Category: Business
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Tesah Capital dissociates itself from alleged ponzi scheme, Tizaa Ghana Fund
An investment management company, Tesah Capital Limited, has dissociated itself from an alleged Ponzi scheme known as Tizaa Ghana Fund. A publication by GhanaWeb about the alleged Ponzi scheme, Tizaa Ghana Fund, had the company’s logo in the background, an image captured at the recent launch of Tesah Capital’s Collective Investment Schemes. But a statement from Tesah Capital Limited…
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Fuel price hikes: Gov’t urged to use windfall from oil export to cushion Ghanaians
As the price of Brent crude oil continues to surge on the international market, hitting US$86 per barrel as of January 17, 2021, the government is being urged to use the extra income it is making from selling Ghana’s oil to cushion Ghanaians at the pumps. In the 2022 budget, the government pegged a barrel…
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COCMAG kicks against fumigation levy on imported raw materials for producing cement
As the country continues to grapple with the continuous increase in cement prices, local cement manufacturers say efforts are being made to avert high production cost in a bid to reduce the price of the product. They, however, say the continuous existence of a fumigation levy (Ghana Health Service Disinfectant levy) on imported raw materials…
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New AGI President calls for affordable power, credit to drive industrial growth
Newly sworn-in President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, has charged government to prioritise, among other things, efforts at reducing the cost of electricity and the cost of credit to Ghanaian businesses. According to him, the affordability of the two would help make Ghanaian businesses to be competitive in the era…
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Fitch downgrades Ghana’s credit rating from B to B- with negative outlook
International ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to B negative from B with a negative outlook. According to the agency, the move was over concerns that the economy faced increased risks in servicing its debts in the medium to long term. A report by the agency further states that,”…
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GUTA advocates deeper stakeholder engagement one year after AfCFTA implementation
A year into the implementation of the African Continental Free Trade Area Agreement (AfCFTA), the Ghana Union of Traders Associations (GUTA) wants more stakeholder engagement to ensure success. The President of the Ghana Union of Traders Associations (GUTA), Dr Joseph Obeng, says a lot more effort will be required to ensure the agreement lives up…
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Fuel prices cross GH¢7 mark; represents about 40% increase in 12 months
The price of a litre of fuel has crossed the GH¢ 7 mark for the first time at some pumps across the country. Fuel prices per litre stayed at around Gh¢6.50 on average for a few weeks, and then rose to reach an average of Gh¢6.70 at most pumps in the past week alone, according…
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Implement strategies to sustain increased consumer preference for digital payments – Bawumia
Vice President, Dr. Mahamudu Bawumia, has asked African countries to introduce innovative ways and strategies to sustain the increased consumer preference for digital payments. According to him, this will ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS) as well as an increase in intra-African trade. Speaking at the…
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We’ll continue to implement policies to build strong insurance sector – NIC
The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022. According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves. Speaking on behalf of the Commissioner of Insurance at the…
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BOST and TOR must shield Ghanaians from impact of fuel price increase – COPEC
As global Oil prices are tipped to hit record levels this year, the Chamber of Petroleum Consumers Ghana (COPEC) says the Tema Oil Refinery and the Bulk Oil Storage and Transportation Company Limited must absolve the public from its associated shocks. Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah stated that these…