Category: Business
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National Development Bank to commence operations by July ending – Ofori Atta
The National Development Bank is set to commence operations by the end of July 2021. This is according to the Finance Minister, Ken Ofori-Atta. According to him, government has now been able to raise the required seed capital of over 500 million dollars for the financial institution to fully begin operations. It will be recalled…
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![A look at Ghanaian innovations made with African fabrics [Video]](https://citibusinessnews.com/wp-content/uploads/2021/05/african-print-products.png)
A look at Ghanaian innovations made with African fabrics [Video]
The garment and textile industry has always been a hotbed for innovation. Although African print fabric has been in existence for decades, Ghanaian entrepreneurs are doing their best to still keep made-in-Ghana fabrics in vogue in Ghana and beyond. But how is this being done? Ellen Dapaah takes a look at the new trend of…
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Poor handling of COVID-19 by U.S sees Pound strengthening against Dollar, Cedi and others
Despite the impressive performance of the Ghana Cedi against its major trading currency the U.S Dollar in the past few years, the currency appears to be struggling against the British Pound Sterling and the Euro. Although the Cedi in 2019 lost nearly 13 percent of its value against the US dollar, the performance blights the…
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NPLs likely to reduce following improvement in economy – Banking consultant
A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end…
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Government urged to set up renewable energy authority
A fellow of the Institute of Energy Security (IES) and former Ranking Member on the Mines and Energy Committee in Parliament, Adam Mutawakilu, has reiterated the need for government to make renewable energy a critical component of Ghana’s power mix and create an enabling environment for the private sector to enter the industry. Government has…
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New taxes: We don’t expect changes in price of goods, services – Revenue Officer
The Ghana Revenue Authority (GRA) says it does not expect Ghanaians to feel the impact of the new COVID-19 levy which was rolled out with four other new taxes and levies on Saturday, May 1, 2021. The government in its 2021 budget and fiscal policy announced the introduction of a 1% COVID-19 health recovery levy…
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IFC and SEC partner to develop green bonds market
In its quest to unlock investment for private sector projects that support renewable energy and energy efficiency in the country, IFC and the Securities and Exchange Commission (SEC) have partnered to facilitate investments in projects that address climate and environmental issues through green bonds. Under the agreement, IFC, a member of the World Bank Group,…
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![Ghanaian construction workers losing out to foreign nationals due to poor attitude [Video]](https://citibusinessnews.com/wp-content/uploads/2021/05/1467230597-19-pmc-construction-company-ltd.jpg)
Ghanaian construction workers losing out to foreign nationals due to poor attitude [Video]
Stakeholders in the construction sector have expressed concern about Ghanaian labourers ultimately losing jobs in the thriving sector to their counterparts from other parts of the sub-region. According to them the poor level of training of the average Ghanaian construction worker coupled with their poor attitude to work can be blamed for the growing preference…
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NPA reduces fuel prices by 8 pesewas per litre
The National Petroleum Authority (NPA) has reduced the margin on the price of fuel by 8 pesewas per litre. Following the implementation of the newly-reviewed taxes on fuel, the margin on prices of petroleum products went up by 17 pesewas per litre. But the NPA, after a meeting with stakeholders in the industry, reduced the…
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OMCs likely to implement tax-induced price adjustments from May 4 – COPEC
It appears most Oil marketing companies are yet to adjust upwards their prices of fuel in the national capital, Accra two days after the set implementation date for the newly introduced taxes. The government during the presentation of the 2021 Budget Reading introduced some taxes including the Energy Sector Recovery Levy of 20 pesewas per…