Author: Nii Larte Lartey
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China cuts key interest rate as recovery falters
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending. The cut comes as other major economies raised rates to tackle rising prices. The PBOC last cut its one-year rate – on…
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Soaring food, energy prices push 15m Africans into poverty
Some 15 million people in Africa were pushed into poverty in 2022 due to high food and energy prices, the African Development Bank (AfBD) has reported. However, the Bank indicated that the poverty effect of energy price increases was higher than food prices. This was because the energy impact was fully passed through household income,…
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Future of Ghana’s private sector promising – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo is optimistic about the potential of Ghana’s private sector, saying the future looks promising. The sheer energy and can-do spirit demonstrated by the private sector, culminating in job and wealth creation, had contributed significantly to economic growth and development, he noted. “The Akufo-Addo Administration is indeed building an entrepreneurial nation…
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GRA closes four shops, urges customers to be voluntary tax compliers
The Ghana Revenue Authority (GRA) compliance and enforcement unit has closed down four businesses for failure to issue Value Added Tax (VAT) invoices of the Authority. The GRA expects that all suppliers of taxable items, goods or services to issue VAT invoice as required by law while the customer is required by law to obtain…
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We only provided credit to govt in 2020 and 2022 – BoG
The Bank of Ghana (BoG) has debunked claims that it has financed the government to the tune of GH¢80 billion. BoG said it did not provide credit to the government from 2017 to 2019 or 2021. The Bank said it was only in 2020 that it issued the GH¢10 billion COVID-19 bond to the government,…
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Ghana pursues double taxation, bilateral investment treaties with Trinidad and Tobago
A delegation from the Ghana Investment Promotion Centre (GIPC), and the Ghana Export Promotion Authority (GEPA) have engaged authorities of Trinidad and Tobago about considering Double Taxation and Bilateral Investment treaties, to further enhance trade flow between the two nations. The talks were held, when the delegation met with representatives of Trinidad and Tobago’s Chamber…
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![The crucial role of IPPs in ensuring energy security and fueling developing economies [Article]](https://citibusinessnews.com/wp-content/uploads/2023/08/Elikplim-Kwablah-Apetorgbor-512x375-1.jpg)
The crucial role of IPPs in ensuring energy security and fueling developing economies [Article]
conoIn an era where energy is the lifeblood of progress, the role of independent power producers (IPPs) emerges as a beacon of innovation, resilience, and transformative change. As developing economies strive to carve a path toward prosperity and self-sufficiency, the significance of IPPs in bolstering energy security and driving economic growth cannot be overstated. This…
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Third International Coconut Festival launched in Accra
The African Coconut Group (ACG) is partnering with the Ghana Export Promotion Authority (GEPA) to host the third International Coconut Festival in Ghana, on the theme, “Investing In Ghana’s Coconut Sector for an Inclusive Climate and Social Resilience.” The launch of the 2023 edition took place on August 10th at the La Palm Royal Beach…
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Republic Financial Holdings Limited hosts Asantehene at Emancipation Day celebration in Trinidad & Tobago
Republic Financial Holdings Limited (RFHL), the parent company of Republic Bank (Ghana) PLC hosted Otumfuo Osei Tutu II, the Asantehene at a luncheon held in his honour at the Amara Restaurant in Port of Spain on Thursday, 3rd August 2023. This was during his recent visit to Trinidad and Tobago at the invitation of Dr.…
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Tame inflation, GHS 60billion loss not excuse to shirk policy mandates – IMF tells BoG
The International Monetary Fund (IMF) has cautioned the Bank of Ghana against not fulfilling its policy mandate in the face of the loss it posted for the financial year ending 2022. According to the IMF, the Central Bank must despite the impairment ensure that inflation returns to the target of 8 percent. “The loss the…