Category: Local Economy
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Government will engage Parliament on future of Agyapa deal – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has hinted of his intention to engage the 8th Parliament on the future of the Agyapa transaction. Speaking in Parliament on Tuesday, March 9, 2021, as he delivered his first State of the Nation Address of his second term, the President said “let me, at this point, assure the House…
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Ghana card numbers to become TIN from April 1
All National Identification numbers will become Tax Identification Numbers [TINs] from April 1, 2021. This was disclosed by President Nana Addo Dankwa Akufo-Addo in his State of the Nation Address in Parliament today, Tuesday, March 9, 2021. “Mr. Speaker for the first time, we have enrolled 15.5 million people onto the National Identity System [Ghana…
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Businesses lament decline in demand for eggs over price hike
The price of eggs on the local market increased significantly early this year and this impacted demand. During the yuletide, poultry farmers raised concerns about the limited supply of maize. This later resulted in a price hike of poultry products including eggs. The challenge amid the closure of the country’s borders, compelled government to issue…
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IPPs demand full scale investigations into cause of power outage
The Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB) is demanding a full-scale investigation into challenges in GRIDCo’s power system that led to a total system total power outage nationwide on Sunday, March 7, 2021. According to the Chamber, it expects that the grid managers will investigate the cause of the power failure,…
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Government urged to set clear targets for ministers to help reduce expenditure
Ahead of the state of the nation address later today and the budget statement on Friday, Economist and Senior Lecturer at the University of Ghana Business School, Dr. Lord Mensah, has charged government to introduce concrete measures that will keep its expenditure in check. Some of the measures he said could include setting clear targets…
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Fault on transmission line between Prestea and Obuasi caused power cuts – GRIDCo
The total power system shutdown experienced on Sunday was due to a technical fault on one of the major transmission lines between Prestea and Obuasi, according to the Ghana Grid Company (GRIDCo). “This situation led to overloads on other adjacent transmission lines, leading to a sequence of trips and an eventual power system shutdown in…
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Kyei-Mensah-Bonsu to present 2021 budget on Friday
Information available to Citi Business News suggests that Majority Leader and Parliamentary Affairs Minister, Osei Kyei-Mensah-Bonsu is expected to present the 2021 budget statement. It follows the inability of Finance Minister-designate, Ken Ofori-Atta to present the budget due to his current health status. The presentation of the budget is in accordance with Article 179 of…
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GUTA calls for establishment of a traders’ bank
The Ghana Union of Traders Associations, GUTA, says it’s major expectation from the Trade Minister, Alan Kyerematen is the establishment of a trader’s bank. According to the association, although talks had begun towards the plan in previous years, the COVID-19 pandemic halted its progress. Speaking to Citi Business News, President of GUTA, Dr Joseph Obeng,…
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Government urged to present credible recovery plan in 2021 budget
An economist at the University of Ghana Business School, Dr. Patrick Asuming has urged government to use the 2021 budget reading to present a credible recovery plan to the nation. The 2021 budget is expected to be presented by the Majority Leader in Parliament Osei- Kyei Mensah Bonsu according to information available to Citi Business News. This follows…
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GRIDCo system collapse causes total power outage nationwide
A challenge in the Ghana Grid Company’s (GRIDCo) power system has led to a total system shutdown and total power outage nationwide. GRIDCo has, however, assured that power will be restored soon. “The technical team is currently working to restore power supply to all Bulk Supply Points (BPSs) in the country,” it said in a…