🚩 The Producer Price Inflation for February 2019 went up by 5.4 percent. This represents a 2. 0 percentage point increase from the 3.4 percent recorded in January 2019. The Producer Price Index is the price manufacturers and producers sell their products at the wholesale level. The 5.4 percent increase means retailers paid more on goods they purchased at the factory level compared to what they paid in January.
🚩 The Executive Board of the International Monetary Fund has approved the final disbursement of about US$185.2 million to Ghana. Ghana is scheduled to complete an IMF programme with the fund in April 2019. According to the IMF, its Executive Board completed the seventh and eight reviews On March 20, 2019, under the Extended Credit Facility (ECF) supported arrangement. The fund pointed out that Considering the Ghana’s resolved to tackle difficult reforms, the Executive Board also approved the authorities’ request for a waiver of the nonobservance of a few program targets.
🚩 Officials from Suzuki Motor Corporation, Toyota Tsusho Corporation, and CFAO have announced a joint venture to manufacture and distribute vehicles in Ghana. At a courtesy call on President Akufo-Addo, on Tuesday, Mr. Koyote Suzuki, General Manager for the Middle East and Africa of Suzuki Motor Corporation, told President Akufo-Addo that with the company producing some 1.8 million vehicles in India alone, “my mission is to find our next India in the continent of Africa.”
🚩 The National Petroleum Authority (NPA) is expect to begin the regulation of bitumen which is especially used in the road construction sector of the country. The move is to ensure that services that use bitumen receive the required standard materials. Hassan Tampuli, Chief Executive Officer of NPA made this known when he presented the Brookfield Viscometer to the Ghana Highway Authority (GHA) at a brief event in Accra on Monday.
🚩 Ghana Cocoa Board has signed a new 3-year receivables-backed trade finance facility of US$300m. The Facility will be used to refinance Cocoa Bills raised by Bank of Ghana on behalf of Cocobod and/or to finance production enhancement programmes. Cocobod represents various interests of the Ghanaian cocoa industry. It was established in 1947 with the mission to facilitate the production, processing and marketing of good quality cocoa, coffee and sheanut. After the Ivory Coast, Ghana is the world’s second-largest cocoa exporter.
🚩 Cabinet has approved the draft automobile industrial policy which has been designed to guide the establishment of vehicle assembling plants and manufacturing firms in the country. The policy is expected to go through parliamentary scrutiny before becoming a working document. Deputy Minister of Trade and Industry, Robert Ahomka Lindsay tells JoyBusiness, the government is engaging all stakeholders in order to have a complete policy for the automobile industry and other industrial sectors of the economy.
🚩 In 2018, Ghana imported an estimated US$ 311.4 million worth of seafood and fish products, resulting from overexploitation of the marine stocks in the country’s own territorial waters which is further expected to continue to limit domestic seafood production over the next few years, until domestic stocks replenishes. This is making Ghana’s still small, but rapidly growing aquaculture industry more critical than ever. This has been revealed in a recently released report by the Global Agricultural Information Network (GAIN), a USDA Foreign Agricultural Service. Estimates reveal that import levels reached US$290.1 million, US$349.4 million, US$297.5 million and US$311.4 million in 2015, 2016, 2017 and 2018 respectively.
Secure your Tomorrow with *MY OWN PENSION* on your MTN Mobile Money and make contributions that you can rely upon tomorrow. To Register, Simply dial **170#* and select *Option 9* (Pensions and Insurance) to Begin