Category: Local Economy
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Vendors bemoan negative impact of E-Levy after 1st month of implementation
After a month of implementation of the Electronic Transfer Levy (E-Levy), mobile money agents and users of the platform in Accra continue to bemoan its impact on their lives. Checks by Citi Business news show that while some are trying to find ways around the payment of the levy others are hoping things take a…
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#CitiBusinessFestival: Financial sector players call for collaboration to achieve desired digital economy
Stakeholders in the financial industry are calling for deepened collaboration between the private sector and government to achieve Ghana’s desired digital economy. According to them, the development of Ghana’s digital economy and the need for the use of digital tools and interventions has become critical, particularly as the COVID-19 pandemic lingers on. Speaking as part…
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Bank of Ghana commences piloting of digital currency in Sefwi Asafo
The Bank of Ghana has started piloting the first digital currency known as the ‘e-Cedi’ in the Western North region of the country. The move is part of efforts to determine its feasibility and subsequent circulation as well as the Bank’s commitment to enhance the use of digital financial services in the country. Also, the…
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MTN Ghana shareholders to get dividend of 11.5 pesewas per share for 2021
MTN Ghana has announced the payment of a final dividend of 11.5 pesewas per share to its shareholders for the 2021 financial year. The amount is made up of the interim dividend of 3.0 pesewas declared by the Board after reviewing the half year performance of the company plus a 8.5 pesewas on ordinary shares…
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2022 Citi Business Festival launches today; digital economy forum slated for Tuesday
The 2022 edition of the Citi Business Festival being organised Citi FM/Citi TV will be launched today, Monday, May 30. This will mark the commencement of the annual month-long festival that seeks to help businesses with growth strategies. The first week of the Citi Business Festival will hinge on the subject, “Re-imagining the Digital Economy.”…
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Databank CEO bemoans bond buyers’ increased appetite for high interest rates
CEO of the Databank Group, Kojo Addae-Mensah, has bemoaned the overreaction of Ghanaian investors on the bonds market to high levels of inflation. The national inflation rate has risen to 23.6% as of April this year, from 8.5% in April of last year. The current rate is almost thrice the Central Bank’s 2022 target of…
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We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO
Group CEO of leading telecommunications company MTN, Ralph Mupita has revealed the network’s goal of further localizing the company by having Ghanaians own at least 30% of MTN shares in the country by the end of this year. The telecom company concluded its Initial Public Offering (IPO) in August 2018, selling over 1.5 million shares…
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Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report
With a projected growth rate of 5.3%, the African Development Bank is forecasting a positive economic outlook for the Ghanaian economy this year. According to its 2022 Economic Outlook Report released at the Bank’s ongoing Annual Meeting in Accra, it is however expecting a slight drop in the rate at which the economy grows. The…
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Gov’t expenditure needs to be checked to help deal with inflation – ICAG
The Institute of Chartered Accountants Ghana is calling for fiscal discipline amidst the current high inflation and policy rate. Some stakeholders have blamed unbudgeted spending by government Ministries, Departments and Agencies (MDA’s) for contributing to the high level of inflation in the country. Since May 2021, when national inflation stood at 7.5%, the rate has…
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We’ll increase investment in irrigation facilities to cocoa farms – COCOBOD CEO
Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has given the firm assurance that his outfit will increase investment in irrigation facilities to cocoa farms nationwide to address the impact of climate change on cocoa farms. The International Cocoa Organisation’s monthly report for April 2022, has forecasted cocoa production for the…