Author: citibusinessnews

The Public Utilities Regulatory Commission (PURC) has announced a 30% and 14% upward adjustment in electricity and water tariffs respectively for the third quarter of this year. But this adjustment will not be implemented. The commission indicates it will rather implement the second quarter price tariff adjustment of 12.09% for electricity and 6.1% for water…

GDP grows by 6.7% in first quarter

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in Business, News

Ghana’s Gross domestic product (GDP) for the first quarter of this year grew by 6.7 percent. The GDP measures the country’s monetary value of the goods and services produced in the country over a period. The latest development announced by the Ghana Statistical Service (GSS) on Wednesday means that the value of goods and services…

Gov’t broke BoG’s forex rules – Financial analyst

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Some financial analysts are accusing government of breaching the forex rules by the Bank of Ghana by sanctioning the airlifting of 3 million dollars to Brazil as payment for the Black stars. Government is pre-financing the payment of the Black Stars appearance fees which will be reimbursed when FIFA’s prize money for Ghana’s participation in…

PPI for May hits 33.1%

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The Producer Price Inflation (PPI) for the month of May hit a record high of 33.1 percent. This is the highest rate recorded since January 2010. The Producer Price Inflation measures the prices from domestic producers for their production of goods and services. The month of May’s PPI rate was up from a rate of…

Go to IMF for bailout – Economist to gov’t

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in Business, Local Economy, Top Stories

A senior Lecturer at the Economics department of University of Ghana, Dr. Eric Osei Assibey, has asked government to as a matter of urgency turn to the International Monetary Fund (IMF) for a bailout. According to him government’s attempts to stabilize the declining economy have still not yielded the needed results. Government is still struggling to…

Petrol shortage hits Accra

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in Business, Top Stories

Citi News checks have revealed severe petrol shortage in some parts of Accra. Several fuel stations have run dry as attendants turn away motorists. Citi News’ Evans Effah confirmed the shortage after he visited some filling Stations in Accra. According to him his search for petrol on Tuesday began at Dansoman, where he was turned…

GUTA is acting in bad faith – Trade Ministry

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The Ministry of Trade and Industry is accusing the Ghana Union of Traders Association (GUTA) of acting in bad faith. Thousands of traders in the major markets in Accra and Kumasi have closed down their shops in protest against government’s inability to remove foreigners in retail trading from the markets, and the recent hike in…

Finance workers to strike over VAT charges

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The Union of Industry, Commerce and Finance Workers (UNICOF) are threatening to embark on an industrial action next week if government does not suspend the proposed implementation of Value Added Tax (VAT) on financial services. This was contained in a letter addressed to the Managing Directors of 12 banks, the Minister of Finance and Economic Planning,…

Ghana has achieved sufficiency in maize, yam production – Mahama

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