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NEDCO: Building capacity for development in the north

MiDA

One lesson Ghanaians ought to have learnt from the extended power crisis suffered recently, is that the pace of our country’s development will be slow and uncompetitive, if it is not supported by a strong and efficient power sector. Ghana is today set on an industrial development path; propelling improvements in the economic and social lives of Ghanaians in the ...

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Industry divided over reduced cost of gas

gas pipeline

There have been mixed reactions to government’s announcement of a 26% reduction in the cost of gas to businesses that rely heavily on the product. While industry has wholly welcomed the move, some industry analysts have cautioned against the outstanding debts facing institutions involved in the supply of gas. Citi Business News spoke to a couple of players involved in ...

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Banks maintain average interest on loans for 3rd time

Dr. Ernest Addison, Governor of the Bank of Ghana

The average interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in December 2017. This is the third consecutive time that the base rates have been kept unchanged at 25.7 percent. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage ...

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Lands Commission takes over compensation of land owners at Bui

Bui spill

The Bui Power Authority (BPA) has told Citi Business News it is working closely with the Lands Commission to settle all owners of lands whose properties were used in the construction of the reservoir for the power generation facility. The CEO of Bui Power Authority, Mr. Fred Oware however maintains that the payment of compensation is expected to commence when ...

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New regulation on gold export will increase revenue

Dr. Steve Manteaw

The Co-Chair of the Ghana Extractive Industries Transparency Initiative(GEITI), Dr. Steve Manteaw is hopeful any regulation aimed at checking the real quantity of gold exported will block leakages in the system used in sending the commodity out of the country. According to him, available records show that there is always a contradiction in the quantity of gold that leaves the country ...

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Average interest rate on deposits stays at 10.4%

bank of ghana

The average interest rate on customer deposits among commercial banks, remained unchanged at 10.4 percent in December 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, of the thirty-one banks that were surveyed, Bank of Africa offers the highest interest rates on customer deposits at 16.1 percent. Standard Chartered Bank still offers the lowest interest ...

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Gov’t to critically vet gold, oil before export

Dr. M. Bawumia

Vice President, Dr. Mahamudu Bawumia has disclosed that government will be tough on inspecting oil and gold resources exported out of the country. According to him, government is working on a regulation that will give some state agencies the power to check and inspect total production of oil and gold before it leaves the country. Speaking at the 69th Annual ...

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Sam Jonah’s perspectives on solving unemployment [Audio]

sam jonah 1

The Executive Chairman of Jonah Capital, Sam Jonah has suggested some pragmatic ways to assist Ghana solve its rising unemployment challenge. According to him, efforts by successive governments to attract Foreign Direct Investments (FDIs) have rather contributed to giving such expatriates an urge over local businesses in growing the enterprises for growth and job creation. Mr. Jonah, a former CEO of ...

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Sam Jonah blames low local investments for rising unemployment

Sam Jonah - Executive Chairman of Jonah Capital

Ghana’s inability to control critical sectors of the economy could partly be blamed for the rising unemployment in the country. This is the assertion of the Executive Chairman of Jonah Capital, Sam Jonah. Mr. Jonah who spoke at this year’s New Year School and Conference argued that the insignificant ownership in areas such as mining, communication and telecom sectors have limited government’s ...

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Gov’t reduces electricity tariff by 14% for businesses

nana

President Nana Addo Dankwa Akufo-Addo has announced an average of 14% reduction in electricity tariffs for non-residential users in the country. This according to the President takes effect from this month, January 2018. “From January this year, the non-residential tariff rate, which is the rate which includes all of you here, is being reduced by an average of 14%. For barbers, ...

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Ghana Business News