Category: Business
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Ghana among top smartphone users in Africa
A recent report on the Ghanaian Mobile Sector by Africa’s leading e-commerce company Jumia, has revealed that Ghana is one of Africa’s largest mobile markets, with about 34.57 million subscribers and a penetration rate of 119%. The report further revealed that there are 10.11million active internet users in Ghana meaning nearly ⅓ of the country’s…
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No significant increase in fuel prices-IES
The Institute of Energy Security (IES) has predicted prices of petroleum products to remain stable for the second pricing window in March. The IES largely attributes the prediction to the insignificant increase in the price of key indicators such gasoline on the international market. “Fortunately for consumers in this window, the international indicators have been…
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Banks resist crypto currency use in Ghana
Some banks have expressed strong resistance to the adoption of crypto currency in Ghana describing it as grounds of breeding money laundering and other financial crimes. The banks have also cited the absence of a law as basis for their posture. There have been calls on the central bank to allow the use of crypto…
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Ghana’s inflation to hit single digit by April (Article)
Headline inflation increased to 10.6% year on year in February from 10.3% year on year in January, driven largely by higher food inflation. The rise in February’s print was broadly in line with our expectations and does not alter our view on policy rates in the year ahead, particularly as inflation is in an entrenched downtrend.…
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Govt signs $39m deal to finance planting for food & jobs
Government has signed a 39 million dollar loan agreement with the African Development Fund (ADF) to support government’s planting for food and jobs program. The facility is to finance the Savannah Zone Agricultural Productivity Improvement Project (SAPIP). A statement from the Finance Ministry and copied to Citi Business News said the project will be implemented…
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ECG will go back to PURC if it make losses
The Managing Director of the Electricity Company of Ghana(ECG), Samuel Boakye-Appiah has given the strongest indication that the power distributing company will not hesitate to go back to the Public Utilities Regulatory Commission(PURC) if the if the implementation of the tariff reduction leads to losses. He stated that even though the ECG was expecting an…
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ECG tariff reduction to reflect in bills by 1st April
Consumers of electricity should expect the reduction in tariffs from April and not from tomorrow[15th March,2018] as announced by the Public Utilities Regulatory Commission (PURC). This is because the Electricity Company of Ghana (ECG) explains that the implementation cannot reflect on the bills of consumers due to the monthly cycle billing system it uses. The…
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Debt Audit Commission will only deepen bureaucracies – Govt
Government has described as a duplication of functions suggestions for the creation of a Debt Audit Commission to regulate the country’s borrowings and reduce its debt burden. Chairman of Parliament’s Finance Committee, Dr. Mark AssibeyYeboah explains that yielding to such requests will rather complicate the current issue as there already are institutions which have oversight…
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Parliament to conclude report on Goldfields by end of March
Chairman of the Mines and Energy Committee of Parliament, Emmanuel Akwasi Gyamfi has told Citi Business News the committee will present its report findings on Goldfields to Parliament before it goes on recess. According to him, the committee has engaged the various stakeholders and is in the process of wrapping up their findings to be…
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Review application over $ 60m NIB judgment debt case dismissed
The Supreme Court has dismissed a review application seeking to overturn its own decision dismissing a 60 million dollar judgment debt the High Court ordered the National Investment Bank (NIB) to pay Dominion Corporate Trustees Limited in 2013. According to the panel of seven justices of the Supreme Court, the review suit filed by Dominion…