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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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Suspend services on Accra-Tema railway line – Chief Engineer

The Chief Engineer of the Ghana Railway Company Limited (GRCL), Mr William Ackun, has called for the immediate suspension of train services on the Accra-Tema railway line until maintenance work is carried out. The call, he said, had become necessary because the company could not guarantee the safety of trains and passengers who used the track. The letter Mr Ackun, ...

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Ghana is a victim of its own success – Wampah

Central Bank Governor Henry Kofi Wampah has called Ghana “a victim of its own success” because its middle-income status makes it difficult to borrow on concessional terms. According to him, the country has to now utilise more commercial debt facilities to finance government budget deficits. Delivering the keynote address to policymakers, academics and researchers gathering in Accra this week for ...

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BoG turns to Yuan to save troubled ¢edi

The Bank of Ghana (BoG) is pushing for the use of the Chinese Yuan as the alternative foreign trading currency to the United States dollar. It has consequently made the Yuan available to commercial banks as the alternative settlement currency to businesses who want to trade in the Chinese currency. The Head of Financial Stability at the Bank of Ghana, ...

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BoG is cunningly endorsing dollarization – Economist

An economist, John Gatsi is accusing the Bank of Ghana (BoG) of “cunningly” endorsing dollarization and gradually bringing it back into the economy. The BoG on Friday announced it is scrapping some of the Forex rules it enforced in February to save the depreciating cedi, reduce dollarization and ultimately save the country’s economy. It banned the quotation of goods and ...

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Bui to resume full generation capacity in July

The Bui Power Authority says the dam will return to its full generation capacity by July, when the flow of water into its reservoir is expected to improve significantly. The 400 -megawatt hydro-power installation has currently shut down two of its three turbines and stopped generating active power. Instead, the dam is producing reactive power, a remedy for low system ...

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Inflation hits 14.8%, highest since 2010

Inflation for the month of May hit 14.8 percent. This means the average prices of goods and services went up by 14.8 percent between the periods of May 2013 and May 2014. This still continues to be the highest since January 2010. May’s inflation rate was up from the rate of 14.7 percent recorded in April. The monthly inflation rate ...

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Citi Business News