Category: Business
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BoG reduces policy rate to 17%
The Bank of Ghana (BoG) has reduced the policy rate to 17 percent. This represents a 100 basis points reduction in the policy rate which was at 18 percent. Today’s announcement comes after the central bank reduced the rate from 20 percent to 18 percent in March this year. The announcement was made after the…
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BoG likely to reduce policy rate again – Razia Khan
A Senior Economist with Standard Chartered Bank, Razia Khan is projecting that the Bank of Ghana may reduce the policy rate today, May 21, 2018. The Monetary Policy Committee (MPC) of the central bank is expected to announce a policy rate today after concluding its review on the economy. The MPC, at its last meeting…
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COCOBOD gets $1.3bn for 2018/2019 crop season
COCOBOD has commenced moves to raise 1.3 billion dollars through a syndicated loan to cater for the sale of cocoa beans for the 2018/2019 crop season. A statement released by COCOBOD and copied to Citi Business News said the consortium of banks to provide the facility included ABN AMRO Bank, Bank of China, Industrial and…
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Ghana’s debt hits 145 billion cedis
Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars…
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Fuel smuggling: Ghana loses $200m in 2 years
Ghana lost 200 million dollars in both 2016 and 2017 as a result ofthe smuggling of fuel into the country, the National Petroleum Authority has revealed. According to the head of research at the authority, Shiela Abiemo, up to 300,000 metric tonnes of fuel used in the country are not recorded and no taxes paid…
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Bayport rewards drivers for promoting road safety
Bayport Savings and Loans Company has rewarded three drivers who have exhibited discipline on the road in the ‘Bayport Save a Life Campaign’. The project is part of the company’s Corporate Social Responsibility programmes targeted at commercial drivers and car owners in the informal sector who together with the company promote a campaign on safe…
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Mining Atewa forest will make Ghana worse off—Group
The Executive Director of Aroucha Ghana, a group against mining in the Atiwa forest, Daryl Bosu has maintained that the group will continue to oppose any move by government to mine bauxite in the Atewa forest in the Eastern region. According to him, mining in the Atiwa forest will destroy water bodies in the area…
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Accountants, Auditors must help in building Ghana
An Associate Director at Deloitte Ghana, Kwabena Situ is advising players in the accounting and auditing space to develop their capabilities to tackle issues of national concern to strengthen the economy. Mr. Situ is optimistic the improvement will also aid in contributing their quota to national development. “When communicating data, you need to be aware…
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Decouple Banking Supervision Dept. from BoG—Cal Bank MD
The Managing Director of Cal Bank, Frank Adu is calling for a decoupling of the Banking Supervision Department from the Bank of Ghana(BoG) to enhance its monitoring roles. According to him, the department is currently under resourced hence is unable to fully undertake its responsibility of monitoring and sanitizing the banking sector. Speaking to journalists…
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Freight Forwarders refute cheaper UNIPASS cost claims
Opposition to the proposed introduction of a new company to undertake trade facilitation activities at the ports has intensified with Freight Forwarders being the latest group. The businesses tell Citi Business News, the removal of GCNet and West Blue from the goods clearing process, will cost the nation hugely due to non-expired contracts with them.…