Category: News
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Forge strong synergies that will attract more FDIs – GIPC tells businesses
The Ghana Investment Promotion Centre (GIPC) has emphasized the need for stakeholders in the business space to forge partnerships aimed at creating synergies that spur economic growth. This, the Investment Center explains will improve efforts aimed at attracting more sustainable Foreign Direct Investment (FDI) into the country and the African continent. According to the 2023…
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Economy has turned no corner – Kwabena Duffuor
Former Finance Minister Kwabena Duffuor has dismissed claims by the current Finance Minister, Ken Ofori-Atta, that Ghana’s economy has turned the corner. Ofori-Atta made the claim during his presentation of the Mid-Year Budget Review in Parliament on July 31. He said that government plans and programmes had started yielding positive results and that the economy…
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Transport operators threaten to increase fares by 20%
The Coalition of Transport Union and Association is threatening to increase transport fares by 20 percent if government fails to scrap off some taxes from the petroleum price build-up. The association says government must abolish the sanitation and pollution levy, and energy sector levy to ease the unnecessary pressure on drivers and other consumers. Speaking…
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ECG settles June, July payments to IPPs
Citi Business News has gathered that the Electricity Company of Ghana (ECG) has settled debts to all Independent Power Producers (IPPs) for the months of June and July after earlier concerns expressed by the power generation companies. Sources close to Citi Business News confirm that all the IPPs have received a second payment for current…
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Deadline for dollar-denominated bonds, pension funds DDEP administratively extended to Aug. 25
That government has announced an “administrative extension” of the alternative offer of the domestic dollar bonds and pension funds to August 25, 2023. The alternative offers had earlier closed on August 4, 2023, despite indications by the Ministry of Finance that participation reached approximately 91%. However, in a statement issued today, Tuesday, August 21, 2023,…
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Phase two of Tamale Airport project inaugurated
Vice President Dr. Mahamudu Bawumia inaugurated the Phase Two expansion of Tamale International Airport on Tuesday. Tamale International Airport is the third-busiest airport in Ghana, after Kotoka International Airport and Kumasi Airport. It serves as a vital transportation hub, connecting both domestic and international destinations to Tamale. The airport was originally established during World War…
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Electricity tariff goes up by 4.22%
The Public Utilities Regulatory Commission (PURC) has implemented a 4.22 percent increase in electricity tariffs for all non-lifeline residential customers, affecting the average end-user. This decision comes after a review carried out for the third quarter of 2023 by the PURC. According to the PURC, the primary objective behind the tariff adjustment is to ensure…
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NCA begins Digital Audio Broadcasting trial in Ghana with Citi FM, others
The National Communications Authority (NCA) has launched the trial phase of Digital Audio Broadcasting (DAB) in Ghana. This move establishes Ghana as the pioneer in West Africa and the fourth in Africa to embrace this innovation, which enables radio stations to extend their reach to cities beyond their immediate locations, giving them a wider audience.…
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Govt settles first coupon for bonds affected by DDEP
The government of Ghana, through the Ministry of Finance, has begun the process of settling the first coupon payment of bonds affected by the domestic debt exchange program (DDEP). According to the Ministry, the matured coupons amount to GHC 2.4 billion, and instructions have already been sent for settlement. The DDEP was launched in 2022…
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BoG new head office 41% completed; to be finished in Sept. 2024
The new headquarters of the Bank of Ghana (BoG) is expected to be completed in September 2024. The physical progress on the 13-storey facility currently stands at 41%. This was disclosed in a document issued by the Bank of Ghana in Accra on August 21. The Minority in Parliament and other Civil Society Organisations have…