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Ghana Beyond Aid: The role of the Ghana EXIM Bank

exim

Even as uninformed scepticism has arisen, Ghana’s EXIM Bank is quietly but fundamentally transforming the country’s economy into one driven by private sector led industrialization, utilizing local inputs while substituting imports and diversifying non-traditional exports. TOMA IMIRHE and ELORM DESEWU examine how this state owned development bank is empowering the private sector to transform the structure of Ghana’s economy. Within ...

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Agric Census to transform sector—Ministry of Agriculture

Agric -women-farmers

Officials from the Ministry of Agriculture have told Citi Business News the 2018 Ghana Census of Agriculture will greatly improve the sector by providing accurate data to help in policy formulation. According to the ministry, the exercise will help formulate strategies and policies, as well as monitor and evaluate the Agricultural sector. With the last Census of Agriculture conducted some ...

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Freight Forwarders to sue port officials over ‘unfair charges’

Container boxes are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai

Freight forwarders in the country have initiated processes to seek legal action against shipping lines over what they say are illegal charges against them. The group is lamenting over fees they pay on weekends and holidays as part of demurrage. They are also unhappy, the shipping lines use a foreign interbank rate to charge them for demurrage instead of the ...

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Citi Business Festival: GhIPSS urges capping cash withdrawals at banks

Archie Hesse - CEO of GhIPSS

The Ghana Interbank Payment and Settlement Systems (GhIPSS) has made a strong case for a cap to be placed on all cash withdrawals at banks. It follows appeals to reduce the use of cash to minimize the number of attacks associated with cash transactions. The government also hopes to achieve a cashlite economy by 2020. In the second of our reports ...

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Cost of fuel could hit GHS5.50 by end of year—Former GNPC Boss

Alex Mould-GNPC 600x330

The continues depreciation of the local currency coupled with increasing crude oil prices on the international market could see fuel prices increase to 5 Cedis 50 pesewes per litre at the pumps by the end of the year, a former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Alex Mould has warned. The price of petroleum products until ...

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Gold Fields headlines WAMPEX 2018

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As Gold Fields celebrates its 25 years of operating in Ghana, the company headlined this year’s West Africa Mining and Power Expo (WAMPEX 2018), a major forum that attracted over 1,400 mining and power industry professionals, as well as companies from more than 16 countries. Held at the Accra International Conference Centre, this year’s event was on the theme: “A ...

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73% of Ghanaians working in vulnerable conditions—Report

Minister for Employment and Labour Relations, Ignatius Baffuor Awuah

A report published by the Trades Union Congress (TUC) has revealed that 73% of Ghanaian workers operate under vulnerable conditions. The report also points out that a majority of Ghanaian workers receive less than 2 dollars a day, and do not have any form of pension contributions. Out of the employed population of 11.21 million, 64.3 % who are self-employed ...

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High anchorage charges making Ghana’s ports uncompetitive—Ship Owners  

Tema-477928

Ship owners have begun talks with port authorities to seek a reduction of what they describe as high anchorage charges for Ship to Ship Services at the Ports. The shippers are worried the high charges for trans-shipment services have rendered the country’s ports uncompetitive, forcing members to do business in neighboring countries. Currently, a 45,000 tonnage vessel is charged about ...

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Speculation causing cedi depreciation—Economist

Ghana Cedi

The recent depreciation in the cedi, relative to the U.S dollar could be due to speculative activities, Head of Economics Department at the University of Ghana, Prof. Peter Quartey has said. Prof. Quartey maintained that the speculative activities, coupled with the increase in the interest rates in the U.S may have influenced the decision of investors in the country to ...

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Major OMCs reduce fuel prices

FUEL-STATION

Some major Oil Marketing Companies (OMCs) have reduced their prices by 4 pesewas within the first pricing window of June. The reduction comes after a 3 percent increase in prices of fuel in early part of June. Earlier, checks by Citi Business News showed that a litre each of diesel and petrol were selling for 4 cedis 89 pesewas. But ...

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