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Author Archives: Pius Amihere Blay

DRC hikes key rate to 20% to stabilise franc: central bank

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Democratic Republic of Congo raised its key interest rate to 20 percent from 14 percent on Monday as it sought to stabilise its volatile franc currency, the central bank said in a statement. The Congolese franc has lost half of its value against the dollar over the past year due to low tax revenues from foreign investors and high government ...

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Lower interest rate key concern for estate developers

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Decent accommodation continues to be the biggest headache among many Ghanaians. As the housing deficit goes up, the debate continues whether Ghanaians prefer buying a mortgage house or build their own house looking at the cost, time and terms involved. Ahead of Citi FM’s Housing and Real Estate Forum on Tuesday, 27th June,2017, Citi Business News has been speaking to ...

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South Africa’s Chamber of Mines challenges new charter in court

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South Africa’s Chamber of Mines has applied to a high court for an interdict to prevent the implementation of a new charter that increases the minimum threshold for black ownership of mining companies, the industry body said on Monday. “The vast and systemic damage which the publication and threatened enforcement of the 2017 Charter has and continues to inflict … ...

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GTA initiates moves to reduce ‘numerous’ hospitality fees

CEO of the Ghana Tourism Authority(GTA) Mr. Akwesi Agyemang

The Ghana Tourism Authority (GTA) has bemoaned the numerous charges associated with operating tourist sites in the country. GTA argues that the high electricity tariff billed hoteliers in the country, coupled with high taxes among others is crippling the tourism industry. According to the Chief Executive Officer of the Ghana Tourism Authority, Akwesi Agyemang, the development, if unchecked, will continue ...

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Ghana woos Nigerian airlines into its domestic market

The Ministry of Aviation has indicated its readiness to allow competition into Ghana’s domestic air travel space in the short to medium term. The Ministry believes the move should contribute to Ghana’s competitiveness and make the country an attractive aviation hub within the sub-region. According to the Deputy Minister of Aviation, Kwabena Okyere Darko, attempts by the NPP administration to ...

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Players in tourism sector call for Coordinating Committee

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Some stakeholders in the tourism sector are calling for the creation of a tourism coordinating committee to synthesize activities in the industry for proper monitoring. According to them, the committee will rid the tourism industry of certain structural deficiencies which slows the growth of  the industry. This follows numerous complaints from tourists about the numerous challenges in the industry. Speaking ...

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Revelers demand tough security at tourist sites

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Players in the tourism industry have asked for government to intensify security measures at various hotels and tourist sites in the country. The call comes on the back of accidents and injuries at some tourist cites in Ghana and across the sub-region. In addition, the industry watchers have warned of possible terrorist attacks and crime rates in Ghana should it fail ...

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LeapFrog acquires minority stake in Enterprise Group

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Black Star Holding Limited (BSHL), a wholly owned subsidiary of LeapFrog Strategic African Investment (LSAI), has acquired the minority shareholder in three subsidiaries of Enterprise Group. The three subsidiaries are Enterprise Life, Enterprise Insurance and Enterprise Trustees. BSHL takes over the ownership which hitherto belonged to Sanlam Emerging Market Proprietary Limited of South Africa (Sanlam). Per the new arrangement, LeapFrog Investments ...

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Article: Is Monetary Policy a panacea for Ghana’s economic challenges?

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It is worth remembering that when the Central Bank of Ghana (BOG) is making economic decision such as setting policy rate, there would be lots of other events and policy decisions being made in other economic jurisdictions. Not far-off mention, include changes in fiscal policy by foreign governments, changes in world oil prices or the erratic pendulum of exchange rate ...

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Mergers & Acquisitions: potential haven for tax evasion – Analyst

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The Ghana Revenue Authority (GRA) has been impressed upon to re-examine the various mergers and acquisitions that have been completed in the country to reconcile potential revenue losses due to tax evasion. This is the suggestion from Tax Analyst, Mr. Abdallah Ali Nakyea. According to him, such commercial activities have been cited as a major contributor to huge illegal financial ...

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