Category: Economy
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BoG launches real-time platform for interbank forex trading
As part of plans to ensure the continuous stability of the local currency against its major trading partners, the Bank of Ghana has launched a platform for commercial banks to use in the trading of forex in a real-time manner. Referred to as the Refinitiv Matching Platform, it is part of the central bank’s plans…
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Defunct S&L-Microfinance firms: Receiver to disburse GH¢5 bn from Feb. 24 – Nana Addo
President Akufo-Addo has announced that the Receiver of the defunct Savings and Loans and Microfinance Companies will start paying locked up funds of customers from Monday, 24th February 2020. The President disclosed that the Receiver is ready to disburse 5 billion cedis in addition to the 13 billion cedis that has already been spent on…
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New law on weights and measurements to boost accuracy of inflation figures – GSS
The Ghana Statistical Service, GSS, is hopeful that a new law to standardize weights and measurements will help in determining accurately, the rate of inflation in Ghana. The Government Statistician, Prof. Samuel Annim, who disclosed this to Citi Business News, said the current regime makes it difficult to determine the relative increase in prices of…
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Ghana’s high cost of debt servicing worrying – IMF
The International Monetary Fund’s Resident Representative, Dr. Albert Touna-Mama, has said Ghana’s public debt situation puts the country in a very dire position. The public debt stands at 215 billion cedis with the World Bank warning that the country is at high risk of debt distress. Speaking at a forum organized by Graphic Business and…
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Platinum Properties’ Airport City Project doesn’t merit $23.9m tax waiver – Minority
The Minority in Parliament says government’s decision to grant a tax waiver of 23.9 million dollars to Platinum Properties Limited under the GIPC Act 2013(Act 865) is untenable. According the minority, the company which is undertaking the Pullman Accra Airport City Project does not deserve the tax exemption because the funding from the project is…
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AfCFTA provisions will handle trade barrier issues like Nigeria’s border closure – Alan
Ghana’s Minister for Trade and Industry, Alan Kyerematen, says Nigeria’s continuous border closure with Benin that has affected Ghana and other countries, may not have any impact on the implementation of the African Continental Free Trade Area. There are concerns that the closure of the critical border to Africa’s largest economy will thwart the objective…
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AfCFTA implementation: Technical working groups inaugurated to work on Ghana’s Action Plan
In order to fast-track trade within the African continent, and ensure that Ghana derives maximum benefit from the African Continental Free Trade Area, ACFTA, the Trade and Industry Ministry, has constituted technical working groups to work on a seven cluster initiative. The Minister, Alan Kyerematen, who inaugurated the groups, says the move is to ensure…
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Car dealers urge gov’t to consult on moves to regulate importation of used vehicles
The Automobile Dealers Union Ghana (ADUG), has reiterated calls for government to hold broader consultations with all stakeholders in the automobile industry, regarding the intended regulation and a possible ban on the importation of some category of second-hand and salvaged vehicles. Data available from the Ghana Revenue Authority (GRA), Customs Division, indicates that between 2005…
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US$3 billion Eurobond hits Bank of Ghana’s accounts
The US$3 billion Eurobond issued by the government earlier this week has hit the accounts of the Bank of Ghana, a source close to the central bank has told Citi Business News. The funds from the three-pronged bond deal reached the central bank last Tuesday. The proceeds from the bond provide an improved cover for…
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Construction of poor roads to tourism and hospitality sites to start this year
Some deplorable roads leading to some of the country’s major hospitality and tourism facilities are to be constructed this year according a Deputy Minister of Tourism, Dr. Ziblim Barri Iddi. “We had very bad roads leading to our major tourist attractions, so the directive by the President in 2018 was that the Roads Minister works…