Category: Business
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Banks seek shorter maturities in local debt-swap deal
Ghanaian banks are holding out for better terms in a domestic bond-exchange program aimed at easing the government’s debt-service burden. This is according to Bloomberg. No bank will make a profit in 2022 if they accept the new bonds offered under the exchange, and some face collapse, according to two people familiar with ongoing talks…
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Zenith Bank ceases trustee services in unit trust schemes in Ghana
Zenith Bank Ghana Limited, a licensed Trustee that engages in Trustee activities in the securities industry and capital market in Ghana, has voluntarily requested to cease its unit trust services in the country. A statement issued by the Bank however noted that “all other businesses within the Capital Market are operational.” The statement by the…
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Gold for oil policy will reduce pressure on forex – Bawumia
The Vice President, Dr Mahamudu Bawumia is confident that the gold for oil policy will reduce the pressure on forex and also present the country with cheaper fuel. The government took delivery of 40,000 metric tons of the first consignment of the gold for oil deal on Monday. Many have, however, raised concerns about the…
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Ghana best place for business – Nana Addo woos UAE investors
President Nana Addo Dankwa Akufo-Addo is courting the support of investors in the United Arab Emirates (UAE) to consider Ghana as a destination of choice for investment. Nana Akufo-Addo says Ghana’s political stability and friendly environment make it an ideal place to invest. Speaking at the UAE-Ghana Investment Summit in Dubai, Nana Akufo-Addo said Ghana…
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Registrar of Companies increases fee for business registration
The Office of the Registrar of Companies (ORC) has announced an increment in the fees and charges on all transactions including Incorporation and Registration of Businesses, Amendments, and the filing of Annual Returns. The increment took effect on Sunday, January 1, 2023. The increment according to the Office of the Registrar of Companies is in…
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Oxford Business Group signs MoU with the AGI for new analysis
The Oxford Business Group, OBG, has signed a memorandum of understanding (MoU) with the Association of Ghana Industries (AGI) as it begins work on “The Report: Ghana 2023.” Under the agreement, the AGI will team up for a fourth time with OBG to produce the Private Sector chapter of the report and other content for…
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GNPC exploring hydrocarbon prospectivity of Ghana’s Voltaian basin
Ghana National Petroleum Corporation (GNPC) is currently exploring the hydrocarbon prospectivity of Ghana’s onshore sedimentary basin (Voltaian basin). The prosectivity exploration is being conducted under a Reconnaissance license through a mix of geophysical, geological and geochemical techniques. According to the CEO of GNPC Opoku Awheneeh Danquah, the Corporation is looking forward to “crown our efforts…
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SSNIT increases pensions by 25%
The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by an average of 25 percent. The review will see all 234,000 legitimate pensioners on the SSNIT pension payroll as of the end of December 2022 have their monthly pensions increased by a fixed rate of 19 per cent, plus a redistributed…
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Govt, Organized labour agree on 30% base pay increment
Government has agreed to increase the base pay on the Single Spine Salary Structure by 30% for all public sector works. This comes after several negotiations it had with Organized Labour. The group earlier demanded a 60% increment as compensation for the harsh economic conditions. Minister for Employment and Labour Relations, Ignatius Baffour Awuah said…
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NPA revokes licenses of 30 OMCs
The National Petroleum Authority (NPA) has revoked the licenses of 30 oil marketing companies. This was announced in a statement issued by the NPA. “The National Petroleum Authority wishes to bring to the attention of the general public that the licenses of the underlisted Oil Marketing Companies have been revoked for non-compliance with the rules…