Category: Business
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BoG’s MPC concludes assessment of economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will Friday, May 18, 2018, conclude its meetings on assessing the economy. The committee is expected to provide its verdict on the economy and announce a new policy rate on Monday, May 21st, 2018. At the last MPC meeting in March, the policy rate was…
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LPG retailers to strike on Monday over cylinder circulation policy
The Association of LPG retailers will embark on a strike across the nation on Monday over the government’s plan to implement the cylinder re-circulation policy. This means consumers will not be able to buy the product at various retail outlets from Monday. The Operators, who are opposed to the policy, say their businesses will collapse…
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Joint inspection at ports starts on June 1
Joint inspection of imported goods at the port is set to take effect from June 1, 2018. This means that the Ghana Standards Authority, Ghana Revenue Authority and the Food and Drugs Authority will all inspect goods imported into the country simultaneously. Vice President Dr. Muhamadu Bawumia directed the institutions to among other things begin…
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Ghana to adopt new formula for royalties in mining sector
Dividends accruing to Ghana from mining activities should increase significantly with the adoption of a new formula for calculating the figure. The new system has become necessary as the country is reported to have been losing millions in revenue to the mining sector over reports of little or no profits by the mining companies. These…
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Bawumia justifies review of mobile money interoperability deal
The Vice President, Dr Mahamadu Bawumia has justified the New Patriotic Party (NPP) administration’s decision to review the controversial 4.6 billion dollars Sibton Switch System deal downwards, describing it as the right decision. Speaking at the launch of the Pay Systems Company Limited in Accra today [Wednesday], Dr. Bawumia said the country is getting more…
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Fuel prices go up by 2%–IES
Prices of fuel are likely to go up by about 2 percent for the second pricing window in May. This means that from today [May, 16, 2018] till the end of the month, consumers should be prepared to pay more for any quantity of petrol or diesel they purchase at the various pumps. “For this…
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Energy Ministry opens Ghana’s oil blocs for competitive bidding
The Minister for Energy, Boakye Agyarko has inaugurated a committee to supervise the open competitive bidding of Ghana’s oil blocs to prospective oil exploration companies. The committee, known as the Licensing Bid Evaluation and Negotiation Committee will assess investors seeking to start oil exploration and production in Ghana, and advise the minister before an agreement…
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Be innovative to compete with fintechs—BoG Governor to banks
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has urged banks to innovate or risk being disrupted by emerging financial technology companies in the country. Acknowledging the competition being posed to banks by the emerging financial technology companies otherwise known as Fintechs, the governor called for the banks to reinvent themselves. Speaking at the launch…
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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt
It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are…
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Dusk Capital launches ‘conquer your fears campaign’
Investment Bank, Dusk Capital has launched a campaign dubbed ‘Conquer your fears’ to boost public confidence in investment and encourage people to save towards their future. The PR campaign which comes in two phases, is also aimed at helping people overcome their fears in life as they prepare for future endeavors. The first phase saw…