Category: Business
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Newly inaugurated COCOBOD board tasked to ensure prudent payments to LBCs
The Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto, has charged the newly inaugurated eleven-member board of the Ghana Cocoa Board (COCOBOD) to address the issue of delayed payments to Licensed Buying Companies (LBCs). For months now, the cocoa sector has been faced with the problem of Licensed Buying Companies carting cocoa from farmers…
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Digital payments: Stakeholders call for collaboration among industry players
The Bank of Ghana has urged private players in the digital payments industry to collaborate with each other in order to further boost the penetration of electronic payments in the country. Despite mobile money service’s significant contributions to Ghana’s financial inclusion drive, cash transactions still remain a dominant base of the local economy. Speaking at…
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Surge in food prices pushes year-on-year inflation rate to 9% in July
Significant increases in food prices across the country have pushed year-on-year inflation for July 2021 to 9%. This is the highest rate of inflation recorded since March of this year when the inflation rate stood at 10.3 percent. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service. The…
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Akufo-Addo appoints Kofi Dzamesi as CEO of Bui Power Authority
A former Minister for Chieftaincy and Religious Affairs, Samuel Kofi Dzamesi has been appointed as the Chief Executive Officer of the Bui Power Authority. His appointment was confirmed in a letter signed by the Chief of Staff, Akosua Frema Osei-Opare on July 30, 2021. “Pursuant to Section 9 (2) of the Bui Power Authority Act,…
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BoG partners Giesecke+Devrient to pilot digital currency in Ghana
The Bank of Ghana has join forces with Giesecke+Devrient (G+D) to pilot a general-purpose Central Bank Digital Currency (retail CBDC) in Ghana. G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders. To…
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Provide financial institutions with accurate data – Banking Consultant tells Ghanaians
Ghanaians have been cautioned against providing inaccurate personal data to financial institutions and other institutions participating in the Credit Reporting System (CRS). The advice comes on the back of the expansion of the list of companies that can participate in Ghana’s Credit Reporting System. The Credit Reporting System (CRS) is a database established under Act…
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New SEC Board charged to work efficiently to drive economic growth
The Minister of Finance, Ken Ofori-Atta has inaugurated the Board of the Securities and Exchange Commission (SEC). The reconstitution of the Board was in line with the Securities Industries Act, 2016 (Act 929) as amended. Speaking at a ceremony to inaugurate the Board for the SEC, the Ghana Revenue Authority and the Social Security and…
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GNPC’s plan to increase stake in Aker and AGM troubling – CSOs
News of efforts by the Energy Ministry to get Parliament to give them, along with the Ministry of Finance the mandate to agree on a purchase price with Aker Energy and AGM, in connection with plans by the Ghana National Petroleum Corporation (GNPC) to acquire stakes in the two oil and gas companies, has generated…
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Bank of Ghana revises mergers and acquisitions directive
The Bank of Ghana still reserves the sole right to approve any merger, acquisition or transfer of shares and stakes in any regulated financial institution. This is according to the new directives on Mergers and Acquisitions issued by the Central Bank. Under the new set of directives, the Bank of Ghana draws heavily on its…
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Some fertilizer suppliers yet to receive money released by government – Peasant Farmers
The Peasant Farmers Association says the government is employing a delayed approach in settling debts owed fertilizer suppliers in the country. This comes after the Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto, told Parliament on Thursday, August 5, 2021, that GHS260 million had been released to pay fertilizer suppliers under the Planting for…