Category: Business
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Citi FM adjudged Tourism Oriented Media at National Tourism Awards
Citi FM has been adjudged the Tourism Oriented Media at the 2018 edition of the National Tourism Awards. The event which was organized under the theme” Celebrating Our Heritage” was held at the Ghana Trade Fai Center, La Accra. Citi FM and Citi TV as part of efforts to promote tourism have adopted the month…
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Govt must manage its expenditure to prevent a return to IMF—Prof. Quartey
Economist Professor Peter Quartey is positive Ghana will not return to the IMF if only it manages its expenditure and revenue better in 2020. Some economists have pointed out that governments overspend in election years, creating economic difficulties that compel Ghana to back to the IMF for a bailout. But speaking to Citi Business News,…
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World Bank Africa Vice President Hafez Ghanem to Visit Ghana
World Bank Africa Vice President, Hafez Ghanem will arrive in Ghana on Sunday, March 24, 2019 as part of a three-day mission to the country. Vice President, Hafez Ghanem will pay a courtesy call on His Excellency President Nana Addo Dankwa Akufo-Addo to discuss macroeconomic, fiscal and monetary policies and highlight opportunities for investing in…
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Final IMF disbursement to hit govt’s account on March 29
The International Monetary Fund(IMF) has disclosed to Citi Business News that the final tranche of the 925 million dollar Extended Credit Facility will be paid to government on March 29 2019. The IMF officially ended the Extended Credit Program for Ghana on March 20 which is two weeks earlier than the April 2019 deadline. According…
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IMF approves final disbursement of $185.2m to Ghana
The Executive Board of the International Monetary Fund has approved the final disbursement of about US$185.2 million to Ghana. Ghana is scheduled to complete an IMF programme with the fund in April 2019. According to the IMF, its Executive Board completed the seventh and eight reviews On March 20, 2019, under the Extended Credit Facility…
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Cedi depreciation pushes PPI to 5.4 percent
The Producer Price Inflation for February 2019 went up by 5.4 percent. This represents a 2. 0 percentage point increase from the 3.4 percent recorded in January 2019. The Producer Price Index is the price manufacturers and producers sell their products at the wholesale level. The 5.4 percent increase means retailers paid more on goods…
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COCOBOD signs new $300m facility to boost cocoa production
Ghana Cocoa Board (“Cocobod”)has signed a new 3-year receivables-backed trade finance facility of US$300m. The Facility will be used to refinance Cocoa Bills raised by Bank of Ghana on behalf of Cocobod and/or to finance production enhancement programmes. Cocobod represents various interests of the Ghanaian cocoa industry. It was established in 1947 with the mission…
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Energy Commission to sanction homeowners with improper wiring
The Energy Commission has warned it will sanction owners of buildings that are over 10 years that have not been inspected and rewired. The Commission has served notice it has begun the enforcement of the Electrical Wiring Regulations 2008 which was passed in 2012. The law requires that all buildings both commercial and private residents…
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Cedi struggles: We need to focus on structural problems – Nana Addo
President Nana Akufo-Addo has called for broadening of the discussions on the struggling cedi which he previously said has left him “extremely upset and anxious”. Speaking at a meeting with the leadership of the Ghana Bar Association, President Akufo-Addo said the focus should be turned to the structural problems of the economy. “Our public discourse should also…
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Gov’t raises 3 billion dollars Eurobond
Government has issued 3 billion dollars Eurobond which will mature over three periods of time. The three tranches come at a maturity period of seven years with 7.875 percent coupon rate, 12 years with 8.125 percent coupon rate, and 31 years with 8.95 percent coupon rate. The bond which was the highest ever for an African…