Category: Business
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Government must address fuel price hikes – TAGG
The Trade Advocacy Group Ghana (TAGG) is lamenting the frequent hikes in fuel prices. The Group says the development is skyrocketing their cost of doing business and stifling their growth. Fuel prices started the year at a little over GH¢ 4 per litre but currently, sell at GH¢ 6.50 per litre. President of TAGG, Kwadwo…
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Petrol and diesel prices to hit GH¢7 per litre if government does not intervene – COPEC
The Chamber of Petroleum Consumers (COPEC) says fuel prices at the pump may hit GH¢7 a litre if the government does not put measures in place to cushion Ghanaians. Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah stated that, “Fuel is now threatening to get to almost GH7 a litre. Currently, some…
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Access Bank partners Coronation Insurance to provide Business Protection for SMEs
Access Bank has unveiled its Business Protection Insurance offering to provide protection against fire, flood, burglary and personal accidents, for Small and Medium Scale Enterprises. The Business Protection Insurance is the newest addition to the portfolio of insurance offered by the Bank, in partnership with Coronation Insurance. Unveiling the new insurance package together with Mr.…
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Financial institutions charged to procure advanced systems to deal with cyber threats
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has challenged financial institutions to continuously examine the state of their security systems and design appropriate mechanisms to counter possible cyber threats. The financial sector, according to the 2020 Banking Industry Fraud report, saw the value of attempted cyber fraud in general rise…
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TOR staff interdicted over disappearance of fuel, transfer losses and others
The Tema Oil Refinery (TOR), has queried and interdicted some of its staff pending the conclusion of investigations into the disappearance of fuel, product storage, and transfer losses at the refinery. This is part of recommendations by an interim management committee, which was inaugurated in June 2021, to oversee the affairs of the company as…
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Ken Ofori-Atta has not resigned – Finance Ministry
The Minister of Finance, Ken Ofori-Atta is still at post and has not resigned contrary to rumours that have gone viral on social media. This is according to the Finance Ministry. A statement from the ministry on Tuesday, October 5, 2021, said “there is no truth in these rumours.” The claims on social media were…
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Rural Banks working to reduce cases of fraud – ARB Apex Bank
The ARB Apex Bank Limited, which serves as a “mini” central bank for Rural & Community Banks (RCBs) says the increase in different types of fraud in rural banks is a course for concern. According to the Bank of Ghana’s Banks & SDI Fraud Report for the year 2020, Banks and rural community banks recorded…
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Registrar General’s Department to delist over 100,000 companies
The Registrar General’s Department, RGD, has served notice to the Business Community and the general public that it has begun the delisting of dormant companies from the Companies Register. The delisting process is commencing with 3,100 companies being taken off the Companies Register. In a statement signed and copied to Citi Business News, the Registrar…
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Usage of digital scales for weighing cocoa to take effect on October 8
Effective Friday, October 8, 2021, all Licensed Buying Companies (LBCs) in Ghana will be obliged to use digital weighing scales to measure the weight of cocoa being purchased by farmers. The introduction of this electronic means of weighing cocoa beans is to curb the practice where LBCs and Purchasing Clerks adjust their scales to cheat…
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Stop closing Nigerian shops as we work to resolve impasse – Trade Ministry to GUTA
The Ministry of Trade and Industry has cautioned the Ghana Union of Traders Associations to refrain from locking up any more shops belonging to Nigerians who are operating in Ghana’s retail space. This follows the setting up of a joint taskforce composed of the Ghana Union of Traders Associations (GUTA) and the Nigeria Union of…