Joy Business Report @1

The beverage market in Ghana is worth ¢3.85 billion, of which domestic production dominates, accounting for 92% of the total market size, a survey by local research firm, Firmus Advisory has revealed. This is based on the number of bottles produced, consumed and the value of imports.

Ghana has signed a Memorandum of Understanding with the African Development Bank towards the hosting of the Group’s 2022 Annual Meetings. The agreement paves the way for the two parties to officially commence the preparations for the event.

The Registrar General’s Department has confirmed that investors of some Liquidated Fund Management Firms are expected to get a fraction of their funds placed in bonds from this month. This will represent a second tranche of payment for those who were not allowed to withdraw all their funds. According to the Registrar General, Jemima Oware, those investors whose funds were placed in bonds are those that will get 20% of their funds in November, 2021.

Bringing you updates from the world of business

The Bank of Ghana says it will continue to modernise the supportive regulatory frameworks of digital banking to enhance security and promote confidence and trust in the ecosystem. Speaking at the Standard Chartered Bank Digital Banking, Innovation and Fintech Festival, Governor Dr. Ernest Addison said it is important that regulations keep abreast with the rapid changes in the ecosystem without stifling innovation in digital financial services.

Ghana’s effective loss of access to international markets increases risks to its ability to meet medium-term financing needs, Fitch Ratings, has said. The international ratings agency in its latest report said Ghana has sufficient liquidity to cover near-term debt servicing without market financing, but there is a danger that non-resident investors in the local bond market could sell their holdings, particularly if confidence in fiscal consolidation weakens, placing significant downward pressure on its reserves.

With discounts, giveaways, and free transport, among others, offered to prospective homeowners at the Ecobank/JoyNews habitat Fair at the Accra International conference centre, becoming a homeowner is now. The 12th edition of the Fair has brought together 80 exhibitors who will be aiding patrons to either buy, choose to build or renovate their existing structures.

According to the Ghana Poultry Farmers Association, an acute shortage of feed is threatening the survival of the country’s poultry industry.

Micro-credit institutions have been cautioned to work within the confines of the law and avoid engaging in non-permissible activities. This is due to rising fraud and labour turnover within the industry. Speaking at the 12th Annual General Meeting of the association, Chairman of the Micro-credit Association of Ghana, Wilberforce Ofori, admonished members of the association to refrain from investment and deposit-taking, which is in contravention of the law.

The African Development Bank’s (ADB) Board of Directors has approved a $75 million loan for the Ghana Infrastructure Investment Fund (GIIF). The fund is expected to finance some big ticket projects in the country. The African Development Bank’s loan will enable the Ghanaian state-owned institution to efficiently leverage its paid-in equity capital of $325 million dollars to finance several critical infrastructure projects.