Allen Quaye takes up Head, Retail Pg 5 Banking role at FBNBank
THURSDAY 16 March 2023 Issue No. 27
A NEW THINKING
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Inflation slows to 52 percent
Ministry of Finance says no decision yet on road tolls The Ministry of Finance has called for circumspection on public discussion on its proposal for a more than 88 per cent increase in road tolls. The ministry said the amounts quoted in its leaked letter to the Ministry of Roads and Highways “are only proposals to be subjected to consultations and approvals at appropriate levels.” It said in a release yesterday that similar consultations would be held with other
stakeholders before a concrete decision would be arrived at. The ministry explained that the letter only sought to convey proposed rates for the tolling of roads and highways to Ministry of Roads and Highway. It stressed that the reintroduction of road toll was a fiscal policy measure captured in the 2023 Budget Statement and Economic Policy to support revenue
generation It, therefore, called on the media to be circumspect in discussing the issue. The Ministry of Finance, in a leaked letter, earlier this week proposed that road tolls be raised by an average of 88 per cent as part of efforts towards ensuring a return of the levies that were abolished in November 2022. As part of the proposal, the ministry want motorbikes to
be levied 50pesewas compared to an earlier amount of 10pesewas. It also wants tolls of salon cars to rise from 50pesewas to GH¢1 while that of Pick-ups and 4X4 vehicles will increase to GH¢1 to GH¢1.50. Heavy buses are also to be levied GH¢2, up from the previous figure of GH¢1.50, while heavy duty trucks with five or more axles will be asked to pay GH¢3 compared to an earlier fee of GH¢2.
Year-on-year Inflation for the month of February 2023 slowed down to 52.8%, the Ghana Statistical Service has pointed out. This is a reduction from the January 2023 estimate of 53.6%, which was influenced by the fall in inflation of transportation and other non-food items. This is the second consecutive time that the rate has dropped in 20 months. In January 2023, inflation fell marginally to 53.6%, from 54.1% recorded in December 2022. Five divisions recorded inflation rates higher than the average. They are Transport (70.3%); Furnishings, Household Equipment (69.8%); Housing, Water, Electricity, Gas and Other Fuels (69.6%); Personal care, Social Protection and Miscellaneous Services (62.5%) and Food and non-Alcoholic Beverages (59.5%). For food inflation, Fruits and Vegetables recorded the highest inflation of 92.5%, whilst Cocoa Drinks recoded no inflation. Whilst Food Inflation went down by 0.437% to 59.1%, Non-food Inflation remained was 47.9%. The month-on-month inflation between January 2023 and February 2023 was 1.9%. Also, inflation for locally produced items was 49.0%, inflation for imported items was 62.3%. Addressing Journalists on the new rate, Government Statistician, Professor Samuel Kobina Annim hinted that the reduction is a confirmation of a sustained downward trend in the rate of inflation so far 2
2 Participants at a lecture on new ideas for engagement with the African diaspora, have called for the institution of a truth and reconciliation
process to help settle and assuage the scourge of slavery and to hasten the integration of African -Americans and Afro- Caribbeans back to the African continent. The event was organized by
the Institute of International Affairs, Ghana (GhIIA.org) under the theme ‘New ideas for engagement and integration: Africa and its forced Diaspora’ at Mmofra Place head-
lined the eminent Professor Esi Sutherland-Addy, a noted academic and public servant as the keynote speaker. The event was moderated by Dr. Kwabena Opoku Agyemang of the Institute of African Studies
at the University of Ghana, Legon. The event was highly patronized with an audience consisting members of the Institute, retired and serving diplomats, members of the diplomatic community and
ADB launches new strategy to strengthen agribusiness financing Ghana Link Network Services has begun its annual intensive refresher training programme on the Integrated Customs Management System (ICUMS) for various stake-
holders across the country. The ICUMS platform has revolutionised customs processes in Ghana by integrating all stakeholders involved in the customs clearance process,
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Letshego Savings and Loans granted extension to submit audited financial statements The Ghana Stock Exchange has granted Letshego Ghana Savings and Loans an extension to submit its audited 3
The Agricultural Development Bank (ADB) PLC has launched a new corporate strategy with a commitment to strengthen agribusiness financing.
financial statements for the year ended December 31, 2022. The new date for submission
The move is to help accelerate the achievement of the bank’s vision "to be the people’s bank, harnessing the transformational power of agribusiness for wealth creation."
The new corporate strategy, which was considered and approved by the Board of Directors of the Bank, replaces a 3-year strategy that expired on