Author: citibusinessnews
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Gov’t exceeded borrowing limit in 2012
The government exceeded its borrowing limit at the Bank of Ghana (BoG) by about 170% in 2012. This was contained in the Auditor-general’s report for 2012. The AG’s report is a comprehensive audit report on the public accounts of public boards, corporations and other statutory institutions in Ghana. According to the report, government and the central…
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Single Spine to be fully applied in 2015 – Terkper
Finance Minister, Seth Terkper, has disclosed that from 2015, the full implementation of the Single Spine Salary Structure (SSSS) will begin. Since the implementation of the pay policy in 2010, Ghana has seen a number of labour agitations with some workers claiming the policy was causing distortions and variation in their salaries. The Finance Minister…
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Cedi is not appreciating – Casely-Hayford
Financial Analyst, Sydney Casely-Hayford says the cedi has not appreciated in value against other major foreign trading currencies as it is being reported. The Cedi from the beginning of the year depreciated against major trading currencies by about 40% which adversely affected cost of living and trading activities in the country. But within the past…
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Heavy police presence at Golden Tulip, workers on strike again
There is heavy Police presence at the Golden Tulip hotel in Accra after more than 300 permanent and casual workers declared a sit down strike on Friday. The Police were called in to forestall any possible confrontation between the workers and management of the hotel. On Wednesday, September 24, an Accra Fast Track High Court…
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BoG & GRA to bite hard in likely IMF program
Government is likely to cut costly and untargeted subsidies on petroleum products, cut tax exemptions in a number of sectors as well as make drastic efforts at cutting public sector wage cost deficits as part of moves to save the economy following negotiations with the International Monetary Fund (IMF). The Bank of Ghana is also…
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IMF program must be business friendly-GCCI
The Ghana Chamber of Commerce and Industry (GCCI) says any program Ghana agrees to with the International Monetary fund (IMF) must be receptive to the private sector, to ensure that the sector operates efficiently and profitably. The IMF team led by Joël Toujas-Bernaté, has been in the country since last week Tuesday. Speaking to Citi Business…
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IMF negotiations end today
The team from the International Monetary fund (IMF) will today conclude negotiations with Ghana on a programme that is expected to get Ghana out of its current economic challenges. The IMF team has been in the country since last week Tuesday. Citi Business news has gathered the programme may be a three year one and…
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Africa World Airlines to still pursue national carrier ambition
Africa World Airlines (AWA) has told Citi Business News it will still pursue its ambition to partner government in the establishment of a new national airline. Africa World is a Ghanaian-Chinese company, with Strategic African Securities (SAS) and the Social Security and National Insurance Trust (SSNIT) representing the Ghanaian stake, in partnership with the Hainan…
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Abii National to become a universal bank
Abii National Savings and Loans Company has hinted to Citi Business News that it intends to become a universal bank soon. Abii National savings and loans company which started with a stated capital of 7 million cedis, when it obtained its license from the bank of Ghana last year, now has a stated capital of…
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Govt to issue communiqué on IMF negotiations
Government is to issue a communiqué on its deliberations as well as the agreement it reaches with the International Monetary Fund (IMF). The team from the IMF begun negotiations with Ghana last week on a program expected to help the country out of its current economic challenges. When concluded the program is expected to begin…