Category: Business
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Article: Why most refineries in sub-Saharan Africa fail to report profits
On annual basis, millions of dollars of tax-payers money are spent on oil refineries within sub-Saharan Africa (SSA), in the name of repairs and turn-around maintenance. Yet these refineries are unable to work close to installed capacities, forcing the region to continue importing almost all the refined oil products it consumes. These refineries have failed…
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COCOBOD seeks US$2billion bond to clear ‘legacy’ debts
The Ghana Cocoa Board (COCOBOD) has disclosed its long term plan to issue a bond to correct the books of the company. The industry regulator believes the move should help it renew confidence amongst its lenders and sustain its role in developing Ghana’s cocoa sector. The bond is expected to raise about 2 billion dollars…
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Bulk of exports responsible for Ghana’s trade surplus coming from foreign entities — Economist
Economist Professor Godfred Bokpin is warning that the full benefits of the recent trade surpluses that Ghana has been recording, will not be enjoyed if the local content contribution to Ghana’s export figures is not improved. According to Professor Bokpin, Ghana’s exports are currently dominated by the activity of foreign firms, especially in areas like…
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Ghana Standards Authority collaborates with AGRA, Mexico to fight aflatoxin
Farmers involved in the production of grains are to benefit from a technology to help fight aflatoxin, which has for years posed as a hazard to their activities. This follows the latest collaboration by the Ghana Standards Authority (GSA), the Alliance for a Green Revolution in Africa and the Embassy of Mexico. The three stakeholders…
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Cheques usage declines as MoMo grows stronger — Bank of Ghana report
Cheques popularity as a means of payment declined in the first quarter of 2019, data from the Payment Systems Department of the Bank of Ghana has shown. According to the central bank’s data, which excludes in house cheques, the total number of cheques cleared in the first three months of this year stood down by…
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Business Dev’t Ministry partners with Spanish firm to train 2,000 entreprenuers
The Ministry of Business Development has partnered with the Institute for the Creation and Development Enterprise (INCYDE) in Spain to provide training for entrepreneurs in Ghana to acquire skills to compete on the global market. The agreement which was signed in September last year, seeks to support the government’s vision of a Ghana beyond aid…
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COCOBOD closes purchases for 2018/19 main crop season
The Ghana Cocoa Board will on Thursday [May 30, 2019] cease its purchases of cocoa beans for the 2018/19 main crop season. The decision was contained in a statement by the sector regulator to Citi Business News. COCOBOD said that it will however allow Licensed Buying Companies (LBCs) to obtain returns from up country centres…
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Policy rate: Be measured with expectations of drop in interest rates – Prof. Quartey
Economist with the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has maintained that business may have to be measured with their expectation of a drop in interest rates despite the central bank’s decision to keep the policy rate unchanged at 16 percent. The Monetary Policy Committee (MPC) at the end of…
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US$40m lost to oil palm smuggling annually
Government loses an estimated US$40million annually from the smuggling of oil palm products into the country through unapproved routes. Information gathered by the Oil Palm Development Association (OPDAG) of Ghana revealed that some brands of refined palm oil (cooking oil) are smuggled into Ghana from Togo, and through various entry points in the Upper East…
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![[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes](https://citibusinessnews.com/wp-content/uploads/2019/05/alex-mould-1.jpg)
[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes
The current crisis within Ghana’s banking sector has left us all perplexed; with many unanswered questions. On one hand, we are being asked not to blame the current Governor of BoG since he is only implementing recommendations that he received when he took over from the previous Governor. So, that means the previous administration’s Governor…