Category: Economy
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![[Article] Ghana’s monstrous debt: a flashback of pre-HIPC levels](https://citibusinessnews.com/wp-content/uploads/2019/10/Ofori-Atta.jpg)
[Article] Ghana’s monstrous debt: a flashback of pre-HIPC levels
Spotting his favourite white African kaftan with a Ghanaian flag pin adorning the pocket, Ghana’s Finance Minister, Ken Ofori-Atta, appeared before legislators in July presenting the mid-year budget review, he announced measures being instituted to shore up tax collection. The government has been struggling for the past two years to meet its revenue collection targets,…
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September inflation declines to 7.6 percent
The average movement of prices of goods and services over a 12-month period measured as inflation declined to 7.6 percent, the Ghana Statistical Service (GSS) has said. The September inflation recorded a 0.2 percent decrease from the 7.8 percent recorded in August. The announcement by the statistical agency means that within the last 12 months,…
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IMF warns world growth slowest since financial crisis
The global economy is growing at its slowest pace since the financial crisis, the International Monetary Fund (IMF) has said. The fund said world growth would hit just 3% this year – down from its July forecast of 3.2% and a sharp slowdown from just two years ago. The IMF blamed the slowdown on trade…
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Gov’t to establish registry for all mobile phones — Ursula Owusu-Ekuful
All users of mobile phones in the country will soon be required to register their handsets with a central database to be established by the Ministry of Communication. This, according to the Minister of Communication Ursula Owusu-Ekuful, will among other things, reduce the influx of stolen, counterfeit and substandard mobile phones into the country. Mrs.…
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Ghanaian businesses recording huge losses following Nigeria border closure
Some members of the Ghana National Chamber of Commerce and Industry (GNCCI) say they are recording huge losses following the closure of the Nigerian border with Benin. They fear this may escalate further if the government does not fix the issue immediately. Nigeria has closed its borders to neighboring Benin over issues of smuggling of…
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Pay workers appropriately to prevent corruption – TUC Chairman
Ahead of the implementation of the 2020 National Daily Minimum Wage (NDMW), the Trades Union Congress (TUC), the main umbrella organization for trade unions activities in Ghana has warned there could be a rise in corruption if workers are not paid enough. The 2020 National Daily Minimum Wage (NDMW) has gone up 11 percentage points…
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Merge for the benefit of Ghanaian workers, Trade Unions told
Some stakeholders on labour and employment issues are warning that the plight of Ghanaian workers would worsen if the different worker’s unions in the country do not merge to strengthen their ability to negotiate. Currently, the Trades Union Congress which is the main umbrella organization for trade union activities in Ghana has about 21 affiliate…
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Ursula Owusu-Ekuful accuses telcos of milking consumers over CST deduction
Communications Minister Ursula Owusu-Ekuful has accused the mobile telecommunications companies of milking consumers over the implementation of the recently increased Communication Service Tax (CST). In a letter written to the National Communication Authority (NCA), the Minister said before the increment in the CST from 6 to 9 percent, telcos were absorbing the tax. However, the…
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Nigeria inspired by Ghana, Ivory Coast cocoa premium deal
Nigeria and Cameroon have become the latest African nations to seek ways of jointly negotiating with cocoa buyers for a better premium, a move that is inspired by the decision of top growers Ivory Coast and Ghana to boost prices for their crops. The plan suggested by Nigeria, the world’s fourth-largest cocoa producer, is part…
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Global uncertainty continues to slow growth in Africa’s economies
Growth in Sub-Saharan Africa remained slow through 2019, hampered by persistent uncertainty in the global economy and the slow pace of domestic reforms, according to the 20th edition of Africa’s Pulse, the World Bank’s twice-yearly economic update for the region. Overall growth in Sub-Saharan Africa is projected to rise to 2.6 percent in 2019 from…