Author: citibusinessnews
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WTO DG urges Ghana to ratify agreement on fisheries subsidies
The Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala is urging Ghana to speedily ratify the WTO Agreement on Fisheries Subsidies. The WTO Agreement on Fisheries Subsidies, which includes an agreement to curb Illegal, Unreported and Unregulated (IUU) Fishing on the continent marks a major step to end widespread depletion of the world’s fish…
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Massive challenges ahead if Ghana fails to secure IMF deal by May – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson, says it’s a bad signal for Ghana’s reserves to be almost empty. According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana’s net international reserves are expected to end in 2023 at approximately three weeks of import cover (0.8 months). Only…
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Tomato traders blame shortages on insurgencies in Burkina Faso
The National Tomato Transporters and Sellers Association have attributed the surge in tomato prices in recent weeks to the current difficulties in importing from conflict-ridden Burkina Faso, which have led to the shortage in the country. According to the Queen Mother of the Greater Accra Tomato Transporters and Sellers Association, Otumfuor Charity, Ghana relies heavily…
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Akufo-Addo gives Ghana Gas greenlight to acquire Ghana Cylinder Company
President Nana Addo Dankwa Akufo-Addo has given the Ghana National Gas Company Limited (Ghana Gas) the green light to acquire the Ghana Cylinder Manufacturing Company. The acquisition of the company will help it acquire the necessary resources to run efficiently. This was captured in a letter the Presidency wrote to the Managing Director of the…
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Coronation Insurance appoints new Managing Director
Coronation Insurance Ghana Ltd. has announced the appointment of Dr. Yaw Adom-Boateng as its new Managing Director effective April 1, 2023. Dr. Adom-Boateng takes over from Mr. Adedayo Arowojolu, who served as the MD/CEO of the company since 2015. He is an accomplished professional with over twenty-two years of experience in the insurance industry. He…
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Bond payment default: Govt acted in bad faith – Individual Bondholders
Convener of the Individual Bondholders Association of Ghana (IBHAG), Martin Kpebu, says government acted in bad faith in defaulting on bond payments. Payments of matured coupons and principal payments have been in arrears for over two months now. The association on Monday, April 24, recused itself from the deliberations of the Technical Committee of the…
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Contractors threaten to sue gov’t over unpaid debts
The Chamber of Construction Industry has warned that the government could soon face legal action from a number of its members over unpaid contracts. Despite their efforts to recover payment, Chamber members have been left with no other options. Some of the due funds stretch back to 2017, and the government’s outstanding debt to contractors…
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WTO Director-General Okonjo-Iweala arrives in Ghana today
Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), will visit Ghana from today, Tuesday, April 25. The purpose of the two-day visit is to meet policymakers, business leaders and civil society representatives while underscoring the WTO’s commitment to reinforcing support to Sub-Saharan Africa. She is expected to meet Ghana’s President, Nana Addo…
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Individual Bondholders Association recuses itself from DDEP committee
Individual Bondholders Association of Ghana (IBHAG) has recused itself from the deliberations of the Technical Committee of the government’s Domestic Debt Exchange Programme (DDEP). According to the association, its decision to withdraw from the technical committee is necessitated by the deliberations which do not serve the primary interest of its members. The group argued that…
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Govt must be open with stakeholders on DDEP – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson has advised the government to be open and truthful with stakeholders on how it implements the domestic debt exchange programme in order to gain the support of stakeholders for a successful implementation. The financial analyst indicated that the opposition the government has faced with the…