Category: Business
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Gov’t checks overspending with Fiscal Responsibility Act
The government will soon introduce a Fiscal Responsibility Act, which will ensure successive governments do not spend beyond specific fiscal thresholds. Senior Minister, Yaw Osafo Maafo, announced this at the 2018 edition of the Ghana Economic Forum on the theme, “Building a competitive economy for sustainable growth.” He also said government will establish a Fiscal…
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Labour Ministry intervenes in layoffs at Consolidated bank
The Employment and Labour Relations Minister, Ignatius Baffour Awuah has stated that he will by the end of the week meet with stakeholders and workers of the Consolidated Bank alongside some labour unions to address their concerns. Among other things, the meeting would seek to deliberate on labour plans for the consolidated bank and what would…
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Republic Bank launches ‘Republic Medical Loan’
Republic Bank Ghana, a subsidiary of Republic Financial Holdings limited, has launched a new loan product, Republic Medical Loan, specifically to provide Private Health Care Providers with working capital and other bridge financing options. The objective of the loan product is to improve the health service delivery of the nation by empowering the private health…
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Century bond to check overpriced projects – Prof Quartey
The government should be able to finance major infrastructural projects and avoid budget overruns if it is to be successful with the maiden century bond. That is the assertion of Economist at the University of Ghana, Professor Peter Quartey. His comments come on the back of justification for the issuance of the bond by the…
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Ghana must improve strategy & capacity in Chinese negotiations – Ofosu-Dortey
A lawyer and Senior Partner at AB & David Law affiliates, David Ofosu-Dortey has said that Ghana’s seeming fixation with China as the most preferred trade partner is based on the country’s lack of strategy. According to him, Ghana has for a very long time engaged trade partners like China without a detailed strategy hence often…
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$350m China LNG deal to boost oil and gas sector
The Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE) Ghana, Ishmael Agyekumhene has described the 350 million dollar Liquefied Natural Gas (LNG) terminal deal with China as a good agreement that will boost Ghana’s oil and gas industry. Mr. Agyekumhene is optimistic the deal will ultimately secure the supply of fuel…
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ICU negotiates exit packages for Consolidated bank staff
The Industrial and Commercial Workers’ Union (ICU) is to meet the receiver of the Consolidated Bank Ghana soon, over the exit packages for workers of the five collapsed banks. The labour union is hopeful its intervention will reduce the impact of job layoffs on the livelihoods of the affected employees. According to the General Secretary…
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BoG reduces cash in circulation with re-opened bonds
The Bank of Ghana (BoG) could be mopping up excess liquidity in the economy with the re-opening of three Government of Ghana bonds. By this, the central bank is seeking to reduce money in circulation to tame inflation and other economic impacts. The settlement for the three bonds is expected to be made today [September…
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VW plant to be set up by last quarter of 2018 – Pius Hadzide
Pius Enam Hadzide, Deputy Minister of Information, has disclosed that German car manufacturer Volkswagen’s (VW) vehicle assembly plant would be set up in Ghana by the last quarter of 2018. According to him, government has already signed a memorandum of understanding (MoU) with Volkswagen South Africa. Speaking on Citi TV/Citi FM’s Big Issue, the Deputy Minister…
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Economy, banking crisis affected MTN IPO performance
Investment banker, Alhaji Mahama Iddrisu has cited the current banking crisis as well as what he describes as wrong timing as basis for MTN’s inability to reach its target for the Initial Public Offering (IPO). Though he qualifies the subscription as satisfactory, Mr. Mahama Iddrisu believes the offer had the potential to have performed better.…