Category: Government
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![Cedi depreciation: Spare parts dealers to demonstrate [audio report]](https://citibusinessnews.com/wp-content/uploads/2018/09/abossey-okai-1.png)
Cedi depreciation: Spare parts dealers to demonstrate [audio report]
Some spare parts dealers have vowed to go ahead with their planned demonstration on Friday[21 September, 2018] despite calls by their colleagues to back down. According to the adamant spare parts dealers their move is needed to get the Nana Akufo-Addo government to take urgent action to curb the depreciation of the Cedi which is…
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Stable economy: Businesses, labour demand more
The government will have to convince Ghanaians on how it is working to restore economic stability and improve livelihoods. This is because general reactions from key business associations on the Citi Breakfast Show pointed to virtual dissatisfaction. The groups comprise importers, exporters and organized labour. For the three groups, anything short of an improved standard…
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Turkish Airlines joins interested parties in new national carrier
Turkish Airlines has expressed interest in partnering the government of Ghana in the establishment of a national carrier. According to the Turkish Ambassador to Ghana, Nesrin Bayazit, Turkey has the capacity to provide the needed support to grow Ghana’s aviation industry. Ambassador Nesrin Bayazit made the disclosure when she paid a courtesy call on the…
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‘Walk the talk’ – Importers on revised FX calculation at ports
Importers are indifferent about the Vice President, Dr. Mahamudu Bawumia’s revelation of reviewing the date used in calculating the exchange rate for them at the ports. The Vice President stated earlier that government is in the process of reviewing the date after several complaints from importers and other business associations. The businesses have complained about…
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New incentives for automobiles as Nissan joins market
Vice President Dr. Mahamudu Bawumia has stated that government will ensure that both local and international automobile companies operating in Ghana, will be given equal incentives to enhance their operations. Following the announcement by the President that German automobile company, VW, will set up a plant in Ghana, local automobile company, Kantanka expressed concerns over…
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Gov’t extends date for calculating cost of imports due to cedi depreciation
The Vice President Dr. Mahamudu Bawumia has stated that government is in the process of reviewing the date used in calculating the exchange rate for importers at the ports. By this, the process for calculating the cost of imports in relation to the dollar will be extended from one week to six months. The move…
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Cryptocurrency: Advocates push for swift laws by BoG
Cryptocurrency analysts are urging the Bank of Ghana to expedite processes to formulate laws to regulate their business. They want the regulator to step in to avert a possible controversy between it and patrons of the product. The increasing interest in the use of cryptocurrency has been met with mixed reactions considering the complex nature…
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Menzgold extends gold vault suspension
Gold dealership firm, Menzgold will not open to the public today [September 19, 2018] contrary to its earlier promise. Customers who hope to engage the firm on their gold dealership services will have to wait till September 28. Menzgold temporarily shut down following an impasse with the Securities and Exchange Commission, regulator of the capital…
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SEC approves Energy bank’s IPO to raise GH¢340m
The Securities and Exchange Commission (SEC) has approved for the Energy Commercial bank to issue an Initial Public Offering (IPO) to help it meet the minimum capital requirement for banks. The bank should resort to the investing public to raise 340 million cedis which represents about fifty percent of the company’s stake. Though SEC’s approval…
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Ghana’s diamond industry on its ‘knees’
The volume of diamond produced in the country has reduced by 90 percent in the past decade. Although very low, the production of diamond has been heavily affected by the ban on small scale mining due to the fact that the sector is heavily dominated by small scale miners. With the ban, the mining of…