Category: Business
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Government urged to minimize interference in decision making activities of SOEs
Senior Partner at AB & David, David Ofosu-Dorte says privatization of State Owned Enterprises (SOEs) is not the only way to ensure they consistently churn out profit and help in the growth of Ghana’s economy. According to him, in spite of the high proceeds, the net direct revenue from privatization has been relatively modest, due…
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Gov’t will still struggle to meet 2022 revenue target despite E-Levy passage – Seth Terkper
Former Finance Minister, Seth Terkper has expressed doubt over government’s ability to meet the revenue target of GH¢ 100 billion, despite the approval of the Electronic Transfer Levy (E-levy) law. The implementation of the E-levy, which is expected to commence in May 2022, was originally expected to help bring in about GH¢6.9 billion this year…
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Beefeater awards GHc. 18K to winners of “cocktails of the future” contest
The stories of a boy from Bantama and a girl who had to hustle on the streets of Ashaiman, and deferred dreams were the ultimate mix of a cocktail of stories that graced the ears of many. The Beefeater Cocktails of the Future competition had one simple mission – they sought to bring the best…
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Ghana’s free market structure prohibits regulation of cryptocurrencies – Banking Consultant
Banking consultant Nana Otuo Acheampong has blamed Ghana’s free-market economy for the Bank of Ghana’s inability to institute punitive measures to prevent persons from introducing and operating cryptocurrency schemes in the country. The remarks follow recent press releases by the Bank of Ghana (BoG) warning the public against patronizing cryptocurrencies such as Bitcoin and the…
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Unveiling of Pamville – Accra’s new definition of luxury homes
Burgundy Homes is excited to announce the unveiling of its latest development, Pamville at East Legon in an Open House Event scheduled for Saturday, 9th April 2022, from 9am through to 6pm. Pamville is a 15-unit gated estate with breathtaking awe-inspiring architecture and boasts of a unique and bespoke Recreational Centre. It is cloistered at…
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Bring back national shipping line to save the cedi – GIFF
The Ghana Institute of Freight Forwarders is making a case for the reintroduction of a national shipping line, the Black Star Line. According to the institute, this will help bring competition amongst the various shipping lines while helping to address the issue of the depreciating cedi due to significant funds that are repatriated out of…
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GUTA heightens calls for increased access to Chinese Yuan for traders
The Ghana Union of Traders Association (GUTA) has heightened calls for increased access to the Chinese Yuan for traders who mostly import their wares from China. According to the President of the Association, Dr. Joseph Obeng, such a move is expected to reduce pressure on the Cedi, as traders will not have to get Dollars…
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![Russia-Ukraine war will stall sale of cocoa products to both countries – COCOBOD [Video]](https://citibusinessnews.com/wp-content/uploads/2021/01/cocoa-seeds.jpg)
Russia-Ukraine war will stall sale of cocoa products to both countries – COCOBOD [Video]
As the Russia – Ukraine war rages on, the impact on regional economies, especially those who export products to the two countries, is being felt. In Africa, countries dependent on commodities like wheat, oil, and fertilizer components, among others, are also feeling the pinch. In Ghana, the impact of a barrel of Brent Crude rising…
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World Bank supports Ghana with GH¢42M to pay LEAP arrears to beneficiaries
The World Bank on Monday, April 4, 2022, released GH¢42 million through the Ghana Productive Safety Net Project 2 (GPSNP 2), to support the Government of Ghana (GoG) to pay two cycles of arrears—75th and 76th cycles—of the Livelihood Empowerment Against Poverty (LEAP) for 344,000 beneficiary households. The ongoing global economic challenges, which have been worsened by…
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SOEs record ¢2.61 billion loss in 2020 – Report
Latest data from the 2020 State Ownership Report reveals that State Owned Enterprises (SOEs) recorded an aggregate loss of ¢2.61 billion in 2020. This represents nearly 50% improvement over the 2019 aggregate loss of ¢5.16 billion. Despite the progress made, the 2020 Report which is based on 132 SEs in total (47 SOEs, 17 JVCs,…