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Ghana Cedi Records 0.04% Loss In First-Half Of 2021

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The Ghana cedi ended the first half of this year with a marginal depreciation of 0.04% to the US dollar.

This was triggered by an uptick in demand over the second quarter which overturned the impressive appreciation in the first quarter of this year.

 

The Bank of Ghana’s policy interventions, particularly the Forex Forward Auction and the staggered payment of dividends by foreign banks to their shareholders aided the performance of the Ghana cedi.

 

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The cedi’s half-year performance is similar to last year and one of the best in recent time.

Senior Economic Analyst at Databank Research, Courage Martey told Joy Business in an interview, monitored by GhArticles, uptick in demand particularly from large corporates and multinationals culminated in a weakened Ghana cedi in the second quarter of 2021.

Ghana cedi

Ghana cedi

“After the impressive performance we saw from the Ghana cedi in the first quarter of this year with a gain of about 0.55% against the dollar, the cedi could not hold onto that gain in the second quarter because we saw an uptick in demand particularly from corporate and multinational within the second quarter of the year.”

“And this demand pressure was further worsened by limited supply of forex on the market despite the Central Bank’s intervention on the forward forex market; because of this demand pressure, in the second quarter of this year, the depreciation we recorded overturned the appreciation we enjoyed in the first quarter of this year”, Mr. Martey added.

“Over the course of the first half of this year, the cedi lost marginally by about 0.04 to the dollar”, he emphasised.

courage martey , Economic Reseacher

courage martey , Economic Reseacher

The cedi ended the first quarter of this year as the best performing currency in Africa.

This follows the about 0.56% against the dollar, similar to 2020 performance.

 

The strong performance made it the best currency among 15 important African countries, including the Egyptian pound, Nigerian naira and South African rand.

Source: GhArticles.com

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First Batch Of GB Foods ‘Twa W’anum Na K) Spain’ Promo Winners Rewarded

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19 year old Prosper Adzokatse And Management Of GB Foods

GB Foods Ghana, one of the leading FMCG companies in Ghana and manufacturers of Gino and Pomo range of products has rewarded the first batch of winners in the “Twa w’anum na k) Spain promo” in Accra.  These prizes were given after the 1st two weeks ranking of consumers with the highest points.

19-year-old Prosper Adzokatse emerged tops with the prize of an all-expense-paid trip to Barcelona – Spain. Mr. Adzokatse has the added benefit of going on his trip with one more person of his choice.

19 year old Prosper Adzokatse Receiving His Ultimate Winner Prize

19-year-old Prosper Adzokatse Receiving His Ultimate Winner Prize

 

Speaking at the awards ceremony, the Managing Director of GB Foods Ghana, David Afflu said, “The Twa w’anum na k) Spain promotion is the business way of showing its deep appreciation to consumers, nine (9) more winners will win all-expense-paid trips to Spain (with their partners) and thousands more will receive other prices”.

19 year old Prosper Adzokatse And Management Of GB Foods

19-year-old Prosper Adzokatse And Management Of GB Foods

 

An additional 156 persons received prizes such as flat-screen TVs, smartphones, gas cookers, blenders, and original La Liga jerseys with over (3000 consumers winning airtime). Prosper Adzokatse, expressed surprise and gratitude to GB Foods Ghana for the promotion. He said, “I am grateful to have won, indeed I was surprised but today I have received full confirmation”. Prosper also encourage all to take the promo seriously as it is real. These rewards are happening across the country.

 

A Section Of 156 Consolation prize winners Of GB Foods ‘Twa W’anum Na K) Spain’ Promo

A Section Of 156 Consolation prize winners Of GB Foods ‘Twa W’anum Na K) Spain’ Promo

 

The Marketing Director for GB Foods Ghana, Akua Obiri-Yeboah said, “In the coming weeks, winners in the other regions across the country would be presented with their prizes. The promo ends in January 2022 and will see a total of 10 people and their partners would be rewarded with an all-expenses-paid trip to Spain. We encourage everyone to participate in order to win any of the over 18,000 exciting prizes on offer”.

To participate in the promo, one has to;

  1. Buy any Gino Tomato Mix, Gino Pepper and Onion, Gino Max, or Pomo Promo packs
  2. Find a code in the Pack or Tray
  3. Dial *161*<Inner Code># to load and increase your Points. Terms and conditions are posted on all our digital pages
  4. The participant who dials the Unique Code correctly to the USSD code will be assigned the below points.
Format Points Allocated
SKU GINO/Pomo/ Peppe & Onion 65g 100
GINO 210g 250
400g 400
GINO Max 1 tray 1000
  • Every 2 weeks after the start of the promotion, consumers would be ranked in descending order and the top 3,157 consumers would be selected and rewarded with prizes.

Source: GhArticles.Com

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Commissioner Of Insurance, Dr Justice Ofori Wins CEO of The Year

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Commissioner Of Insurance, Dr Justice Ofori Wins CEO of The Year

Dr. Justice Ofori, Commissioner of Insurance and Chief Executive Officer of the National Insurance Commission (NIC), has won the Chief Executive Officer (CEO) of the year 2021.

Ghana Leadership Awards, the Leader of Insurance Regulation and Supervision in Ghana held the ceremony at the Accra City Hotel to award the Overall Best CEO for the year 2021.

Distinguished personalities in business, entrepreneurship, civil service, local governance, etc. also received other 19 Awards during the night.

Dr. Justice Ofori who picked up a plaque and a certificate as the ultimate winner expressed shock as to how it happened.

Commissioner of Insurance, Dr Justice Ofori adjudged CEO of the Year

As far as he was concerned, he was just a Nominee and did not expect to come out tops.

He dedicated the Award to the Board, Management, and Staff of the NIC as well as the Insurance Industry as a whole.

This award comes swiftly on the heels of a few other laurels he had won within a week. The West Africa Nobles Forum (WANF) presented him with an award for upholding the virtues of Integrity, Honesty and Accountability upon becoming the Commissioner of Insurance on November 26, 2021.

Dr. Ofori again won the Overall Best Corporate Blood Donor for 2021, the award was presented to him by National Blood Service as the  for his role in leading the entire insurance industry to donate 802 units of blood to save lives in the various blood banks across the country.

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Commissioner of Insurance, Dr Justice Ofori adjudged CEO of the Year

Dr. Ofori has recently declared the month of August as Ghana insurance industry blood donation month, a Corporate Social Responsibility gesture by the insurance industry that will help in restocking the country’s blood banks to save lives.

He has been largely touted as a transformational leader who brought a lot of changes in the insurance space.

Key among his achievements is the introduction of the Motor Insurance Database (MID) which has largely led to a significant reduction in fake motor insurances and vehicles dangerously plying our roads without insurance.

Commissioner of Insurance, Dr Justice Ofori adjudged CEO of the Year

The CEO of the Year expressed gratitude to the entire insurance industry for their cooperation and hardwork that culminated in these awards.

“It means we are doing something right and must do more”, he told the media in a post awards interaction. He also used the opportunity to encourage especially the youth to keep moving in the right direction and in honesty as “whatever you are doing, someone is watching,” he said.

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Source: GhArticles.com

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2022 Budget: Government Announces E-levy On Mobile Money Transaction

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2022 Budget: Government Announces E-levy On Mobile Money Transaction

The government, as part of strategies to widen the country’s tax net, has announced an Electronic Transaction Levy.

It will be a 1.75 percent charge on all electronic transactions.

This fee, according to the Finance Minister, Ken Ofori-Atta, is to enhance financial inclusion and protect the vulnerable.

Transactions covering mobile money payments, banks transfers, merchant payments, and inward remittances will have the levy imposed on them and will be borne by the sender.

However, the levy will be waived for transactions that amount to GHS 100 or less in a day or approximately GHS 3,000 per month.

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The government says portions of revenue collected from the levy will be used to support entrepreneurship, youth employment, cybersecurity, digital, and road infrastructure among others.

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Source: GhArticles.com

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