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Tullow Ghana appoints Kweku Awotwi as Managing Director


Tullow Ghana has appointed Kweku Awotwi as the Managing Director of the company. A statement from the company copied to Citi Business News said Mr. Awotwi will take over from Charles Darku who will be retiring from the company in April after serving for five years. Charles Darku joined Tullow Ghana Limited in 2013 as the first Ghanaian to lead ...

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Steel companies threaten shutdown over high electricity tariff

Alan Kyerematen(M) with the CEO od Sentuo Steel Xu Min Quan as well as Mr. Emmanuel Ayansu

Steel manufacturing companies in the Tema Industrial Enclave have appealed to government to reduce electricity tariffs before they are forced to close down due to high cost of production. According to the companies, the cost of electricity has almost doubled from 21 pesewas per kilowatt to 42 pesewas per kilowatt in just a year. Speaking to journalists during a tour ...

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Importers resist Customs’ Cargo Tracking Notes policy

Kwabena Ofosu Appiah - President, Ghana Institute of Freight Forwarders

Businesses at the ports are opposing customs new policy, the Cargo Tracking Notes (CTN), saying it will add unto their cost of production. The CTN is expected to track all imports to Ghana to reduce revenue losses with under declaration. Even before its implementation in March 2018, the businesses say they will be disadvantaged. The freight forwarders argue that the ...

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January Inflation declines to 10.3%

Baah Wadieh is Acting Government Statistician

Inflation rate for January has seen a decline to 10.3 percent from the 11.8 percent recorded in December 2017. The figure represents a 1.5 percentage point drop. Inflation measures the rate of change in prices of goods and services over a period of time, and affects the purchasing power of consumers. Speaking at a press conference, Acting Government Statistician, Baah ...

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New 2nd Deputy Governor’s appointment apt – Economist


Economist Adu Sarkodie has described the appointment of the new Second Deputy Governor of the Bank of Ghana, Mrs. Elsie Awadzie as strategic. According to him, her experience as a senior counsel of the IMF’s Legal Department will help the country become financially disciplined. Mrs. Elsie Awadzie replaces Dr. Johnson Asiamah who resigned on January 5, 2018. Mrs Awadzie is ...

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Inflation Targeting regime has failed, must be reviewed—Economist

Dr. Eric Osei Assibey - Economist at the University of Ghana

Economist, Dr. Eric Osei-Assibey has made a strong case for a review of inflation targeting, used by the Bank of Ghana (BoG) to control the rate at which prices change in the country. According to him, available evidence shows that using the policy rate to influence inflation is unproductive, hence has left a wide gap between the inflation rate and ...

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Cedi to stabilise by end of March 2018                                           


Currency analysts have predicted a relative stability of the cedi against the dollar, Euro and British Pound by the end of March this year – 2018. This comes despite the depreciation of the cedi in relation to the three major trading currencies. The perennial depreciation of the cedi has among others, impacted the planning of businesses especially by importers. But ...

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Fair Wages considers halting yearly base pay rises

Dr. Edward Kwapong - CEO, Fair Wages & Salaries Commission

The Fair Wages and Salaries Commission has disclosed to Citi Business News plans to halt the yearly review of the base salary of public sector workers on the Single Spine Salary Structure (SSSS). According to the CEO of the Commission, Dr. Edward Kwapong, the decision should give value for money and link productivity with pay. Being in existence for about eight ...

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Demand for locally made chocolates rise


It appears manufacturers of locally produced chocolates will have to double their production levels at least for this year’s edition of the National Chocolate Day. It follows what could be described as the increased preference for locally manufactured chocolates by some Ghanaians on the occasion of National Chocolate Day. Checks by Citi Business News indicate that Ghanaians are gradually showing ...

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Gov’t must diversify sources of Eurobond fund—Economist

Economist Dr. Lord Mensah

The impending increase of the U.S Fed rate should encourage government to diversify the sources of its next Eurobond— that is an advice from Economist, Dr. Lord Mensah. His assertion follows a press release announcing that the Minister of Finance, is leading a government delegation on a non-deal road show in Asia to attract Asian investors. The U.S is expected ...

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Ghana Business News