Category: Economy
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NBSSI urges financial firms to empower SMEs before offerring credit
The Chief Executive Officer of the National Board for Small Scale Industries (NBSSI), Kosi Yankey Ayeh, has urged financial institutions that offer loans to Small and Medium Scale Enterprises, SMEs, to consider empowering them through skills development before offering them credit. She says this will provide a better guarantee for the capacity of the businesses…
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NEIP urges startups to take advantage of tax holiday to expand
Executive Director of the National Entrepreneurship and Innovation Plan (NEIP) John Kumah, has urged businesses below five years to take advantage of the tax holiday introduced by government and apply. He says this will relieve them off some pressures that come with building a robust business. “An important thing is the environment for startups, since…
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Agbogbloshie Market vendors urge city authorities to evict wayside traders
Some traders at the Agblogbloshie Market in Accra are calling on city authorities to take steps to evacuate all traders selling on the shoulders of the roads. The traders lamented to Citi Business News how they struggle on a daily basis to attract customers to their sheds, due to the activities of those selling by…
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NIC extends deadline for submission of motor insurance data by insurance firms
The National Insurance Commission, NIC, says it is expecting all insurance companies to furnish it with information on all motor insurance policy holders by March 2020. The directive follows the commencement of the Motor Insurance Database, which has replaced the old insurance stickers with an electronic one, to check fake insurance stickers. In January, the…
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Contractor for Boankra Inland Port to be unveiled on Friday – Transport Minister
Transport Minister, Kweku Ofori Asiamah, has announced that the contractor selected for the construction of the Boankra Inland Port in the Ashanti region, will be made known on Friday, February 14, 2020, when the government meets the transactional advisers for the project, PwC. Mr. Asiamah, speaking at a town hall meeting by the government in…
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Customers of Savings & Loans, Microfinance including DKM to get full payments
Vice President, Dr. Mahamudu Bawumia, says all customers of defunct savings and loans and microfinance companies will be paid their locked up funds in full, including DKM customers who were affected in 2015. This is the second time a high government official has made the assurance following a directive by President Akufo Addo to the…
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BOST clears 12-year old GH¢64 million GCB Bank debt
The Management of the Bulk Oil Storage and Transportation Company, BOST, is confident its agenda to turn around the fortunes of the loss-making entity is on course following its ability to fully settle a 12-year old credit facility contracted from GCB Bank. The loan sourced from GCB in 2008 has been in arrears and attracted…
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Debt rise under Akufo-Addo lowest in a decade – Bawumia
Despite the public debt rising to GH¢214.9 billion as at November 2019, representing 62.1 percent of GDP, Vice President, Dr. Mahamudu Bawumia, says the rate of debt accumulation over the last three years is the lowest the country has achieved in a decade. “The strong fiscal adjustment that has taken place and better debt management…
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16 percent policy rate must reflect in cheaper credit – Chamber of Commerce
The Ghana National Chamber of Commerce and Industry is asking the Bank of Ghana to ensure that the decision to maintain the policy rate at 16 percent translates into lower interest on credit for businesses. The policy rate determines the rate at which the Central bank lends to commercial banks, and subsequently how much people…
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Gov’t must review revenue projections over Tullow Ghana’s woes – IES
The Institute for Energy Security (IES) is urging the government to review its revenue projections from oil after Tullow Ghana announced that it will reduce its staff strength by 25 percent on the account of production challenges. Tullow Ghana, which is the operator of the Jubilee and TEN oil fields in Ghana, over the weekend…