Category: Business
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Otumfuo asks NPA to step up efforts to ensure public safety
The Asantehene, Otumfuo Osei Tutu II has urged industry players in the petroleum sector to collaborate with in order to ensure effective product delivery, and economic growth. The Asantehene was speaking at his Palace in Manhyia when the Chief Executive of the National Petroleum Authority (NPA), Hassan Tampuli, led a delegation made up of some…
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World economy welcoming another financial crisis – Prof Hung Gay
The global economy is heading towards another financial crunch as risky transactions continue in the financial industry. These are the strong words coming from a Professor of Finance of the University of Missouri, Hung Gay. It’s been a decade and over [in 2007] since the world faced a global financial crisis which triggered a series…
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Stock market managers face tough times in raising capital
Stock market analysts are predicting tough times for the managers of the Ghana Stock Exchange at least for the next couple of weeks. The bearish performance of the local bourse for some time now has raised concerns on the impact on existing companies. But it appears the heavier task will be how the managers will…
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Tullow Oil to pay $254m for terminating rig contract in Ghana
A London judge has ordered Tullow Oil to pay rig owner Seadrill about $254 million for wrongfully terminating a rig contract it had with the company in Ghana on grounds of force majeure over a maritime dispute. Tullow cancelled the contract for Seadrill’s West Leo rig in December 2016 after Ghana set a drilling moratorium…
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Tax defaulters to be prosecuted after 31st August
Tax Payers who have defaulted in paying their taxes and are appealing for amnesty, have two months to fulfill their tax obligations or face a jail term. This is because the tax Amnesty issued by the Ghana Revenue Authority (GRA) to give both tax payers and potential tax payers the opportunity to fulfill their tax…
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Bearish stock market performance to end after MTN IPO
Stock market analysts are projecting that the current distortions on the local bourse may continue until such a time that MTN completes its Initial Public Offering (IPO). The stock market’s performance has seen a dip for the past couple of weeks which is affecting trading activities. Some have blamed the development on the massive nature…
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Air Namibia’s comeback to boost trade & tourism
Air Namibia is aiming at improving trade relations between ECOWAS and other regional blocs within Africa with its resumption of operations in Ghana. The airline welcomed its inaugural flight for the new operations last Friday with major commitments to boost air travel. Air Namibia is coming back to Ghana after closing down its operations in…
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BoG enforces banks’ Capital Requirement Directive
The Bank of Ghana has started the implementation of its new Capital Requirement Directive for banks, effective July 1, 2018. The Capital Requirement Directive sets the requirement by which banks will calculate their level of capital as spelt out under the Banks and Specialised Deposit-taking Institutions Act. The Bank of Ghana says its implementation of…
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Managers of Student Loan Fund to drag defaulters to court
Beneficiaries of the Student Loan Trust Fund (SLTF) who have defaulted in their loan payment will soon face legal action. This is according to managers of the fund. The managers had earlier stated that the increase in the fund amount from 1,500 cedis to 3,00 cedis has led to an increase in demand for loans…
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We’ll not reverse economic gains if IMF deal ends – Finance Ministry
The Finance Ministry has assured investors that it will not abandon the economic gains it has made even if the International Monetary Fund (IMF) deal comes to a close at the end of this year. The country will continue to pursue the fiscal discipline and the specific targets the stimulus was meant to achieve in…