Skip to main content

AGI challenges industry to make best out of falling cedi

Chief Executive Officer of the Association of Ghana Industries (AGI), Seth Twum Akwaboa, has challenged industry players to see the depreciation of the cedi as an opportunity instead of concentrating on the negatives.
Speaking at AGI’s industry and technology fair in Takoradi, on Tuesday July 29, 2014 Mr. Akwaboa urged estate developers, importers, exporters as well as manufacturers who complain about the effects of the dwindling cedi has had on their businesses to explore new alternatives that will aid their ailing ventures.
He said businesses can, for instance, explore “…possibilities of trying to obtain local raw materials if they exist”.
Businesses in the country have been plagued by economic challenges among which include constant depreciation of the local currency, rising fuel prices, soaring utility tariffs, hikes in taxes, poor power supply.
 The AGI, some months ago, admonished government to accelerate the implementation of the issues agreed upon at the National Economic Forum (NEF) that was held at Senchi in May this year.
The Senchi consensus was the outcome of a three-day forum attended by various stakeholders from diverse backgrounds to provide solutions to the ailing economy.
A 22 -key point communiqué was drawn as vital solutions to address the country’s dwindling economy.
The AGI has since bemoaned delays in implementing the 22-point propositions put forward by 140 participants of the national economic dialogue.
The Association says such delays "will dash all hopes and prospects of getting our economy back on a sound trajectory."
With the presentation of the report to the President, the Implementation Advisory Group (IAG) ,which was mandated by the government to ensure the implementation of the consensus has begun meetings to accelerate the process.
Meanwhile, economic pundits including former Economic Minister, Prof Kwesi Botchwey is certain the implementation of the Senchi consensus will save the country from its current crisis.
The full report of the Senchi forum was recently published to the public.
Credit: Myjoyonline.com

Comments

Popular posts from this blog

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…