Author: citibusinessnews
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Businesses defy Minister’s plea to halt strike
The Minister of State at the Presidency in charge of Public Private Partnership, Rashid Pelpuo, is calling on the Joint Private Business Consultative Forum to reconsider its decision to embark on a three day strike beginning today. According to him, even though government feels the pressure on businesses because of the introduction of new taxes, a strike…
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More groups oppose excise tax stamp
The implementation of the tax stamp policy which is set to commence Wednesday, March 1st, may suffer a setback as opposition to the move intensifies. The latest to join in the call for the scrapping off of the policy is the Ghana Institute of Freight Forwarders. The policy requires that specified excisable products are affixed…
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Price of wheat increases in last week of February
The price of wheat made the highest gain in the last week in February. The price of the commodity went up by 10 percent to close the week at 12 cedis 70 pesewas. This was followed by imported rice which recorded a 7 percent increase in price to close the week at 26 cedis 80…
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ADB extends IPO
The Agricultural Development Bank Limited (ADB) has extended its Initial Public Offer (IPO). The IPO which commenced on 23rd December, 2015 was scheduled to have ended on 26th February, 2016. According to a statement from the bank’s marketing and communications wing “as a result of the extension, the Offer Period will now end on 24…
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Energy Law is a tough but necessary decision-Mahama
Government has stressed the need to maintain the Energy Sector Levy Law to protect important state intuitions sinking under debt. Speaking at parliament during the State of the Nation address on Thursday, President John Mahama defended the passage of the controversial law; describing the decision as tough but necessary. According to him, the Volta River…
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Traders to close down shops over ‘killer’ taxes
A number of business operators have declared a three day strike beginning Monday February 29, 2016. The operators; the Joint Business Consultative forum is made up trade unions like GUTA, Importers and Exporters Association of Ghana, Food and Beverage Importers Association of Ghana, Ghana Institute of Freight Forwarders, Customs Brokers Association of Ghana among others.…
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COCOBOD denies importing cocoa from Cote d’Ivoire
The Ghana COCOBOD has rejected claims that Ghana has now resorted to importing Cocoa beans from Cote d`Ivoire to feed local factories. According to COCOBOD, it rather granted permission to a private company that imported smaller and cheaper cocoa beans from Cote d`Ivoire to augment their purchase in Ghana. Finance minister Seth Terpker early this…
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Mahama slams BoG over DKM
President John Mahama has hit hard at the Bank of Ghana (BoG) over its poor supervision of the country’s microfinance sector. The BoG, the regulator of the banking industry has full supervisory role over the microfinance sector. The sector however for years has been hit with a huge chunk of ponzi schemes as well as…
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Govt targets gold processing to increase revenue
Government is moving to cut down on unprocessed gold export to add value to the commodity before they are exported. Delivering the State of the Nation address in parliament on Thursday , President John Mahama stated that the move is part of diversifying the economy to add value to the country’s major export commodities which…
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Nigerians are moving towards having their businesses on their phones
The mobile internet is rapidly transforming the way Nigeria is doing business. This is being made possible with the use of cheaper smartphones. Magnus Nmonwu, Regional Director, Sage West Africa told CNBC Africa that the country was also seeing the change in the nature of business due to rapid improvements in telecoms infrastructure, and the…