Category: Business
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Planned IMF exit causing investors to hold back funds as cedi suffers
Economist and consultant Dr. John Kwakye has stated that Ghana’s planned exit from the International Monetary Fund (IMF) programme next month has created uncertainties among some investors, contributing to the fall of the cedi against the dollar. According to him, some investors who are willing to bring their funds into the country are unsure of…
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Govt delegation led by Finance Minister begins Eurobond roadshow
A government delegation comprising a team from the Ministry of Finance and officials from the Bank of Ghana (BoG) will today begin a Eurobond road show. Government is planning to raise three billion dollars through the bond to cater for infrastructure development in the 2019 budget as well as retire some maturing debt. The Minister…
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GRA misses Tax Amnesty Policy target of GHS500 million
The Ghana Revenue Authority (GRA) missed its 2018 Tax Amnesty Policy target of GHS500 million. The GRA was able to recoup GHS287 million cedis from the Policy which ended in September 2018. The Authority projected to recoup between GHS300 million and GHS00 million from the policy it introduced to encourage the taxable citizens who had not…
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Cedi depreciation must be halted to save industries–AGI
The Association of the Ghana Industries(AGI) has urged government to put in measures that will stabilize the cedi against the dollar. This follows a recent announcement by the Finance Minister, Ken Ofori-Atta, that the free fall of the cedi against the dollar, will be curtailed in the coming weeks. The cedi has depreciated against the…
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We’re nowhere near the era of dumsor—Energy Minister insists
Energy Minister, John Peter Amewu has called on Ghanaians to dismiss claims by the Minority in Parliament that government has returned the country to an era of load-shedding popularly called “Dumsor”. This follows recent calls by the Minority on government to be candid with Ghanaians and release a load shedding timetable following the recent power…
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Cedi depreciation to push fuel prices to ‘all time high’ –IES
The Institute of Energy Security is predicting that prices of fuel will reach an all-time high within the second pricing window in March. The IES says fuel prices could go up by 2.5%. This, they attribute to the depreciating rate of the cedi. Citi Business News finds out how consumers will accept this development. The…
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Power to be normalized within five days – Amewu
Ghanaians will have to endure the recent power outages for five more days. This is according to the Minister of Energy, Peter Amewu who blamed the recent outages on technical challenges and the construction of an interchange at Pokuase in Accra. Many parts of the country have been hit with widespread blackout twice this week.…
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Parliament defers passage of GHc2bn for Ghana Amalgamated Trust
The Government’s decision to support five local solvent but undercapitalized banks through the Ghana Amalgamated Trust (GAT) suffered a setback on Wednesday as Parliament deferred the passage of a GHc2 billion cedis sovereign guarantee for use by the Trust. After a debate on the Finance Committee report which recommended its approval by majority decision, the…
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Fuel prices to increase further if cedi depreciation continues—OMCs warn
Oil marketing companies (OMCs) are bemoaning the dire impact the cedi depreciation is having on their operations. The OMCs warn they may be forced to increase their prices at the pumps if the rate of depreciation continues. The local currency has depreciated more than 8.5 percent this year, hitting GHS5.54 from GHS4.99 at the beginning…
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Stakeholders in maritime industry call for Maritime Transport Policy
Stakeholders in the Ghana Maritime Authority are calling for the development of a comprehensive Maritime Transport Policy as soon as possible. According to them, such a policy will streamline activities in the maritime sector—enhancing its contribution to trade. The comments were made at the opening ceremony of the National Maritime Transport Policy Workshop held here in Accra. The…