Category: Economy
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Political will coupled with more tax revenue needed for fiscal stability — Economist
Ahead of election 2020, some key stakeholders in the economy have reiterated the need for political commitment to ensure Fiscal discipline (i.e an ideal balance between revenues and expenditure of government) in the short to medium-term. A key step to ensure such discipline came in the Fiscal Responsibility Act which was assented to by President…
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Nigeria border closure: Ghana to leverage on AfCFTA to reduce impact
Nigeria’s decision to close its borders to neighbouring Benin may be a bigger problem than envisaged. This is because other countries including Ghana are feeling the bite of the action, albeit remotely. The development becomes more alarming when the continent is working on a common trade market, the African Continental Free Trade Area (AfCFTA). But…
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![[Audio] Price escalation in Ghana : Traders shun 1& 5 pesewas](https://citibusinessnews.com/wp-content/uploads/2019/10/pesewas.jpg)
[Audio] Price escalation in Ghana : Traders shun 1& 5 pesewas
A decade and two years after the re-denomination of the Ghana cedi, access and use of the 1 and 5 pesewa coins is still on the low. This is because consumers are compelled not to use them to pay for one transaction or another as most traders are still hesitant to accept the denominations as…
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US$600 million cocoa syndicated loan hits BoG’s accounts
The first tranche of the US$1.3 billion cocoa syndicated loan signed between Cocobod and some international financial institutions has hit the accounts of the central bank. An amount of US$600 million hit the Bank of Ghana’s accounts with the rest of the funds expected in the coming months. The government last month signed the US$1.3…
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Leading chef calls on youth to prepare for careers in tourism sector
One of South Africa’s leading Chef’s, Pete Goffe-Wood, has charged the youth in Ghana and across the continent to position themselves for careers in the tourism value chain, ahead of the implementation of the Africa Continental Free Trade Area (AfCFTA) Agreement. The AfCFTA which 54 of the 55 African nations have signed onto, makes Africa…
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Terkper charges BoG to establish extra tier in banking system for local banks
Former Finance Minister Seth Terkper has advocated the creation of an additional tier banking reserved for indigenous banks to occupy the existing gap between the minimum capital requirement of universal banks and savings and loans companies. The Bank of Ghana in 2017 increased minimum capital requirement from GHS120 million and gave the banks a December…
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Govt’s shut down of Akwatia Mine is illegal — Jospong fights back
Jospong Group of Companies which operates the Akwatia Mine has described the government’s decision to lock up the place as an act of illegality done without recourse to the rule of law. The company said it lawfully took over the mine eight years ago and thus any government action must be done with all stakeholders…
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Ghana’s debt stock at 205.5 billion cedis by July 2019
New Data released by the Bank of Ghana shows that the country’s total debt stock has hit 205.5 billion cedis by July 2019, representing 59.4 percent of GDP. The data shows that between May and July this year Ghana’s debt stock increased by 5.5 billion cedis. By May 2019, the debt stock was at 200…
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Reduce cost of credit, power, rent for indigenous businesses – Michael Kottoh
Managing Partner of Konfidants, Michael Kottoh is advocating a reduction in the cost of doing business and support for targeted businesses if Ghana is to improve its competitiveness. Speaking at the opening of Citi FM’s Ghana Rising Conference on Thursday, he cited the high cost of credit, power as well as rent charges for office…
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Inflation for August 2019 records 7.8% after rebasing
The inflation rate for August 2019 recorded 7.8 percent, the Ghana Statistical Service (GSS) has announced. The figure was recorded after the GSS rebased the reference period to 2018 from 2012. This means that the Ghana Statistical Service has changed the reference period for calculating the inflation rate to 2018 from the previous 2012. In…