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Tag Archives: Ghana Business

FDI drops by over 80% in 2016 third quarter

Mrs Mawuena Trebarh, CEO-GIPC

Foreign Direct Investments decreased by 83.33 percent for the third quarter of 2016, figures from the Ghana Investment Promotion Centre (GIPC) has shown. The FDIs dropped from 1.45 billion dollars in the second quarter of 2016 compared to the 241.17 million dollars for the third quarter of the same year. Similarly, the total initial capital transfers for the newly registered projects ...

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Inaccurate data from BoG, Finance Ministry affecting gov’t work – Osafo-Maafo

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Senior Minister Nominee, Yaw Osafo-Maafo has disclosed that the lack of accurate data on Ghana’s debt has made it difficult for the NPP government to make projections on the fiscal gap to influence planning. According to him, the inconsistency of data from the Ministry of Finance and the Bank of Ghana on the debt owed by government impedes government’s decision ...

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I will stop Ghana’s $ 4 bn loss to corruption – Ken Ofori Atta

Ken Ofori Atta - Finance Minister Nominee

Confronting the 4 billion dollars loss to corruption should create enough buffers to meet the infrastructure development agenda of the NPP government, Finance Minister Nominee, Ken Ofori Atta has said. According to him, reducing the high incidences of corruption if not eradicating the canker completely should assist government address the infrastructure deficit facing the country. Mr. Ofori Atta made the ...

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Ghana crosses deadly 70% mark with ¢120 bn debt

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Ghana’s total debt stock has reached 119.9 billion cedis as at November 2016, figures from the Bank of Ghana have shown. The debt also represents 71.9 percent of the country’s Gross Domestic Product (GDP). According to the Bank of Ghana’s Economic and Financial Data, the country’s debt ballooned from 112.3 billion cedis in September 2016 to the current figure. By ...

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Paying BDC debts will give us respite – OMCs

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Oil Marketing Companies (OMCs) have expressed confidence in the new administration to complete the payments of the BDC debt. According to them, adequate structures have been put in place, for the payment of the debt without any undue delays. The prompt payment of the debts is expected to among other things facilitate the purchase of fuel products for onward supply ...

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We’re not influencing market negatively – GOIL

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Ghanaian owned oil Marketing Company, GOIL, has rejected assertions that its decision to maintain prices of petroleum products for the second pricing window in January is a deliberate attempt to distort pricing in the petroleum downstream sector. According to some industry observers, the move defeats the primary purpose of the downstream petroleum price deregulation regime. But the Chief Operating Officer ...

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Mixed reactions meet BoG’s $ 120m auction

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There are mixed reactions over the Bank of Ghana’s decision to auction 120 million dollars to commercial banks between January and March this year. A calendar issued by the central bank said it will auction 40 million dollars monthly, to the commercial banks between the three month period. The move follows a similar one carried out by the central bank ...

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IFS cautions against terminating IMF deal

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The Institute for Fiscal Studies (IFS), has cautioned of massive cuts in foreign aid and grants should government terminate the agreement with the International Monetary Fund, IMF. According to the Institute, Ghana’s stay with the IMF program has sustained support from some donor agencies. “Complete termination is not advisable because most of our development partners disperse their grants based on ...

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Kumasi goes silent over Asantehemaa’s burial [Photos]

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The capital of the Ashanti region, Kumasi, is virtually ‘dead’ over the directive banning almost all business activities in the city. Checks by Citi Business News indicate that traders in major suburbs in the region are complying with the directive. The move also follows the conclusion of the burial rites of the late Asantehemaa, Nana Afia Kobi Serwaa Ampem II. ...

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OMCs justify petroleum price increases

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Oil Marketing Companies (OMCs) in the country have justified the continuous increases in prices of petroleum products this month. The deregulation of the downstream petroleum sector allows OMCs to review prices of petroleum products every two weeks. However since the beginning of the year, prices are being reviewed every week. Prices of petroleum products increased between 8 and 11 percent ...

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Ghana Business News