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Gov’t broke BoG’s forex rules – Financial analyst

Some financial analysts are accusing government of breaching the forex rules by the Bank of Ghana by sanctioning the airlifting of 3 million dollars to Brazil as payment for the Black stars. Government is pre-financing the payment of the Black Stars appearance fees which will be reimbursed when FIFA’s prize money for Ghana’s participation in the world cup is paid ...

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PPI for May hits 33.1%

The Producer Price Inflation (PPI) for the month of May hit a record high of 33.1 percent. This is the highest rate recorded since January 2010. The Producer Price Inflation measures the prices from domestic producers for their production of goods and services. The month of May’s PPI rate was up from a rate of 31.3 percent recorded in April. ...

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Go to IMF for bailout – Economist to gov’t

A senior Lecturer at the Economics department of University of Ghana, Dr. Eric Osei Assibey, has asked government to as a matter of urgency turn to the International Monetary Fund (IMF) for a bailout. According to him government’s attempts to stabilize the declining economy have still not yielded the needed results. Government is still struggling to reduce the huge budget deficit ...

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GUTA is acting in bad faith – Trade Ministry

The Ministry of Trade and Industry is accusing the Ghana Union of Traders Association (GUTA) of acting in bad faith. Thousands of traders in the major markets in Accra and Kumasi have closed down their shops in protest against government’s inability to remove foreigners in retail trading from the markets, and the recent hike in taxes. They are also protesting ...

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Finance workers to strike over VAT charges

The  Union of Industry, Commerce and Finance Workers (UNICOF) are threatening to embark on an industrial action next week if government does not suspend the proposed implementation of Value Added Tax (VAT) on financial services. This was contained in a letter addressed to the Managing Directors of 12 banks, the Minister of Finance and Economic Planning, the President of Ghana Association ...

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Ghana’s economic prospects still good – Kwame Pianim

Renowned Economist and Investment Consultant, Mr Kwame Pianim has urged investors not to view the country’s economic crisis in a pessimistic manner, maintaining that the country’s economic prospects are still good. Describing the current economic challenges as a blessing in disguise, Mr Pianim said the present conditions would spur people on to be more sensitive to the economy, adding “maybe ...

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Government defaults in payment of subsidized fertilizers

Citi Business News has learnt that the government has defaulted on payments for suppliers of subsidized fertilizers since 2012. This has led to the suspension of fertilizer supplies to fruit and vegetable farmers across the country, as suppliers demand for their outstanding arrears. Some farmers are going out of business following complaints about high cost of inputs and lack of ...

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Agric Minister justifies allocation of tractors to MPs

The Minister of Agriculture, Kofi Humado has justified why some Members of Parliament and government officials were allocated brand new tractors imported from India by the Ministry for farmers in 2008. According to him some of the MP’s bought the tractors to help farmers in their constituencies who could not afford to purchase them. “The issue of whether parliamentarians should benefit ...

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Women entreprenuers must make difficult decisions – Habiba Balogun

Ghanaian women entrepreneurs have been encouraged to make difficult decisions in growing their businesses even if it makes them unpopular in society. Speaking at the Citi Women entrepreneurs Breakfast, Nigerian business consultant, Habiba Balogun said most businesses fail because owners fear making unpopular decisions. She said even though “women face the triple burden-being woman, worker and welfare officer,” they can still ...

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SDF awards GHC 15.5 million grants to hospitality & tourism industry

The Government of Ghana has received financial support of up to USD 60,000,000 from the World Bank and DANIDA towards the setting up and implementation of a Skills Development Fund (SDF), an initiative of the Government of Ghana and managed by the Council for Technical Vocational Education and Training (COTVET). The SDF is a challenge fund addressing the skills and ...

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