Category: Business
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Akufo-Addo appoints Farouk Mahama as Board Chair for Ghana Integrated Iron and Steel Corporation
The President, Nana Addo Dankwa Akufo-Addo, has appointed the Member of Parliament for Yendi in the Northern Region, Farouk Aliu Mahama, as the Board Chair of the Ghana Integrated Iron and Steel Corporation. President Akufo-Addo made the announcement on Saturday, August 7, 2021. According to the President, Mr. Mahama is expected to ensure that the…
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CSOs petition Parliament over GNPC’s move to acquire stakes in Aker Energy, AGM Petroleum
A group of civil society organisations working in the extractive industry are calling on Parliament to reconsider the planned acquisition of stakes in Aker Energy and AGM Petroleum Ghana oil blocks by the Ghana National Petroleum Corporation (GNPC). The group made up of 15 civil society groups, said the possible merits of the deal “cannot…
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Inaccurate data could hamper Ghana’s Credit Reporting System – Banking Consultant
Banking consultant Nana Otuo Acheampong has charged the Bank of Ghana and institutions participating in the Credit Reporting System (CRS) to ensure accuracy in the data they collect. According to him, poorly kept records could lead to innocent borrowers being rated unfairly by lenders. The remarks come on the back of the announcement of the…
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Côte d’Ivoire-Ghana welcome other cocoa producing countries to the table
The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo says the country is ready to welcome other cocoa-producing countries in the sub-region to the Côte d’Ivoire-Ghana Cocoa Initiative. Even though the initial agreement centres on the two largest cocoa-producing countries in Africa, Ghana and Côte d’Ivoire, the secretariat says it is…
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Banks see strong growth in their asset base in 1st half of 2021
Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows steady growth in their total assets. While banks like UBA Bank and OmniBSIC Bank saw their asset base grow by almost 40 percent at the end of the first half of 2021, when…
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Construction Chamber welcomes formation of Road Fund Board
The Ghana Chamber of Construction Industry has welcomed the announcement by the government of the constitution of the Road Fund Board. The chamber has been at the forefront of calls on the government to constitute the board so its members who are in some cases owed since 2017 can be paid for projects executed. Chief…
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ADB leads in profit growth rate as banks remain profitable in 2021
Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows promising increases in profits for some and some slowdown in profit growth for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 13 of Ghana’s top banks covering January…
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10% of ECG’s revenue unaccounted for – Energy Minister
At least 10 percent of electricity produced by the Electricity Company of Ghana and consumed by the public cannot be accounted for, the Minister of Energy, Dr Matthew Opoku Prempeh, has revealed. The situation, he said, meant that for every 1,000 megawatts of electricity sold, 100 megawatts is unaccounted for, insisting that a company with…
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New gold refinery to start in October – PMMC
Barring any last-minute hitches, Royal Gold Ghana Limited (RGGL), a refinery in which the state has a 20 per cent stake, will begin operation by the end of October this year. The RGGL, which is a partnership between the Precious Minerals Marketing Company (PMMC) and Rosy Royal Limited, an Indian company, is located on the…
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Maiden AfCFTA-Angola Business forum held in Accra
The maiden African Continental Free Trade Area (AfCFTA) – Angola Business Investment Forum, has been organised in Accra to boost bilateral businesses. The event forms part of activities marking the three-day official visit of President João Manuel Gonçalves Lourenço of Angola to Ghana. The aim of the Forum was to further expand bilateral business relations…