Category: Business
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Ignore appetite for borrowing after rebasing economy – Osei Assibey
Some economists have impressed on government not to add unto the country’s debt even as it prepares to rebase the economy. Though they explain that the incentive to borrow more may be inevitable, the possibility that it will worsen the repayment burden, must be considered. The Ghana Statistical Service is hoping to complete the process…
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Poverty levels to widen over excessive borrowing – IFS
The Institute for Fiscal Studies (IFS) is predicting of a huge distortion to the provision of major infrastructural projects in the country should government fail to tackle the rising public debt stock. The IFS argues that the rising interest payment on the debt continues to drain financial resources allocated to the construction of critical infrastructure…
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Layoffs at Goldfields will impact mining sector adversely – Dr. Yao Graham
The Third World Network is predicting a drastic change in large scale mining in Ghana if Goldfields Ghana’s new mining plan is allowed to sail through. According to the Coordinator for the Third World Network, Dr. Yao Graham, this is also likely to impact the revenue from the mining sector going forward. Goldfields Ghana Limited…
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GNPC still interested in Voltain Basin, looking for investors
The Ghana National Petroleum Corporation (GNPC) has reassured that it has not abandoned oil exploration in the Voltain Basin. The GNPC, some years ago announced that it will commence onshore oil exploration at the Voltain Basin, but checks by Citi Business News show that the corporation is yet to inject the needed funds in the…
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Local producers yet to fully comply with tax stamp policy
It is emerging that some retailers of local excisable products are yet to comply with the tax stamp policy, two weeks into the implementation of the policy. The policy has faced stiff opposition from business associations over the impact it is having on their cost of operations. Citi Business News visited some major retail centers…
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Invasion of GLICO office was lawful—NDK
NDK Financial Services Limited is refuting assertions that it invaded the office of GLICO General Insurance Limited out of mischief. According to NDK, its action on Thursday, 8th March 2018, where it attached some properties of GLICO after a court ruling were in pursuant to the orders of the Court. A press statement copied to…
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Microfinance companies bemoan fraud report among some microfinance institutions
The Ghana Micro-finance Institutions Network has bemoaned the negative impact the alleged embezzlement and fraud by its members will have on its operations. According to the Executive Secretary of the Network, Yaw Gyamfi, the situation has resulted in panic among its members. “It will definitely have a negative impact on the industry and that will…
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AWA renews commitment to safe flights after Kumasi incident
Domestic airline company, Africa World Airlines (AWA), is assuring its customers of their continuous safety on the company’s flights. The assurance comes on the back of an incident it witnessed on one of its aircrafts on a flight to Kumasi on Sunday, March 11, 2018. A statement from AWA and copied to Citi Business News…
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Energy Bank to offload 50% share on stock exchange
Citi Business News has gathered that Energy Bank will by the middle of this year offload more than 50 percent of the bank’s share on the Ghana Stock Exchange. The bank is planning to hold its Initial Public Offer in June. The move is aimed at raising funds to meet the new capital requirement of 400…
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Goldfields workers demonstrate against contract termination
Workers of Goldfields Ghana Limited at the Tarkwa mine today (March 12,2018) embarked on a demonstration over what they say is the termination of their contract by management of the company. This, was after an Accra High Court dismissed an injunction application filed by the Ghana Mine Workers Union to stop Goldfields from switching to contract mining.…