Author: Bobbie Osei
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CST inflows bolster GRA’s goal of exceeding GHC42.7bn target
The Ghana Revenue Authority’s goal of exceeding its revised 2020 target of GHS 42.7 billion Cedis as stated in the 2020 mid-year budget, is receiving a boost from higher than expected inflows from the Communication Service Tax (CST). This reduction in the Communications Service Tax from 9 % to 5 %, which took effect from…
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We’ll uphold high standards to have only the best firms listed – GSE
The Ghana Stock Exchange, GSE, says it is committed to upholding the highest of standards to ensure that only the best performing companies stay on the local bourse. This follows the compulsory and in some cases voluntary delisting of about 8 companies from the Ghana Stock Exchange since 2017. While companies like Mechanical Lloyd and…
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![Ghana’s increasing mobile phone penetration creates more jobs for phone repairers [Video]](https://citibusinessnews.com/wp-content/uploads/2020/10/10.jpg)
Ghana’s increasing mobile phone penetration creates more jobs for phone repairers [Video]
Despite continuous advancements in technology and production standards for phones across the world, damaged phones continue to be growing by the day. Mobile phone users in Ghana and the world over cannot seem to stop cracking their phone screens or damaging their devices in one way or the other. In this report, Citi Business News…
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NPLs should drop to single digits in 2021 and beyond – Banking consultant
Banking consultant Nana Otuo Acheampong has expressed confidence in seeing the percentage of non-performing loans in Ghana’s banking sector, drop to single digits beyond 2020. His comment follows the announcement by credit rating agency, Fitch Ratings that, despite non-performing loans falling to 14 percent in 2019, from 22 percent two years prior, they will remain…
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COCOBOD targets 1.5 million tonne rise in cocoa production within five years
Management of the Ghana Cocoa Board (COCOBOD) says the successful implementation of earmarked programs under the $600 million AfDB credit facility, should increase the country’s annual cocoa production from about 900,000 metric tonnes to 1.5 million within the next five to seven years. The agreement for the facility which was signed in November 2019, is…
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IMF’s 2020 growth rate projection for Ghana lower than BoG’s expectation
The International Monetary Fund’s (IMF) latest projection for economic growth in Ghana for 2020, is lower that the growth rate expected by the Bank of Ghana. The 0.9 percent growth rate projection by the Bretton Woods Institution in its latest World Economic Outlook report released this month for Ghana in 2020, is in line with…
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We need a people-centered and sustainable recovery post COVID – BoG Governor
The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the…
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PZ Cussons completes delisting from Ghana Stock Exchange
Almost a year after PZ Cussons Ghana Limited announced its intention to de-list from the Ghana Stock Exchange subject to Shareholder approval, and approval from relevant industry regulators, it has finally completed the process and will no longer be a part of the local bourse effective 19th October 2020. At the time PZ Cussons announced…
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Gov’t launches $2 billion guarantee scheme to facilitate lending to SMEs
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, has challenged small and medium scale enterprises (SMEs) across the country, to access the various financial support programs government has been rolling out in the aftermath of the coronavirus pandemic. He says this will ensure that the companies build their capacity to locally…
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Prioritize debt sustainability and efficient public spending – World Bank to Ghana
The World Banks’ Chief Economist for Africa, Albert Zeufack, has reiterated calls on Ghana and other countries in Sub-Saharan Africa to prioritize the implementation of short-term policies to help reconstitute their respective fiscal spaces, following the losses made as a result of the COVID-19 pandemic. According to its latest Africa Pulse report dubbed Charting the…