Author: citibusinessnews
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Mismanagement cause of removal of fuel subsidies – ACEP
The Director of Planning and Research at the Africa Centre for Energy Policy, (ACEP)John Amowu says full cost recovery on petroleum product policy in the country is as a result of the mismanagement of foreign exchange deferential by the managers of the economy. He was speaking at the sidelines of the business and networking meeting…
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Counsel for Tullow ex-worker open to out of court settlement
The aggrieved worker of Tullow Ghana Limited, who is suing the company for GHC 10 million will accept an out of court settlement, her lawyer, Bright Akwetey has said. A 35-year old ex-worker of Tullow Ghana Limited, Pearl Margaret Ashley has dragged the company to the Human Rights Court over a work-related injury. She is…
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Gov’t to pay 25.4% interest on 3-year bond
The Bank of Ghana’s three-year bond issued on Thursday attracted a staggering high interest rate of 25.4%. This is the second highest rate for a 3-year bond this year. The central bank issued the bond to raise an amount of GHC 400 million. With this high interest rate of 25.4%, the BoG will pay investors…
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Ex-worker drags Tullow to court
A 35-year-old woman has dragged Tullow Ghana Limited to the Human Rights Court over work-related injury. Pearl Margaret Ashley, a social worker and graduate from the University of Ghana, is demanding GH¢10 million from her former employer for providing her with a chair which has caused permanent injury to her back. According to Ms Ashley…
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Reconsider trade liberalisation policy – AGI boss
The Association of Ghana Industries (AGI) is urging government to reconsider the trade liberalisation policy to protect local industries. Consequently, it has suggested that government introduce a tax regime that provides a disincentive to importing raw materials that exist locally. “Nobody can promote our local brands better than ourselves, particularly at a time when our…
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World’s worst currency drops as Ghana pulls back from IMF aid
Ghana’s cedi, the world’s worst-performing currency this year, weakened as the government ruled out an International Monetary Fund bailout, stoking concern it will miss targets to narrow a budget deficit. The currency retreated for the first time in five days against the dollar, dropping as much as 6.4 percent, after Deputy Finance Minister Mona Quartey…
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Illicit transfers not cause of depreciation – Analyst
A banking analyst, Nana Otuo Acheampong says that the alleged transfer of some $128 million by KESSBEN FM boss to suspicious addresses and others could not have contributed to the depreciation of the cedi. Some have argued that the said transfers could be one of the causes for the cedi depreciating about 29 percent this…