Category: Featured
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GRA worried over use of false documents in evading customs duties
The Ghana Revenue Authority (GRA) has deplored the increasing use of fake trade documents by some importers for declaring goods at the ports. The Authority explains that trend by these importers is part of efforts to evade customs duties and taxes. This follows an intelligence in February 2023 on some two companies and importers that…
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Treasury bill auction records 13.21% oversubscription; interest rate increases to 31.97 %
The government surpassed its auction target last week as the market continued to experience sufficient liquidity. Treasury bill sales recorded 13.21 percent oversubscription of its target of GHS 2,601 billion. According to figures from the Bank of Ghana, investors presented GHS 2.94 billion as against government’s target of GHS 2.60 billion A chunk of the…
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Bag of cocoa beans to sell at GH¢1,308 in new season
President Nana Addo Dankwa Akufo-Addo has announced a 63.6% upward adjustment of the farm gate price of cocoa beans from GH₵800 to GH₵1,308 per bag for the new cocoa season. According to the president, the increment is the highest in West Africa in the last 15 years. The president made this announcement at Tepa in…
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2022 Best National Farmer to commission Agribusiness School
The 2022 Best National Farmer, Oheneba Nana Yaw Sarpong Siriboe I, who is also the Akyimpimhene of the Juaben Traditional Area in the Ashanti Region, is set to establish an agribusiness school on his farm in the Ashanti Region. The establishment of the school is part of his efforts to reposition the role of youth…
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Economist questions ECOWAS member states’ commitment to ECO currency rollout
Professor of Finance at the University of Ghana Business School (UGBS), Professor Godfred Bokpin, has questioned the commitment of ECOWAS member states to implementing the ECO currency. Recently, a technical committee reported that member states failed to meet the criteria for ECO’s introduction, which encompassed maintaining a single-digit inflation rate annually, limiting the fiscal deficit…
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Dannex Ayrton Starwin Plc records over GHS 95 million revenue in 2022
Pharmaceutical company, Dannex Ayrton Starwin PLC remains resolute in restoring profitability after it achieved a revenue of a little over GHS 95 million in 2022 surpassing the over GHS 74 million recorded in 2021. The company however recorded exchange losses of about GHS 9.1 million under the year of review. Delivering his address at the…
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DDEP: Govt settles pension funds bondholders
The government has announced the successful settlement and conclusion of its alternative offer to Pension Funds bondholders regarding Ghana-denominated notes and bonds. The Ministry of Finance in a statement dated September 7, said “This successful result is a significant achievement for the Government as it pursues its macroeconomic stabilization policies under the IMF-supported Post-COVID-19 Programme…
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ECO currency challenges: Technical committee attributes delays to external shocks, others
The West African Monetary Agency has acknowledged the challenges posed by global macroeconomic shocks and the inability of member states to fully meet the criteria for the complete rollout of the ECO as the single currency in the West African sub-region by 2027. In response, the technical committee has been tasked with reassessing the roadmap…
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African leaders emphasize in-continent processing of mineral wealth at climate summit
At the recently concluded African Climate Summit in Nairobi, Kenya, African leaders were united in their call for the processing of Africa’s extensive mineral wealth to occur within the continent. They emphasized that “decarbonizing the global economy is also an opportunity to contribute to equality and shared prosperity.” Despite Africa’s rich deposit of critical minerals,…
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Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors
Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors According to the Nigerian presidential spokesperson on Wednesday, Nigeria has received offers of about $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country. Ajuri Ngelale, a spokeswoman, said in a statement that India’s…