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Parliament passes Banks and Special Deposit Taking Bill


Parliament has passed the Banks and Special Deposit Taking Institutions Bill. The law, among others is to amend and consolidate the laws relating to deposit taking and to regulate institutions which carry out deposit taking business. It also re-emphasizes the authority of the Bank of Ghana as the only entity responsible for the granting of licenses to enable deposit taking ...

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GCEA decries increasing rate of sole-sourcing

Ing. Albert Ogyiri

The Ghana Consulting Engineers Association (GCEA) has expressed its displeasure at the increasing rate of sole-sourcing, appealing to government to make procurement processes competitive and fair. According to the association, the practice of sole-sourcing has reduced competition among local consultants while it denies local companies an opportunity to secure projects which could be executed by local firms. Speaking to Citi ...

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UNICOF must prove allegations of malfeasance it levelled against me – Esiape


The Suspended General Secretary of the Union of Industry, Commerce and Finance Workers (UNICOF) John Esiape has dared the union to produce evidence to prove allegations of malfeasance it levelled against him. John Esiape was suspended by UNICOF in May this year over allegations of malfeasance. The suspension follows the alteration of a document by UNICOF’s accountant, who during investigations ...

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Inflation declines to 18.4 percent in June

inflation 2

The Consumer Price Inflation (CPI) for June, declined marginally to 18.4% from 18.9% in May 2016. The monthly change rate was 1.3% in June 2016 compared to 1.1% recorded in May this year. According to the Ghana Statistical Service (GSS), food inflation went up to 8.6% in June compared to 8.5% in May 2016. The consumer price index measures the ...

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Uncertainty grips Ghana’s job market as Britain exits EU Breakfast Encounters

There seem to be some level of uncertainty in Ghana’s job market as Britain finalizes its move to exit the European Union. This is according to labour practitioner, John Esiape. Speaking to Citi Business News at the sidelines of the maiden edition of the breakfast encounters, John Esaipe said the conclusion of the Brexit is crucial to the job security ...

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Brexit is wrong timing for Eurobonds in UK – Economist

Mr. Seth Terkper, Minister of Finance

A lecturer at the University of Ghana Business School, Dr. Lord Mensah believes Finance Minister Seth Terkper should be worried about raising external funding to support the country’s budget following Britain’s exit from the European Union. “For now, I think we need to be a bit slow considering the timing of going to the market to raise money…The Finance Minister ...

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Govt to directly service CDB loan to Ghana Gas


Citi Business News has gathered that government is seeking to directly use the outstanding debts owed the Ghana National Gas Company by the VRA, to service part of the Chinese Development Bank (CDB) loan facility Ghana Gas secured to construct the Atuabo Gas Processing Plant. Sources within the Finance Ministry say a committee comprising of officials from the VRA, Ghana ...

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Govt ‘bowing’ to pressure over encroached aviation lands

Ghana Civil Aviation Authority

Government may yield to pressure from aviation workers to return encroached lands belonging to the Ghana Civil Aviation Authority. This is because it has offered to release 150 acres out of the total aviation lands to the GCAA. It comes after a meeting between government and the leadership of the aviation staff hit a snag yesterday as the workers declined ...

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Ghana likely to miss October 1st EPA deadline


Ghana is likely to miss the October 1st deadline for the signing of the Economic Partnership Agreement (EPA) if Parliament fails to conclude the ratification of the agreement between government and the European Union (EU). It would be recalled that in December 2007, Ghana initialed an interim EPA  to avoid a similar tariff action after the preferential trade agreement  enjoyed ...

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Brexit to push demand for gold up Breakfast Encounters

The maiden edition of the Breakfast Encounters was held at  the La Palm Royal Beach Hotel in Accra today to deliberate on the impact of Brexit on Ghana. The event brought together industry players in finance, economy, international affairs  and all business related fields to drive thought provoking discussions and give in-depth analysis of pertinent issues that may affect Ghana due ...

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Ghana Business News