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No significant increase in fuel prices-IES


The Institute of Energy Security (IES) has predicted prices of petroleum products to remain stable for the second pricing window in March. The IES largely attributes the prediction to the insignificant increase in the price of key indicators such gasoline on the international market. “Fortunately for consumers in this window, the international indicators have been really favorable. We have had ...

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Banks resist crypto currency use in Ghana

Henry Baye  - Executive Director of Retail Banking for West Africa at Standard Chartered Bank

Some banks have expressed strong resistance to the adoption of crypto currency in Ghana describing it as grounds of breeding money laundering and other financial crimes. The banks have also cited the absence of a law as basis for their posture. There have been calls on the central bank to allow the use of crypto currencies due to the uptake ...

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Ghana’s inflation to hit single digit by April (Article)

inflation 2

Headline inflation increased to 10.6% year on year in February from 10.3% year on year in January, driven largely by higher food inflation. The rise in February’s print was broadly in line with our expectations and does not alter our view on policy rates in the year ahead, particularly as inflation is in an entrenched downtrend. With the policy stance still ...

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Businesses track ECG on reimbursement promise


Businesses are expecting that the Electricity Company of Ghana (ECG) would live by its assurance of implementing the reduction in electricity tariffs from the 1st of April as announced. Even though the reduction has been initially scheduled to take effect today, ECG maintains consumers should see it reflect from next month due to the monthly billing system. According to the ...

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Estate developers demand clarity on new tax holiday

Executive Secretary of GREDA - Sammy Amegayibor

The Ghana Real Estate Developers Association (GREDA) wants government to come clear on its new terms in granting tax holidays to new estate developers. Although GREDA describes the news as welcoming, it says its members need further clarification on how the tax holiday will be of benefit to the industry. “It is welcoming except that we want to understand what the new terms ...

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Youth must take advantage of job initiatives–NEIP

john kumah

The Chief Executive Officer of the National Entrepreneurship and Innovation Plan (NEIP), John Kumah, is calling on young entrepreneurs in the country, especially women, to take advantage of the many initiatives being rolled out by government. According to Mr. Kumah, government is keen on creating an enabling environment for entrepreneurship as well as jobs in the country. Speaking to Citi ...

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Govt signs $39m deal to finance planting for food & jobs

Ken Ofori Atta - Finance Minister

Government has signed a 39 million dollar loan agreement with the African Development Fund (ADF) to support government’s planting for food and jobs program. The facility is to finance the Savannah Zone Agricultural Productivity Improvement Project (SAPIP). A statement from the Finance Ministry and copied to Citi Business News said the project will be implemented over a five year period, ...

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GUTA kicks against fumigation exercise at ports


The Ghana Union of Traders Association (GUTA) is demanding that government ceases the charging of fumigation cost at the ports. GUTA argues that the additional cost is over burdening their members, and unnecessary, as their containers are fumigated even before it arrives at the ports of Ghana. Earlier, freight forwarders had also kicked against the fumigation exercise, citing unnecessary cost ...

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ECG will go back to PURC if it make losses


The Managing Director of the Electricity Company of Ghana(ECG), Samuel Boakye-Appiah has given the strongest indication that the power distributing company will not hesitate to go back to the Public Utilities Regulatory Commission(PURC) if the if the implementation of the tariff reduction leads to losses. He stated that even though the ECG was expecting an increase in the tariff, the ...

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ECG tariff reduction to reflect in bills by 1st April

Samuel Boakye-Appiah

Consumers of electricity should expect the reduction in tariffs from April and not from tomorrow[15th March,2018] as announced by the Public Utilities Regulatory Commission (PURC). This is because the Electricity Company of Ghana (ECG) explains that the implementation cannot reflect on the bills of consumers due to the monthly cycle billing system it uses. The PURC, last week announced that ...

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Ghana Business News