Category: Business
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MiDA resolute with local ownership in ECG
The Millennium Development Authority (MiDA) has stressed that it will protect the interest of the government of Ghana in selecting a private manager for the ECG. It follows concerns raised by one of the concessionaires, a French electricity conglomerate, EDF which together with its local partner, CH Group is protesting the 51% mandatory Ghanaian ownership…
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Court to rule on Goldfields workers’ case on March 2
An Accra High court has set the 2nd of March to deliver its ruling on the fate of some 1,700 workers of Goldfields Ghana who have been laid off by the company. The Judge, Laurenda Owusu said she will rely on the relevant provisions in civil procedure rules, CI 47 and all the processes filed to deliver…
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Global 5-Star Shangri La hotel to operate in Ghana—Yofi Grant
The Ghana Investment Promotion Center(GIPC) has disclosed that more international hotel managers have expressed interest to set up 5-Star hospitality facilities in Ghana. This, the GIPC said is in response to government’s new move aimed at growing the tourism industry to make it the number one job creation avenue for Ghanaians. One such hospitality operator…
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Karpower relocates vessel to Takoradi
Karpowership Ghana Company Limited has confirmed to Citi Business News plans to relocate its floating power plant from Tema to Takoradi. The Company further highlights its intentions to do so by the end of the second quarter of this year. Ahead of the relocation, the company has held various stakeholder meetings to sensitize stakeholders in…
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Marine Drive Project to change face of tourism—GTA
The Chief Executive Officer of the Ghana Tourism Authority(GTA), Akwasi Agyeman has stated that the Marine Drive Project will change the face of Ghana’s tourism industry while it creates thousands of jobs. According to him, the project is already attracting investors ahead of its implementation. The marine drive project will see government partner investors to…
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Poor competition among banks cause of high interest rates
Economist, Dr. Ebo Turkson has told Citi Business News that interest rates on loans will continue to be high, until competition amongst the banks improves. The latest data from the Bank of Ghana indicates that the average base rate at which commercial banks lend to their customers has dropped by only 0.1 percent. The figure…
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Petroleum Commission halts fast paced contract approvals
The Petroleum Commission has warned that it will not approve any petroleum contract that does not fulfill the three months’ mandatory notice ahead of its implementation. The caution follows what the Commission describes as the abuse of the law by oil companies. According to the CEO of the Petroleum Commission, Egbert Faibille, the issue also…
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It’s time for BoG to finance gov’t budget—Dr. Osei-Assibey
Some economists have made a strong case for Bank of Ghana(BoG) to finance government’s budget by targeting some specific areas of the economy. According to them, such a move will reduce the financial pressure on government as it moves from aid to trade with developed partners. The International Monetary Fund (IMF) as part of its…
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Opponents of CTN demand strict monitoring at ports
Business associations want custom authorities to be tough and avert any lapses in the clearing process at the ports. They argue that the inability to implement existing laws have partly accounted for the losses hence must be checked. The comment comes after the suspension of the Cargo Tracking Notes (CTN) last Friday, February 16, 2018.…
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Banks base rate drop marginally in January
The interest rate at which commercial banks lend to their customers has dropped to 25.6% in January 2018 . This represents a 0.1 percent change from the previously recorded 25.7 percent in December 2107. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of…