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Trade Fair agrees to plan to pay electricity bills                                                 

Dr. Agnes Adu - CEO, Trade Fair Centre

The Ghana Trade Fair Centre has disclosed to Citi Business News it has commenced payments of outstanding debts it owes the Electricity Company of Ghana (ECG). According to the Centre’s CEO, Dr. Agnes Adu, the outfit has already paid ten percent of the debt after negotiating an agreement with the ECG. “With the power situation, the ECG towards the end ...

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Nana Addo swears in GIPC board

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President Nana Addo Dankwa Akufo-Addo yesterday [17th January 2018], performed the swearing-in of a 10-member of the Ghana Investment Promotion Center(GIPC) at the Presidency. The board is chaired by Mr Kwasi Abeasi. The board is chaired by Mr Kwasi Abeasi. The members include, the Chief Executive Officer of the GIPC, Mr. Yofi Grant, the first Deputy Governor of the Bank ...

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Gov’t signs agreement with ExxonMobil

Energy Minister,Boakye Agyarko with Vice President of ExxonMobil Africa, Pamela Darwin

Government is anticipating increased activities in Ghana’s oil exploration activities with the coming on board of ExxonMobil. The Minister of Energy, BoakyeAgyarko tells Citi Business News the move will also increase government’s revenue from the sector to propel economic growth and transformation. ExxonMobil’s investment in the oil sector becomes the first major one in Ghana following the landmark ruling by ...

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Royal Bank appeals for re-categorisation for minimum capital

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The Board Chairman of the Royal Bank, Prof Bill Buenar Puplampu has appealed for a categorization in the minimum capital requirement for banks in the country. Prof. Bill Puplampu’s call comes barely twelve months for banks to meet the new capital requirement of 400 million cedis. Speaking to Citi Business News on the matter, Mr. Puplampu argued that a categorization could ...

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Over GHc780m saved from sole sourcing – Nana Addo

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The Akufo-Addo administration says it has saved about GHc 782 million from sole sourcing and restricted tendering processes within its first year in government. This is in sharp contrast to the zero savings made from sole sourcing in 2016 under the National Democratic Congress, according to figures from President Nana Akufo-Addo. Beyond this, the Ghana Institute of Procurement and Supply, indicated that ...

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BoG must intensify supervision to reduce bad loans–Economist

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana has been advised to intensify its supervisory roles to prevent over lending by banks that may meet the new capital requirement. Some financial observers have raised concerns that banks that may meet the minimum capital requirement of 400 million cedis may be tempted to lend above the required threshold due to the new capital base. The ...

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Banks applaud temporary ban on licensing new banks

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Banks applaud temporary ban on licensing new banks Some Commercial Banks in Ghana (BoG) have praised the Central Bank’s decision to place a temporary ban on the licensing of new banks this year. The commercial banks say the move will sanitize the industry even as they prepare to meet the new minimum capital requirement set by the BoG. “That might ...

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Mahama’s fiscal indiscipline took Ghana to IMF

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President Akufo-Addo has rebuffed claims that the numerous social intervention programmes being undertaken by his administration may leave a debt burden that will take Ghana back to the International Monetary Fund (IMF), soon after exiting from a programme with the fund. The president is hopeful the fiscal discipline embarked upon by the Economic Management Team of the government will enable ...

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Sole sourcing contracts reduced by 37% in 2017

President Akufo Addo 620x330

The NPP government has announced that it has reduced sole sourcing by 37 percent within its first year in office. The figure dropped from 622 requests in 2016 to 394 requests in 2017. This means there was a 228 drop in the number of sole sourced contracts applied for within the one year period. President Akufo Addo disclosed this during ...

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Consumers seek NPA intervention as fuel prices rise

Executive Secretary for the Chamber of Petroleum Consumers, Duncan Amoah

Citi Business News has gathered that prices of fuel have gone up at some pumps effective Tuesday, January 16, 2017. This follows an earlier prediction by the Institute of Energy Security (IES) that prices will go up by between 3 and 5 percent. According to the IES, the development can be attributed to the increase in crude oil prices, the ...

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Ghana Business News