Category: Business
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Minister urges Ghana-China talks on access to Yuan in Ghana
A Deputy Foreign Affairs Minister, Charles Wiredu has waded into debate on the use of Chinese Yuan by Ghanaian traders, asking the government to consider discussions on the issue. He says the move should facilitate easy trade and investment between the two countries. Many business associations have made an appeal to the government to enable…
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ACEP demands basis for direct negotiations for oil blocks
The African Centre for Energy Policy (ACEP) is demanding answers over the existence of direct negotiations in the allocation of oil blocks. In ACEP’s view, this contravenes aspects of the law which states that a petroleum agreement shall only be entered into after an open, transparent and competitive tender process. The energy think tank says…
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Gov’t attracts locals with competitive allocation of oil blocks
The government is anticipating active local participation in oil exploration henceforth. This follows the launch of the country’s first licensing rounds bids evaluation for oil blocks. The exercise is to allow interested investors to own and operate six of the nine available oil blocks. The six oil blocks available for exploration are all located within…
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President launches competitive oil block bidding today
President Akufo-Addo is expected to launch the country’s maiden Oil and Gas Licensing Round next Monday [October 15, 2018]. The purpose of the licensing round is to encourage transparency in petroleum agreements while employing competent and capable companies. The decision is also to enhance cost effectiveness and undertake oil exploration in a sustainable and mutually…
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GRA sued over implementation of CTN
A member of the Ghana Institute of Freight Forwarders, John Kwame Adu Jack has filed a suit at the Supreme Court to prevent the implementation of the Cargo Tracking Note (CTN), which is due to take off next Monday [October 15,2018]. Amongst others, Mr. Jack wants the Supreme Court to declare that the introduction of…
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IMF reviews Ghana’s 2018 GDP down to 6.3%
The International Monetary Fund (IMF) has revised downwards its earlier 6.8 per cent Gross Domestic Product (GDP) projection for the Ghanaian economy in 2018 to 6.3 per cent. According to the Bretton Woods institution’s latest World Economic Outlook Report on World Economy and Financial Surveys, the economic growth will however be higher at 7.6 per…
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President to launch oil block bidding on Oct 15
President Akufo-Addo is expected to launch the country’s maiden Oil and Gas Licensing Round next Monday [October 15, 2018]. The purpose of the licensing round is to encourage transparency in petroleum agreements while employing competent and capable companies. The decision is also to enhance cost effectiveness and undertake oil exploration in a sustainable and mutually…
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Mobile Money interoperability crosses the 1million mark
Cross mobile money wallet transactions otherwise known as mobile money interoperability, has recorded over 1.1 million volume of transactions, from its inception some five months ago. The over 1.1 million transactions was recorded at the end of September, the latest data from the Ghana Interbank Payment and Settlement System (GhIPSS), indicates. The total value of…
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SEC responds to Menzgold suit to appear in court
The Securities and Exchange Commission (SEC) has filed an appearance to respond to a suit brought against it by Menzgold. The gold dealership company has sued the SEC and the Bank of Ghana asking that the court directs the two institutions to stop interfering in its business. Menzgold in its writ also wants the court to…
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Aggrieved customers give Menzgold 4-week ultimatum to pay returns
A group calling itself aggrieved traders of gold dealership company, Menzgold has given the company a four-week ultimatum to pay 50% principal investments of all customers. The group made this known at a press conference to drum home their demands following the refusal of the company to honor contract obligations of paying them their investment…