Category: Business
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Ecobank Ghana stops seizure of assets over GHS10M debt
Officials of Ecobank Ghana at its Head Office in Accra, on Tuesday, July 21, stopped the attempted seizure of the bank’s assets by police officers and bailiffs who were there to enforce a High Court order over a debt the bank owes a private entity. Some police officers came to the premises of Ecobank HQ…
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Close down illegal foreign retail shops at Circle or face our wrath – GUTA warns
The Ghana Union of Traders Association, GUTA, is demanding the immediate closure of all illegal foreign-owned retail shops that have been reopened for business at the Kwame Nkrumah Circle in Accra. According to GUTA, most of the shops were only reopened by the presidential Committee on Foreign Retail Trade to inspect the documents of the…
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Ghana Commodity Exchange to add local rice to listed items
The Ghana Commodity Exchange, which serves as a link between agricultural and commodity producers and buyers, will soon add locally produced rice to its listed items. This comes after the approval of the Securities and Exchange Commission (SEC). This will bring to five the number of items the Exchange trades in including maize, sorghum, soy…
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BoG likely to reduce or maintain policy rate to protect businesses – Lord Mensah
Economist, Dr. Lord Mensah, says he does not foresee an increase in the policy rate anytime soon. According to him, the Central Bank is likely to either maintain or reduce it further to cushion businesses as they are already struggling due to the impact of the Covid-19. The Policy rate determines the rate at which…
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Widen tax net to make up for oil revenue shortfalls in mid-year budget – COPEC to Gov’t
The Chamber of Petroleum Consumers Ghana, COPEC, says government would have to be more serious about broadening the tax net especially by capturing the informal sector if it hopes to make up for the revenue shortfalls created by fallen crude oil prices. According to COPEC, the COVID-19 pandemic has presented an opportunity for government to…
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IES predicts marginal stability in fuel prices for 2nd pricing window in July
The Institute of Energy Security, IES, says fuel prices will be marginally stable for the second pricing window for July 2020 across various pumps in the country. According to them, the stability of the cedi against major currencies and a rise in the prices of Gasoline and Gasoil on the international market, will be the…
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Gov’t must review petroleum agreements in Mid-Year budget – COPEC
The Chamber of Petroleum Consumers Ghana, COPEC, has asked government to immediately review all petroleum agreements and possibly consider the subsequent annulment of non-performing contracts in the interest of the country. According to COPEC, the evidence of non-performance from some of the existing contracts does not paint a sustainable picture for the industry as the…
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Hotels and restaurants urged to serve local poultry to boost industry
Some players in Ghana’s poultry industry have called on government to deliberately introduce policies that will boost the local consumption of poultry as the industry struggles with cheaper imported poultry. The local poultry industry, which suffers largely from minimal government support and excess importation, recently witnessed a jump in demand following limited importation caused by…
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Our buyers have reduced patronage due to COVID-19 – Ghana Commodity Exchange
The Ghana Commodity Exchange says due to the coronavirus pandemic, its buyers within the off-taking chain have reduced. The Exchange is a private-public partnership initiative that provides a regulated market linking buyers and sellers of commodities to trade. Already, the Exchange says the amount of produce it receives for the five listed items from mostly…
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Stanbic Bank Ghana launches new digital banking product ‘Safe and On Top’
Stanbic Ghana has launched its new product, ‘Safe and On Top’, a digital campaign aimed at enhancing customers’ experience by simplifying banking processes. As part of the new system, customers can now use the bank’s 120 ATMs not only to withdraw cash up to 10,000 cedis, but also deposit money into any Stanbic Account and…