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Tag Archives: Ghana Business News

MTN launches IPO next Tuesday

MTN-House-Pix

MTN will launch its Initial Public Offering (IPO) next week Tuesday, May 29, 2018. The exercise is to allow the public access to own a part of the telecom company. Following the completion of the process, the public will have access to thirty-five percent ownership in MTN. The decision to allow public ownership, forms part of the requirement for the ...

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Trade Ministry starts tax stamp for textiles on September 1st

Alan Kyerematen - Trade and Industry Minister

Traders of substandard textiles may have to redirect their businesses as the Trade Ministry launches a major clamp down starting September 1st 2018. From September, producers and importers of textiles would have to affix a stamp on their products. This is to avoid seizure by an anti-piracy taskforce put together by the Trade Ministry and the Industrial and Commercial Workers’ Union ...

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Producer Price Inflation increases to 6.4% in April

Mr. Baah Wadieh, Deputy Government Statistician

Ghana’s Producer Price Inflation (PPI) increased to 6.4 percent in April 2018. The Producer Price Inflation measures the average change over time in the general prices received by domestic producers for the production of goods and/or provision of services. Comparing the April figure to that of March, the PPI went up by 2.7 percent. In March, the PPI stood at ...

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Gov’t intervenes; LPG operators call off strike

gas shortage

The LPG Marketers Association has called off its 48-hour strike, following government’s intervention. Members of the Association had embarked on a strike to protest government’s planned implementation of the cylinder re-circulation policy which they say will collapse their business. The Association’s strike caused a lot of discomfort to many consumers across the country, as they were turned away from private ...

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Oil emerges as second largest export earner – BoG report

oil block

Ghana’s oil sector emerged as the second largest contributor to the country’s exports for 2017. The country raised an estimated three billion dollars from the oil resources in 2017. Official figures released by the Bank of Ghana show that the total revenue Ghana raked in from her exports stood at 13.8 billion dollars. A further breakdown shows that gold contributed ...

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Fibre cuts major cause of poor telecom services

NCA

Fibre optic cables have aided the connection of platforms for improved service delivery by telecom operators. However the challenge of dealing with their regular destruction, has left most telecom operators desperate. The phenomenon not only drains resources but creates a gloomy picture for improved services. Citi Business News has been engaging industry players and they suggest that robust measures be ...

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Glo serves only a third of expected coverage area

Acting Director General of the NCA, Joe Anokye

It has emerged that telecoms company, Glo, covers only a third of the total number of districts it is to cover in terms of its 3G coverage obligations. This is the conclusion of a first quarter Quality of Service Monitoring conducted by the National Communications Authority (NCA). The company is therefore expected to improve upon its operations in order to ...

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BoG likely to reduce policy rate again – Razia Khan  

Senior Economist at Standard Chartered Bank

A Senior Economist with Standard Chartered Bank, Razia Khan is projecting that the Bank of Ghana may reduce the policy rate today, May 21, 2018. The Monetary Policy Committee (MPC) of the central bank is expected to announce a policy rate today after concluding its review on the economy. The MPC, at its last meeting in March 2018 reduced the ...

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Ghana’s debt hits 145 billion cedis

debt

Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars or 76.9 million cedis. This ...

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Fuel smuggling: Ghana loses $200m in 2 years

Fuel pump nozzles are pictured at Helios petrol station in Almaty

Ghana lost 200 million dollars in both 2016 and 2017 as a result ofthe smuggling of fuel into the country, the National Petroleum Authority has revealed. According to the head of research at the authority, Shiela Abiemo, up to 300,000 metric tonnes of fuel used in the country are not recorded and no taxes paid on them. The illegal activity ...

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