Category: Business
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BoG to build additional reserves to deal with cedi depreciation
The Bank of Ghana says it intends to build additional reserves of up to 300 million cedis to stabilize the country’s currency. This will be a medium-term solution to prevent the free fall of the cedi. The currency has performed marginally well within the first half of the year, compared with other major currencies such…
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Disburse stimulus package quickly – Ghana Tourism Federation urges gov’t
The Ghana Tourism Federation, GHATOF, has asked government to fast-track the disbursement of the stimulus package set aside to support Small and Medium Scale Enterprises affected by the COVID-19 pandemic particularly in the hospitality sector. Aside from the aviation sector, the tourism and hospitality industry globally, is the most affected by the COVID-19 pandemic, and…
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Transport fares reduced by 10% effective August 1
Transport fares have been reduced by 10% effective Saturday August 1, 2020. This leaves only 5% of the 15% increment which will take effect from August 1. The decision was taken after a meeting between transport operators and the Ministry of Transport. On July 7, 2020, government approved a 15% hike in transport fares to…
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Submission of bids for purchase of assets of defunct Microfinance, S&L firms extended
The Receiver of the 347 insolvent Microfinance Companies and 23 Savings and Loans Companies and Finance House Companies, Eric Nana Nipah, has extended the deadline for the submission of bids to purchase the assets of the dissolved companies by two more weeks. The initial deadline was Monday, 27 July 2020, but has been extended to…
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GN Bank wasn’t a ponzi scheme – Groupe Nduom replies Finance Minister
Groupe Nduom, owners of defunct GN Bank, has debunked claims that it operated as a ponzi scheme prior to being declared insolvent by the Bank of Ghana. According to them, the Minister of Finance, Ken Ofori-Atta, while speaking in an interview on Accra-based, Asaase Radio on Sunday, July 26, stated that “When we got into…
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Economists react to BoG’s decision to maintain policy rate at 14.5%
Some economists have reacted to the decision by the Bank of Ghana, BoG, to maintain the policy rate at 14.5%. The policy rate, which is the rate at which the central bank lends to commercial banks, and is also used by banks to calculate their base rates, was kept unchanged at 16 percent for at…
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Jirapa Municipal Assembly distributes 100,000 cashew seedlings to women farmers
As part of measures to halt the persistent migration of women to southern Ghana in search of menial jobs, the Jirapa Municipal Assembly in the Upper West region has distributed 100,000 cashew seedlings to deprived women farmers in two communities. The distribution of the seedlings which is under the Ghana Productive Safety Net Programme is…
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A Dishonest Employee or Customer; A Major Threat To A Start-up Business
According to Claude Grunitzky, a renowned Global media entrepreneur, regardless of your business idea, the entrepreneur must ask him or herself, “what is the single necessary and sufficient condition for a business?” It is not a product, a technology, a customer need, a business plan, a vision, a strong team, investors, or competitive advantage. While…
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‘Operation Feed Yourself’: Work progresses on Citi FM and Citi TV farm
As part of its commitment towards the ‘Operation Feed Yourself’ project, Citi FM and Citi TV have begun work on a 100-acre farmland in the Eastern Region. The initiative, which was launched last year, seeks to encourage people to consider agribusiness as a viable livelihood. Citi FM and Citi TV are known not only for…
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La Palm Royal Beach Hotel staff resume work after assurances over unpaid salaries
Disgruntled employees of the La Palm Royal Beach Hotel in Accra, on Monday, July 27, agreed to resume work after protesting against management over poor conditions of service and unpaid salaries. The workers arrived at the decision after a two-hour long meeting between executives of the Industrial Workers Union of the Trades Union Congress, members…