Category: Economy
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GUTA warns of possible hikes in prices of goods as Chinese imports slows
Prices of some goods on the Ghanaian market may increase within the next two months if no solution is found to curtail the spread of the Coronavirus which originated from China, an economic powerhouse. That’s according to the Ghana Union of Traders Association, GUTA, whose members are unable to import goods from China due to…
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Anadarko-Total SA deal must not pass until outstanding taxes are paid- RM-Africa
A group known as Revenue Mobilization – Africa (RM-Africa), is urging the government of Ghana to ensure that all taxes owed by Anadarko are fully settled before the company is allowed to sell off its stake in the Jubilee and TEN oilfields to Total SA. Anadarko, which currently has a 24 percent stake in the…
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Coronavirus: Global growth ‘could halve’ if outbreak intensifies
On Monday, the Bank of England said it continued to monitor developments and was assessing its potential impact on the global and UK economies and financial systems. “The Bank is working closely with HM Treasury and the FCA (Financial Conduct Authority) – as well as our international partners – to ensure all necessary steps are…
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MTN Ghana’s profit increases to GH¢1bn in 2019
MTN Ghana recorded a profit after tax of one billion cedis for 2019. This is 33.56 percent higher compared to the GH¢754.67 million recorded in the preceding year [2018]. The telecoms company attributes this to an improvement in active data users, growth in smart phones and an increase in data usage. MTN’s total revenue for…
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Pension enrollment in informal sector must be improved – CEO of Axis Pension Trust
Some stakeholders in Ghana’s pension sector have called for measures to improve pension enrollment among the informal sector of the economy. Even though Ghana’s informal sector is made up of the biggest working group, less than 2 percent of the people operating in that area have not signed on to any form of pension contribution.…
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Reduction in number of indigenous banks unhealthy for economy – IEA
The Institute of Economic Affairs (IEA), an economic policy think tank, has said the result of the financial sector clean-up carried out by the Bank of Ghana which saw a reduction in the number of indigenous banks, has left the country’s financial sector in an unhealthy position. Banks operating in Ghana reduced from 35 to…
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Nigeria’s border will be reopened upon ECOWAS’ recommendation – Prez. Buhari
The President of Nigeria, Muhammadu Buhari, has appealed to neighbouring countries in the West African sub-region to exercise restraint over the continuous closure of Nigeria’s border with Benin which has affected countries such as Ghana. He says the borders will only be reopened upon recommendations from the Economic Community of West African States (ECOWAS). His…
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Ghana Airports Company to leverage Revenue Development Policy to sustain operations
The Ghana Airports Company Limited should be able to boost its revenue generation sources with the Aviation Revenue Development Policy Initiative rolled out by the Aviation Ministry. Aviation Minister, Joseph Kofi Adda, believes this should also reduce the over-dependence of such state institutions on the national budget. Already, the Terminal One of the Kotoka International…
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Investors urged to understand risk-return profile before investing on Stock Market
Investors have been cautioned against following the bandwagon when it comes to investing on the Ghana Stock Exchange this year. According to the General Manager of UMB Stockbrokers, Ben Ackah, investors need to prioritize understanding their risk-return profile before investing in popular stocks. The risk–return spectrum, also called the risk–return trade-off or risk–reward, is the…
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Review fuel subsidy to benefit target group or scrap it – Fmr. Goil MD
A former Managing Director of Goil, Patrick Akorli, is pushing for the scrapping of subsidies on petroleum products. He argues that the impact of subsidies has not reached the targeted beneficiaries. Speaking at the launch of the Petroleum Product Marking Scheme by the National Petroleum Authority to trace quantities of petroleum products at all operational…