-Highlights Of Key Stories
As usual, let’s start with the major happenings within the economy, Ghana’s year-on-year inflation marginally increased to 21.5% in September from 20.4% in August.
This is the first increase in six months meaning the rate of price increase on the market is moving faster than a year ago. Strangely, this surge in inflation came a few days after the Monetary Policy Committee of BoG reduced the Policy Rate by 200 basis points from 29% to 27%. The development is making some analysts question the forecasting and the inflation expectation regime of the Central Bank.
The possible impact of the policy rate reduction has caused some division between economists and industry players. While the economists believe businesses won’t see cheaper loans despite the cut, industry players like GUTA and the Chamber of Commerce and Industry are optimistic that they will see lending rates reduced in the coming months. Well, time will be the ultimate judge.
If you bank with Societe Generale, your bank is on sale. Five months after denying its exit, BoG has confirmed Société Générale’s planned sale of its Ghana stake. Bidders are under review, and the process is ongoing.
The intermittent power supply widely known as dumsor currently experienced in the country has begun to bite hard. Small businesses are bemoaning the impact of this intermittent interruption on their trade. This is further worsened by the implementation of the increased electricity and water tariffs that started this week.
Agric Minister, Bryan Acheampong this week announced that the government will disburse food grants, farming inputs, and cash grants to about 800,000 farmers affected by the dry spell beginning the 10th of October. And hey!, emphasized that the ban on the exportation of grains has not been lifted yet.
The THSJ Spotlight this week was on Pacific Clothing which is redefining workforce wear by using automation to deliver high-quality PPEs. You can check them out.
For our Breast Cancer Awareness Month Series, we focused on how breast cancer is affecting global health, and reducing productivity and income, especially among black women. You can read more on our website.
And of course, we can’t end this week’s edition without talking about the albatross galamsey. A lot has happened within the week. Organised Labour has declared a nationwide strike which can shut down the entire economy starting on October 10. Pure Water Producers and General Agricultural Workers Union are also recounting the impact of the menace on their businesses. The #Freethecitizens protest aiming to get the galamsey protestors incarcerated released also started on Thursday, and it’s expected to end on Saturday.
Don’t forget to be part of The High Street Journal’s 1 Million Voices, 1 Mission to End Galamsey campaign by signing this petition to pressure authorities to act with urgency. The petition can be found on all our social media handles.
You can log on to www.highstreetjournal.com for more insightful, focused, and impactful news. You can also find as on all our social media platforms.
This is where we draw curtains on this week’s edition of “The Week in Focus” by The High Street Journal. Let’s meet again next week. Have a great weekend.
