Category: Business
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Toyota Ghana launches new ‘Genuine Motor Oil’
Toyota Ghana Company Limited has officially introduced its latest engine oil onto the Ghanaian market. The Toyota Genuine Motor Oil (TGMO) is an engine lubricant that has been designed specifically for Toyota vehicles. It provides a strong, thin film of protection which allows the engine parts to work together to deliver maximum power and give…
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56% of fraud cases in Banks and SDIs involved staff members – BoG Report
The significant increase in the reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020, which stands at GHS1 billion, was a result of a number of factors, including the involvement of staff of these financial institutions. According to the Bank of Ghana’s new fraud report for the year 2020,…
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Government confirms receipt of IMF’s $1 billion SDR cash to boost COVID-19 recovery
Ghana has received the equivalent of US$1 billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member countries. On 2nd August 2021, the IMF Board of Governors approved a general allocation of SDR456.5 billion, equivalent to US$650 billion out…
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Reported value of fraud against Banks & SDIs hits GH¢1 billion
The reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020 was about GH¢1 billion. This represents an increase of over 750 percent when compared to the reported value of fraud recorded in 2019, which stood at about GH¢115 million. That’s according to the Bank of Ghana’s Banks & SDI…
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Increase Ghana’s oil storage capacity as global prices fall – Dr Sulemana to government
As oil prices on the global markets continue to fall, Energy Consultant, Dr Yussif Sulemana says the government must strive to increase its storage capacity. He argues that this will help cushion the country when prices begin to rise. According to him, “Ghana must have massive storage ability and the reason is that, when these…
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Economist calls for prudent spending as IMF’s $1 billion SDR allocation hits BoG’s account
Sources at the Bank of Ghana have confirmed to Citi Business News that the $1 billion dollars interest-free money expected from the International Monetary Fund (IMF) as part of the Special Drawing Rights (SDR) program, has hit the accounts of the Bank of Ghana. The Board of Governors of the IMF at the start of…
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Address valuation and secrecy concerns raised against GNPC-Aker Energy deal – CSOs to government
A group of civil society organisations working in the extractive industry has asked government to take steps to address concerns raised against moves to increase the country’s stakes in oil blocks operated by Aker Energy and AGM Petroleum Ghana. The group had earlier expressed worry over the valuation of the company, among others. A member…
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COPEC blames recent fuel price hikes on cedi depreciation
The Chamber of Petroleum Consumers says the current increase in fuel prices is largely due to the recent depreciation of the Ghana Cedi. Fuel prices at the pumps of major oil marketing companies shot up from about GH¢6.28 to GH¢6.35 over the weekend, an increase that many consumers have expressed concern over. In an interview…
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Artisanal Palm Oil Producers want 50% reduction in benchmark values reversed
While the Ghana Union of Traders Association, GUTA is calling for the maintenance of the 50% benchmark values reduction policy, Artisanal Palm Oil Millers and Outgrowers say the policy is deepening their woes amidst the Covid-19 pandemic. According to the Artisanal Palm Oil Millers and Outgrowers Association, the policy is rendering locally produced crude palm oil…
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Prof. Quartey urges new BoG board to push for a reduction in loan default rates
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged the new board of the Bank of Ghana to among other things strengthen the Central Bank’s enforcement and regulatory mechanisms. This follows the swearing-in of the board and a call by President Nana Akufo-Addo for the board…