.
“ShopRite has also partnered to offer a pop up shop for Ghanaian products and retail opportunities thereafter. The individual companies in Ghana have chosen to take advantage of this partnership.” She added.
The Ghanaian Times reports that the United Bank for Africa (UBA) Ghana has been named as the Best SME Bank 2023 by the Ghana Credit Excellence Awards.
The awards aim to recognise and celebrate the top performing banks, non-bank financial institutions, and individuals across various categories within Ghana’s banking and non-banking financial industry.
Chris Ofikulu, the Managing Director of UBA Ghana and RCEO of UBA West Africa, expressed his gratitude for the award, saying, “We are thrilled to be honoured for our contribution to Ghana’s SMEs sector. This award is a testament to the bank’s unwavering commitment to supporting and delivering unique services to small and medium-sized enterprises (SMEs) in Ghana.”
He said, “Over the years, in addition to UBA SME Banking offering an exciting range of services, UBA Ghana has taken the initiative to offer Capacity Building workshops for SMEs to give them the requisite knowledge and resources to help scale up their businesses.”
Mr Ofikulu highlighted the vital role SMEs play in every economy and pointed to recent partnership with the African Continental Free Trade Area (AfCFTA), involving a $6-billion investment in African SMEs, and collaboration with the United Nations Development Programme to assist youth and women-led Micro, Small, and Medium-scale Enterprises.
Those initiatives, he said, aimed at helping SMEs to expand their businesses, boost employment opportunities, increase revenue, and contribute to environmental sustainability.
The newspaper says that the Minister for Lands and Natural Resources, Samuel A. Jinapor (MP), has assured the mining industry, particularly licensed large-scale mining companies in the country of the firm commitment and unflinching determination of government to protect their concessions by activating all the necessary security protocols.
Delivering the keynote address at the Mining for Development Forum held on Tuesday, the Lands Minister stressed the need for the mining companies through the Chamber of Mines to collaborate with the government to protect their concessions.
Speaking on the theme, “Ensuring the Security of Operations in Ghana; The Role of Stakeholders”, Mr Jinapor noted that the fortunes of the large-scale mining firms had direct bearing on the government’s economic projection, hence the need for an effective coordination to grow the sector and maximise its gains and benefits to the country.
While indicating his worry with reports of illegal invasion of large-scale mining companies, the minister outlined two important pillars on which he believed, if implemented to the letter would cure the menace of encroachment on large-scale mining concessions.
He maintained that these two factors were equally important and must work in tandem to attain the objective of guaranteeing the absolute safety and protection of the concessions of large-scale mining concessions.
There are two ways of protecting mining companies in the country. Across the world, these issues of illegalities, contentions between the locals and the investors, conglomerates or companies,” he stated.
“There are two fundamental pillars on which I believe we can chart our path. One in my view is brute enforcement. What you do with brute enforcement is that when such issues happen, you move in immediately to uproot them, you sack them, arrest, prosecute and convict them,” he added.
Another aspect of securing large scale concessions, the minister said, “is putting in place sustainable measures to carry the community with you. It is absolutely important. Any group which suggests that just by deploying law enforcement agencies will resolve issues of encroachment of large scale enforcement will not work. The enforcement is absolutely important and the principle of carrying the community along is also important”.
Mr Jinapor also commended the Ghana Chamber of Mines for the programme and urged them to work hand-in-hand with the government to carry out short-term sustainable measures to develop their communities.
The Chief Executive Officer of the Ghana Chamber of Miners, Sulemana Koney, stated that the forum would afford the various stakeholders the opportunity to deliberate on the various means of ensuring the protection of concessions and contributing to the community and country development.
He commended the minister for his consistent efforts in seeking to address the teething challenges of the large-scale mining firms.
GIK/APA