Category: Business
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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Ghana loses $8.3m for failing to charge penalties on surface rentals
The Auditor General has disclosed that the failure to impose penalties on oil companies for delayed payment of surface rental has resulted in a loss of more than $8.3 million in revenue. The Auditor General’s report highlighted that companies defaulting on their payments were not being penalized as required by the Petroleum Revenue Management Act,…
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Tamale Airport likely to be opened in August
The Tamale International Airport may be inaugurated in August this year. The 70-million-dollar Phase 2 project was anticipated to be completed in August 2022. A year on, test runs are underway ahead of expected commissioning. Meanwhile, passengers who travelled to Tamale through the airport were pleasantly surprised to use the all-new 70-million-dollar Phase 2 terminal…
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Encourage public policies to support entrepreneurship – David Tengey
Policy makers have been encouraged to critical give maximum attention to entrepreneurship to transform the competences of the youth towards economic growth. This according to the Executive Director of David Douglas Leadership Forum, David Douglas Tengey will stimulate new employment and accelerate economic development. Speaking at the 6th Lead Yourself Conference which under the theme:…
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Gold Fields Ghana to increase gold production capacity with €450,000 hi-tech rig
Gold Fields Ghana has announced its plans to enhance efficiency and capacity in gold processing with the acquisition of a state-of-the-art comprehensive instrumentation rig, said to be the first of its kind in Ghana’s mining sector and Africa. Speaking at the commissioning of the instrumentation processing rig in Tarkwa, Joshua Mortoti, Head of Gold Fields…
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NPA to commence Cylinder Recirculation Model in September
The National Petroleum Authority (NPA) will, from September, begin the implementation of the revised cylinder re-circulation policy. This first phase is being rolled out six years after the approval of the model. According to the NPA, four bottling plants are ready for takeoff hoping to increase capacity by 50 percent by 2030. The NPA adds…
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Ghana Ports and Harbour justifies tariff adjustment
The Ghana Ports and Harbour Authority (GPHA) has justified its decision to increase port duties, arguing that its port tariffs remain competitive compared to Ghana’s neighbours. GPHA attributed the revision of port tariffs to global economic challenges, inflation, and currency depreciation. In a statement, Ghana Union of Traders’ Association President Dr. Joseph Obeng called on…
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GRA defends contract with Safaritech Ghana
The Ghana Revenue Authority (GRA) has defended its contract with Safaritech Ghana Limited to carry out forensic audits on telecom companies. The Chairman of the Public Accounts Committee (PAC), James Klutse Avedzi, on July, issued a two-week ultimatum to the management of GRA to provide information regarding their contract with auditing firm Safaritech. This ultimatum…
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BoG should not entirely be blamed for GH¢60.81bn loss – Adu Sarkodie
An economist at the University of Ghana, Dr. Adu Sarkodie has defended management of the Bank of Ghana over the GH¢60.81 billion loss the apex bank incurred in the 2022 fiscal year. Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, Dr. Sarkodie indicated that for the period under review, the Bank…
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Economic crisis: We’ve turned the corner – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has revealed that Ghana is currently making modest gains in turning the economy around after experiencing severe economic hardship in 2022. During the 2023 Mid-Year Budget Review presented in Parliament on July 31, Mr Ofori-Atta highlighted that the government’s plans and programmes are starting to yield positive results. In his…