Category: Government
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AGI upbeat of a reduction in policy rate
The President of the Association of Ghana Industries (AGI), Dr Yaw Adu Gyamfi has said that members of the association are hopeful that the Bank of Ghana will reduce its lending rate again as it announces a policy rate today, Monday 24th September 2018. They believe that the development should reduce interest rates paid on…
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Financial stability: World Bank gives Ghana $30m support
The World Bank has approved a $30 million International Development Association (IDA) credit to support the Government of Ghana strengthen its financial sector stability. The support is also to improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers. Commenting on the gesture, the World Bank Country…
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Operators want cap on global money transfers reviewed
Some players operating in the mobile money sector are calling on the Bank of Ghana to review the limit of transactions that is currently permitted on remittances done via mobile money. They believe such a move will promote inter-regional trading activities. According to the proponents, the current limit of 500 dollars per transaction is low and restricts business…
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COCOBOD seals $1.3bn cocoa syndicated loan agreement
The Ghana Cocoa Board has completed a 1.3 billion dollar syndicated loan agreement for cocoa beans purchases for the 2018/2019 crop season. The agreement is with twenty one banks including Barclays Bank Ghana, Stanbic bank Ghana as well as Societe General. The cocoa syndicated loan is to help the cocoa industry regulator make upfront purchases…
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Struggling Akosombo Textiles sends home 600 workers
About 600 workers of the Akosombo Textiles Limited have been asked to go home as a shortage of raw materials has hit the company in recent weeks. The company has also closed down its new plant which has spinning and weaving departments due to lack of money to run the facilities. The company, which used…
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Chirano mines pays $13m dividend to government
Chirano Gold Mines Ltd has paid a 10% dividend to the government of Ghana worth 13 million dollars for the 2017 fiscal year. This the company attributes to its good performance for the year 2017. Presenting the cheque to the Ministry of Lands and Natural Resources, the Vice President and General Manager of Chirano Gold…
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‘We’re taxing responsibly on fuel’ – Amin Adam
A Deputy Minister of Energy, Dr. Mohammed Amin Adam, has maintained that prices of fuel at the pumps would have been much higher than what is being experienced if the Akufo-Addo government had not scrapped some of the taxes on petroleum products. His assertion follows calls for the government to scrap the Special Petroleum Tax…
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‘We’ve saved Ghanaians from paying more for fuel’ – Amewu
The Minister for Energy, John Peter Amewu, believes that the numerous tax reductions announced by the Akufo-Addo government since it assumed office in 2017, have cushioned Ghanaians against the impact of the fuel price hikes. According to him, Ghanaians would have been paying eight percent more for fuel if the government had not reduced and…
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2000 entrepreneurs to benefit from GH¢30m support
The Ministry of Business Development and the Chamber Institute for Business Creation and Development, have signed an agreement for the development of a training programme to promote and support entrepreneurship in the country. The GH₵30million agreement will train up to two thousand entrepreneurs in the areas of finance, markets, networking among others, the training will…
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Producer Price Inflation drops to 7 percent
The Producer Price Inflation (PPI) for August has reduced to 7.0 percent. The rate indicates that between August 2017 and August 2018 the PPI decreased to 7.0 percent showing 1.2 percentage point drop. The PPI measures the average change over time in the prices for the production of goods and services. Addressing a press conference,…