Monetary Policy Committee of the Bank of Ghana unanimously maintains the Policy Rate at 14 percent.

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[00:00:23][music] >> [music] >> Hello everyone, welcome to the mitigation of business life. [music] Coming up in this bullet in monetary policy committee of the bank of Ghana unanimously maintains policy rate at 14% citing rising external risks to inflation despite continued strength in the domestic economy.

[00:01:06]>> The committee the MPC by a unanimous decision maintained [music] the monetary policy rate at 14.0%.

[00:01:17]Also in this bulletin, Bank of Ghana warns of imprisonment and fines over refusal to accept city and pesa coins as payment for transactions. [music] Plus, from humble beginnings [music] to retail success today on the joy business van, the second part of a feature on how yamin built me shopping malls into a trusted retail brand.

[00:01:44]We have details of [music] these and more for you this day.

[00:01:48]>> Business live on Joy News has brought to you by Echo Bank, the Panaffrican Bank and Telesell connecting energies.

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[00:02:12][music] [music] >> [music] [music] [music] >> Thanks so much for your time. I am Paio Kojobaka and looking at our stories. The monetary policy committee of the bank of Ghana has unanimously decided to maintain the policy rate at 14% citing rising external risks to inflation despite continuous strength in the domestic economy. Announcing the decision, Governor of the Bank of Ghana, Dr. Johnson said recent inflation developments remain broadly in line with its forecast. Although headline inflation increased in June mainly due to temporary factors, >> recent price developments indicate that inflation has edged closer to the lower bound of the medium-term target band driven largely by base drift effects by base drift effects. Inflation expectations and core inflation measures. These have also increased but remain broadly with within the target band. The July forecast remains broadly unchanged from the previous MPC round with headline inflation projected to rise gradually into the target band.

[00:04:04]Potential upward adjustments in utility tariffs together with escalating geopolitical tensions in the Middle East and the associated increase in crude oil prices. These present upside risks to the inflation outlook.

[00:04:21]On the downside, continued fiscal consolidation and an appropriately calibrated monetary policy stance.

[00:04:29][clears throat] These should help moderate these risks going forward.

[00:04:34]Now, given these considerations, the committee, the MPC by a unanimous decision maintained the mandatory policy rate at 14.0%.

[00:04:48]The committee judged that the current policy stance remains appropriate to guide inflation into the medium-term target band.

[00:04:59]Now reacting to the decision, finance professor at Andrews University, Professor Williams said the justifications for the maintenance are tenable. He spoke earlier on the polls.

[00:05:10]what is the um inflation expectations which is driven by both domestic and external factors and then what is the core inflationary pressures um so if you look at what is happening externally especially in the far east um there is this um still ongoing war between US and Iran >> which is which is which puts us in an unknown on uncertainty let me in that way. So they try to be very more careful in in their decision. So the 14% rate is a wait and see attitude. And if you listen carefully to the governor, he said if you if you were to ask him his um greatest worry, his greatest worry is this um global event of this war in Iraq because it has a lot of um impact affecting energy and one major issue he talked about um which I'll come back to it again which is when he's mentioned that um Ghana's um draws domestic draw now reduce in in um a little bit and he he mentioned that the main driver was the energy energy cost and the energy cost is going up all because of um what is happening in the state of Amos >> okay >> 25% of of good comes from there and if there uncertainty it can really affect the global market and Ghana is not left out >> all right so let's stay a while long at the central bank because they have warned that they will push for imprisonment and fines against persons and businesses that refuse to accept CD and PEA coins as payment for transactions. There is more in this report. The Bank of Ghana in a statement issued this morning stated that the action does not only affect persons who refuse to accept the denominations but those who deliberately encourage others to do the same. According to the central bank, it has been forced to issue this reminder the following persistent and widespread refusals by some transport operators and businesses to accept these coins as payments for goods and services.

[00:07:28]Now, in a move to expand access to affordable credit, GCB Bank PLC has introduced a tier 3 pension loan that allows eligible customers to leverage up to 80% of their vested pension savings while benefiting from lower interest rates and faster loan processing. Here's more. GCB Bank PLC has launched its tier 3 pension loan, a new financing solution that enables eligible customers to access up to 80% of their Vista tier 3 pension contributions as a loan. The product is designed to provide customers with quick access to funds without requiring traditional forms of collateral and allowing them to continue building their retirement savings.

[00:08:09]Speaking at the launch, executive head of retail banking at GCB Bank, Sena Kamagati said the initiative is aimed at monetizing customers voluntary pension savings to help them meet pressing financial needs. Most uh organizations have occupational tier three uh pension contribution. And so as a bank that wants to give comfort to it customers, what we have done typically is to find a way of monetizing that money customers are saving for the future. And so we are saying we can give you up to 80% of that uh vested contribution as a loan. What does that help you? We admit that uh the wind sometimes fall. You could get a good deal. Somebody is disposing of a property. I mean, you could just come to GCB uh with your uh pension statement.

[00:09:01]We check the balance. We work with your trustees. We work 80% of that and we disperse it in record time. If you do this through our digital channel, you can get it dispersed in 30 minutes. Read my lips. 30 minutes. It could also be delivered through the banking or in a manual way. What we do is to solution for all category of our customers. But I would recommend the digital mode of delivery to all our customers. All you need to do is to look out for the GCB loan QR. Scan it and you are in the money. He further stated that the tier 3 pension loan carries a lower interest rate than the bank's conventional personal loan making it a more affordable financing option for eligible customers.

[00:09:49]>> The difference between this and our standard personal loan. First of all, because this is backed in terms of pricing, this is very low. You are paying an effective interest rate of 6.9% perano. Again, because this is secured, you don't have to pay for insurance. In a standard personal loan, we have to ensure you against incapacitation. We have to ensure you against death. But because this is backed by your own pension, you don't have to commit to those insurance and a lot more uh h of other benefits. The bank believes the new facility will improve access to credits for pension contributors while providing a convenient and cost effective financing option for customers seeking funds for personal, business, educational or other financial commitments.

[00:10:39]Still within the financial space, Speaker of Parliament Alban Bagwin is urging Ghanaians to take a firm stand against what he describes as the mismanagement of critical state institutions, warning that successive governments must not be allowed to run down public assets. Speaking at the launch of a book documenting the turnaround of the National Investment Bank, the speaker criticized what he described as the gross mismanagement of the bank under the Eswol NPP administration. Alban says citizens must demand accountability and insist that institutions established to serve the national interest are properly managed regardless of which political power is in government.

[00:11:18]In its prime it financed Nestle Ghana alex hotels and many other businesses.

[00:11:30]National Investment Bank even gave birth to what is now the Agricultural Development Bank.

[00:11:41]And yet by 2024, that same robust institution had not published a single set of audited accounts in more than a decade. This is one of many governor's failures.

[00:12:00]which this book strips naked and lays bed for the patriotic Ghanaian to stare at with revulsion and pledge to eradicate from our state corporate governance.

[00:12:16]We have many institutions in this country that stand today exactly where the National Investment Bank stood only a few years ago.

[00:12:27]under capitalized, opaque, demoralized, drifting into doldrums.

[00:12:36]The temptation in every such case is to reach first for money as though a cash injection alone could cure the disease.

[00:12:48]This book is a standing rebuke to that temptation.

[00:12:54]Yes, the ata received his recapitalization, but he reckoned that if you pour money into an institution with broken governance, the money only leads into irretrievable abyss.

[00:13:14]>> Now, the speaker also attributed the reported turnaround of the National Investment Bank to the leadership of its current managing director, Chief Dr. Abdulli Abdul Malik Su Zakaria. He commended the bank's management for what he described as efforts to transform the financial institution and restore confidence in his operations.

[00:13:34]I have witnessed at close distance and with much admiration how he identified community challenges and turn them into businesses that created employment, increased government tax revenue and offered sucker to distressed communities. Of course, like every brave, self-made person in Ghana's rough business terrain, it was not all rosy for him. But the topsy the journey through his life has molded him.

[00:14:14]If for nothing at all, he harvested many lessons in minding his own businesses.

[00:14:24]So when the nation doubted whether a man who had never worked in a bank could rescue a drowning national bank, I did not share the doubt for a single moment.

[00:14:38]After all, the hustles of his upbringing were semons guiding his success.

[00:14:48]as he articulates in his book, a man who sold kerosene when he was only eight and earned his own money as a shoe shine boy to quote him does not look down on the people at the bottom of the organization.

[00:15:10]Meanwhile, managing director of the National Investment Bank, Chief Dr. Aduli Abdul Malik Du Zakaria who authored the book chronicling the bank's transformation revealed significant growth in the bank's deposits. He said deposits have increased from 6.4 billion cities in 2024 to 12.9 billion cities while the bank is also working to reduce its non-performing loans to below 50%.

[00:15:35]>> That National Investment Bank PLC is one of the strongest bank in the country and I'm sure my brother Farahan is here. he will attest to it.

[00:15:46]Respectfully, I share with you the key strategies behind the rapid turnaround of NIB plc.

[00:15:57]Both decision to own NIB and to take full responsibility for it, which led to a massive profit from 3.1 million in 2024 to 344 million. in 2025.

[00:16:16]And if we just suppose that with half year of 2025 against half year of 2026, there's also a 40% increment because in 2025 we made 74 million but in 2026 we have moved to 94.04 million.

[00:16:37]I led by example, move to the field and to decision makers to mobilize deposit. This reflected in the bank deposit position today.

[00:16:51]18 solid months at the beginning of 2024 we are 6.4 billion.

[00:16:59]Today the deposit is 12.9 billion Ghana cities, twice the deposit as of June 30th.

[00:17:09]Indeed, let me also explain that my knowledge in networking and lobbying skills gave us an opportunity to be the first bank to be recapitalized in 4 months with a total amount of money of 1.97 billion from the central bank.

[00:17:33][applause] This significantly impacted the total asset of the bank who stood at 5.8 8 billion in 2024 December and today the total asset of the bank as a 30th June is 14.9 billion per [applause] non-performing loans which used to be a problem for the bank as at December 2024 it stood at 76%. I am humbled to again we haven't done too well but we have drastically brought it from 76 to 52.21%.

[00:18:20]This is business life. We have more for you after this break.

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[00:21:58]>> [music] >> Hello again. Welcome back to business life. Let's now do the joy business van.

[00:22:05]Small and medium-sized enterprises are the backbone of Ghana's economy, creating jobs, driving innovation, supporting growth. But behind every successful business is a story of resilience and determination. Today on the joy business van we bring you the second part of our feature on homegrown retail brand Aunyami the company behind the memo shopping malls CEO Messi Aducham reflects on the company's entrepreneurial journey the challenges of building a business in Ghana and the lessons for the next generation of entrepreneurs Yes.

[00:22:50]Behind every successful brand are years of tough decisions, bold moves and lessons from the market. For Ayami, the journey has been about navigating challenges while building a retail experience [music] customers can trust.

[00:23:03]Retail business takes a lot. It takes a lot. But if you have passion for it, it's easy to do. I have passion for it.

[00:23:12][music] >> That's Mercy Adosim, CEO of Awanyame, the company behind me shopping malls, who [music] for years has built a trusted retail brand.

[00:23:20]>> It's about honesty. [music] It's about hard work.

[00:23:29]It takes a lot. It doesn't take only intimacy to do this business. I have a lot of strong backbones behind me. That is the money team. [music] Ghana's retail industry has become increasingly competitive with new supermarkets, [music] shopping malls, and online retailers all competing for the same customer base. Faxes depends not only on offering [music] quality products, but also on staying ahead of changing consumer expectations [music] and market trends. for Messi and her team. That means constantly innovating, expanding product offerings, improving [music] the shopping experience, investing in customer service, and ensuring member [music] shopping malls remain the preferred destination for shoppers.

[00:24:12]>> Variety, making sure our prices are competitive, making sure we get the stocks from the right source from the suppliers. We bargain a lot. We we make sure our customers will be comfortable.

[00:24:28]We do well with that. And then the products we our products are unique. We we we provide [music] good customer service. We do a lot of product lines.

[00:24:39]If you go to our shops, you'll be happy.

[00:24:42]>> Like many SMMES in Ghana, the business [music] has had to navigate financing constraints, rising operating costs, and [music] changing consumer preferences.

[00:24:50]She credits Echobang Ghana for supporting the company's growth journey, providing [music] the financial backing and business solutions that have enabled Awami to expand its operations while remaining resilient [music] in a highly competitive retail market.

[00:25:05]>> They're like partners because they know us. They know member will take and we return it back. They know our loyalty.

[00:25:12][music] They know our honesty. They know we we will do it and we'll pay back. So anytime and at times if we don't even need funds to do some [music] anything they call. Don't you need anything? What do you want? There is nothing we mention they don't do for us.

[00:25:33][music] There is nothing we mention that Echo Bank won't do for us. That's one.

[00:25:40]Aweame has made a significant [music] contribution to employment and economic activity with more than 150 people currently working across [music] it shopping malls nationwide. Many of his employees are from the north Ganesh community but the business [music] has it roots and continues to maintain a strong presence >> in the community North Ganesian. We've [music] been here for so many years and we have a lot of people from this area that work with us a lot. [music] A lot even some from here to Mala and we've wor with them for years for [music] for more than 20 years and this is where we saw them and we still work with them and they are part of the business now. They are family. Mercy [music] also shares some of the key lessons she has learned from decades of building and running a successful retail business.

[00:26:31]>> We know having a business structure is an essential part of every business growth. I did not have this when I started. My advice is simple.

[00:26:44]Hard work and resilience matter a lot. Starting a business is never easy. So it's important to focus on building the right foundation from very beginning.

[00:27:00]Think of it like a newborn baby. You can't just leave it to take care of itself.

[00:27:08]It's the same with a business in its early stages. You have to be there overseeing things and making sure everything is running the way it should.

[00:27:20]So what are [music] the next big goals for our >> for us it's really about moving with God and letting him lead us step by step. We trust that wherever he takes us next is exactly where we are meant to be.

[00:27:36][music] We are simply trusting him to guide our way into its next chapter [music] just as he's done every step of the way so far. Ayame story is one of [music] resilience, adaptation, and the drive to create value in Ghana's retail sector.

[00:27:54]From overcoming business challenges [music] to supporting livelihoods, the company's journey highlights what it takes to build a lasting brand in a competitive [music] market. As a retail landscape continues to evolve, Messi Aduchim and her team remain focused on growth, innovation, [music] and serving the changing needs of customers.

[00:28:30]And that's all we have for you by [music] way of business life. I am Pios Kojobaka. Great serving you.

[00:28:37]Business Live on Joy News was brought to you by Echo Bank, [music] the Panaffrican Bank and Telesell, connecting energies.

[00:28:58]Hello, my name is Pamela [music] from customer service. Please revalidate your account by texting your Ghana card number to 0500,000247.

[00:29:13]>> Madam, give me the numbers behind your card. I'm calling from the [music] head office.

[00:29:17]>> An email was delivered across to our customers this morning.

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[00:30:22]>> [music] [music] >> Heat. Heat. [music] >> [music] >> I didn't [music] think it would happen to me, but it happened to me. Ghana's digital economy is booming. Millions of transactions, billions of cities, a future powered by technology. But beneath the convenience lies a growing threat.

[00:31:23]Now is becoming more toward