Author: citibusinessnews
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BoG’s Monetary Policy Committee begins 3-Day meeting today to assess economy
The Monetary Policy Committee of the Bank of Ghana is scheduled to begin it’s regular meetings from Wednesday through to Friday, July, 24. The 95th meeting of the MPC is to review developments in the economy and take certain critical decisions. The meeting will also come out with the Monetary Policy Rate which is of…
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Close down illegal foreign retail shops at Circle or face our wrath – GUTA warns
The Ghana Union of Traders Association, GUTA, is demanding the immediate closure of all illegal foreign-owned retail shops that have been reopened for business at the Kwame Nkrumah Circle in Accra. According to GUTA, most of the shops were only reopened by the presidential Committee on Foreign Retail Trade to inspect the documents of the…
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BoG likely to reduce or maintain policy rate to protect businesses – Lord Mensah
Economist, Dr. Lord Mensah, says he does not foresee an increase in the policy rate anytime soon. According to him, the Central Bank is likely to either maintain or reduce it further to cushion businesses as they are already struggling due to the impact of the Covid-19. The Policy rate determines the rate at which…
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IES predicts marginal stability in fuel prices for 2nd pricing window in July
The Institute of Energy Security, IES, says fuel prices will be marginally stable for the second pricing window for July 2020 across various pumps in the country. According to them, the stability of the cedi against major currencies and a rise in the prices of Gasoline and Gasoil on the international market, will be the…
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Hotels and restaurants urged to serve local poultry to boost industry
Some players in Ghana’s poultry industry have called on government to deliberately introduce policies that will boost the local consumption of poultry as the industry struggles with cheaper imported poultry. The local poultry industry, which suffers largely from minimal government support and excess importation, recently witnessed a jump in demand following limited importation caused by…
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Gov’t is working to create job opportunities for the youth – Employment Minister
In the wake of job losses triggered by the coronavirus pandemic, the Minister for Employment and Labour Relations, Ignatius Baffuor –Awuah, says government is taking steps to minimize unemployment by creating some opportunities particularly for the youth. According to him, plans are far advanced to engage the youth in Agric, services and manufacturing sectors. Speaking…
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NPRA takes steps to protect pension contributions as COVID exposes threats
The National Pensions Regulatory Authority, NPRA, says the impact of COVID-19 on the pensions industry globally is a reminder to developing countries such as Ghana to institute and implement long-term sustainable plans for the aged. According to the NPRA, most pension funds have suffered a setback because some of the major financial assets where pension…
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Rising cost of food increases June inflation marginally
The continuous rise in the prices of food continues to dominate Ghana’s Consumer Price Index, CPI, pushing up inflation for June marginally. June 2020 recorded a CPI of 119.8 relative to 118.6 in May 2020. The year-on-year stands at 11.2 percent for 2020, from the 11.3 percent recorded in June 2019. Inflation measures the average…
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COVID-19: Cold Store operators complain about reduced poultry imports
Some vendors of frozen meat, poultry and fish, usually imported into the country, have expressed concern about a possible threat to their business due to reduced importation caused by the COVID-19 pandemic. The traders say their businesses have taken a nosedive, and are worried the situation may worsen if the pandemic persists. The Covid-19 pandemic…
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Receiver traces assets of collapsed Microfinance & S&Ls to settle outstanding claims
The Receiver of the defunct 347 Micro Finance Companies, 23 Savings and Loans and Finance House Companies, Eric Nana Nipah, says he is undertaking a detailed asset tracing of the owners of the collapsed financial institutions. This is to enable him have access to more liquidity in settling outstanding claims following the collapse of the…