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GUTA clashes with President Mahama over Nigerian traders waiver

The Ghana Union of Traders Association (GUTA) has vowed to resist moves by government to suspend efforts to eject Nigerian traders operating in Ghana in contravention of the Ghana Investment Promotion Centre Law 2013. This comes after President Mahama announced the suspension of plans to eject Nigerian traders. Foreign traders operating in Ghanaian markets are expected to have a minimum ...

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IMF to commence second review of Ghana in October

The second review of the International Monetary Fund 3 year credit facility for Ghana will start in October, 2015. According to the Minister of Finance Seth Terkper ,” The IMF board approved or confirmed if you will, I think it was in this room that  we did the press briefing with the IMF mission , the board as at two ...

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Cedi crisis pushes prices of foodstuff up


Esoko Ghana has attributed the price increase of commodities in August,2015 in the country to drought and the volatility of the cedi. According to Esoko Ghana, the inability of suppliers to meet market demands contributed to the trend. Commodities like tomatoes, gari, cassava, millet among others saw an increase in prices across the markets in Ghana from July to the ...

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Seth Tekper to give update on state of the economy

Seth Tekper, Finance Minister

The Finance minister, Seth Terkper will this morning brief the media on the current state of the economy following various developments on the international front. There are numerous developments, especially economic ongoing on the international front specifically in China, Iran, US and the European Union among others which most African countries including Ghana are not immune to. The continuous drop ...

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Cocobod loan cash hits account in October


Citi Business News has gathered that cash from the cocoa syndicated loan will hit the account of Ghana Cocoa Board (COCOBOD) at the beginning of October,2015. Sources familiar with the matter tell Citi Business News the various parties involved in the loan syndication including government who is serving as guarantor, COCOBOD which is the beneficiary and financial institutions who are ...

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Power crisis: industries to receive more power

Dr Kwabena Donkor- Power Minister

The industrial sector is expected to see some improvement in the load shedding situation across the sector. This comes after the Minister of Power Dr Kwabena Donkor directed the load management committee to reduce the load being shed currently for the industrial sector from 130 megawatts to 100 megawatts with immediate effect. According to a statement from the ministry, the ...

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PPI dramatically reduces to 10.6% in July


The marginal appreciation of the cedi and reduction of the prices of petroleum products in July,2015 led to a sharp decline in the Producer Price Index (PPI). It decreased from 23.1 percent in June to 10.6 percent in July 2015. The PPI measures the average change over time in the prices received by domestic producers for the production of their ...

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Govt to borrow over 4 billion cedis from domestic market this month


Government is expected to raise in excess of 4.2 billion cedis from the domestic market this month. This is according to the issuance calendar for Government of Ghana securities, for the period July to December 2015. According to the calendar government will raise 2.4 billion cedis from issuing 91 day Treasury bills and 950 million cedis from 182 day treasury ...

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IMF approves second tranche of bailout cash

The Executive Board of the International Monetary Fund (IMF) has completed its review of Ghana’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement. Completion of the review enables the disbursement of about US$116.6 million, bringing to total disbursements under the arrangement to about US$233.1 million. In completing the review, the Executive Board also granted waivers ...

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Ghana to introduce new cocoa variety on world market


Ghana is about to introduce onto the international market a new fine-flavoured cocoa bean variety after five-years of extensive trial to ensure crop viability and disease resistance. Developed by Ghana’s Cocoa Research Institute, the fine-flavour cocoa bean has enormous unique signatures and mineral properties for human consumption – unlike the conventional cocoa crops. “We started this five years ago and ...

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Ghana Business News