Category: Business
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Local businesses worst loan defaulters in 2017 – BoG report
Local private businesses were the worst culprits in repaying loans taken from commercial banks for 2017. According to the Bank of Ghana, the businesses constituted 80.6 percent of loan default attributable to the private sector for last year compared to the estimated 7.9 percent of loan default attributable to the private sector, recorded by foreign…
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Fuel crisis looms over cartel in petroleum industry – BOST workers
The Senior Staff of the Bulk Oil Storage and Transportation Company (BOST) are predicting a shortage in fuel following what they say is the continuous interference by a cartel in the company’s activities. Secretary of the Senior Staff Association of BOST, Ekow Sey claims that some Bulk Oil Distribution Companies (BDCs) and highly placed individuals,…
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You can’t do business with gov’t without TIN—GRA warns
The Ghana Revenue Authority has announced that individuals without a Tax Identification Number (TIN), effective today [April 3,2018] will not be allowed to acquire a Drivers’ license, open a bank account, get a passport, transact business with government, or register a business. The TIN, according to the GRA, is aimed at uniquely identifying potential tax…
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‘Great cartel’ manipulating fuel prices – BOST staff warn gov’t
The Junior and the Senior Staff unions of the Bulk Oil Storage and Transportation Company Limited (BOST), have called on the government to move against what they describe as a cartel within the company sabotaging fuel prices. In a statement, the executives of the two unions stated that BOST is the only institution with the adequate infrastructure…
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Govt targets $1.5bn sovereign bond in April
The Finance Minister, Ken Ofori-Atta has indicated that government may go to the international market to raise about 1.5 billion dollars by end of this month (April, 2018). This, is despite the International Monetary Fund (IMF) pressing on government to cut the target to 500 million dollars to control the country’s debt stock. Government had…
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32 banks fail to comply with financial statement publication rules (Article)
If there’s one thing I’ve learned over the years, it’s that little/small things matter. When I moved out of Ghana to US and Canada, one thing that I have seen separate Ghana from those two countries is that the little things matter. Sometimes we blame other people for the state of affairs of our country,…
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Ghana’s 91-day bill yield dips to 13.31%
The Bank of Ghana said the yield on its weekly 91-day bill eased to 13.31 percent at an auction on Thursday, compared to 13.36 percent at the last sale on March 23. The bank said it had accepted all 250.8 million cedis ($56.78 mln) worth of bids tendered for the paper, which will be issued…
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Shutdown of FPSO K. Nkrumah must not affect power supply–ACEP
The Africa Centre for Energy Policy (ACEP) has cautioned government against any potential distortions in power supply due to the planned shutdown of the FPSO Kwame Nkrumah later this year. The energy think tank argues that failure to contain the situation could lead to a power crisis which will discomfort consumers. Operators of the Jubilee…
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Omni Bank urges record, corporate governance in pharmaceutical industry
Pharmaceutical companies in the country have been urged to prioritize the improvement of their corporate governance and book keeping cultures. This, according to the Deputy Head of Business and Personal Banking at Omni Bank, Kofi Nyansafo will strengthen the operations of such companies and improve their profitability. A 2017 research by ACCA and KPMG on…
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HFC Bank’S, Paula Baldwin named Most Outstanding Female Personality in Retail Banking
The General Manager in charge of Retail Banking of HFC Bank, Paula Baldwin has been recognised as the Most Outstanding Female Personality in Retail Banking in Ghana during the Feminine Ghana Achievements awards held at La Palm Beach Hotel. The Awards organized by The Business Executive, is in recognition of her immense contribution and impact…