Weekly Wrap: IFC gives steel plant $12m loan, inflation drops for first time in months and more
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Weekly Wrap: IFC gives steel plant $12m loan, inflation drops for first time in months and more

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COVID-19: Produce from farmers has dropped by 45% - Ghana Commodity Exchange

The Ghana Commodity Exchange has raised concerns about a fall in farm produce channeled through its platform.

According to the Exchange, the outbreak of the coronavirus has negatively affected its activities, as farmers are not able to produce crops as before.

The Exchange, which is a private-public partnership initiative that provides a regulated market linking buyers and sellers of commodities to trade, added that the drop is estimated at 45%

The farmers, who produce five approved commodities for the Exchange, make up about 90% of the Exchange’s total trade.

Inflation drops for the first time in months; latest details show 11.2 % rate

For the first time since April 2020, the rate of inflation has recorded a fall, YEN.com.gh has gathered.

In that month, there was an increased rate in buying following the outbreak of the coronavirus.

This led to a hike in the prices of goods and services as fears of a shortage of food and related items began to grow.

The rate of inflation stood at 11.2% as of June 2020 which implied a 0.1% increase compared to the previous month.

The fall has been attributed to a decline in the food and beverage basket.

READ ALSO: COPEC calls for review of petroleum agreements in mid-year budget

Ghanaian steel plant receives $12m from IFC to create jobs

The International Finance Corporation, a subsidiary of the World Bank, has supported a steel plant in Kumasi with a $12 million loan.

Rider Iron and Steel Ghana Limited is expected to use the loan to support skills and create jobs.

YEN.com.gh understands that the fund would be diverted in the areas of increased domestic steel production and the creation of thousands of direct and indirect jobs.

The factory is expected to produce about 240,000 tonnes of steel every when it is complete in 2021.

Minority angrily reacts as Parliament approves GNPC loan; total debt over $300m

YEN.com.gh has learned that the minority side in Parliament is upset over money borrowed from the Ghana National Petroleum Corporation (GNPC).

In its opinion, the move is unnecessary and has reduced the institution as one of a financial nature.

Information available shows that governments have over the years, consistently borrowed directly or indirectly from the GNPC.

This has consequently affected the core mandate of the Corporation,

OVER THE WEEKEND:

Parliament approves more than US$ 2 million tax waiver on inputs under 1D1F programme

Parliament has approved a total of $2.068 million tax waiver on machinery, equipment and raw materials to be procured by three companies under the One District One Factory (1D1F) Programme of the Government.

The companies are Accum Energy Ghana Limited, Vester Oil Mills Limited and Ada Premium Diaper Care Limited.

The waiver covers Import Duty, Import NHIL, Import GETFund Levy, Import VAT and EXIM Levy.

READ ALSO: Finance Minister Ken Ofori-Atta to soon announce unemployment packages for Ghanaians

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Source: Yen Newspaper

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