Category: News
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Gold worth billions smuggled out of Africa–Report
Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond – a Reuters analysis has found. Customs data shows that the UAE imported $15.1 billion worth of gold from Africa…
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NEDCo loses 54.1 million dollars in Power Compact Two funds
The Northern Electricity Distribution Company (NEDCo) has lost an opportunity to benefit from a 54.1 million dollars fund under the Millennium Power Compact Two programme. The fund was expected to be used for NEDCo’s Financial and Operational Turnaround Project to make the electricity distribution company effective in the north. A press statement from the Ministry…
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Stakeholders want GIPC’s foreign direct inflows probed
Some stakeholders have called for an interrogation of the inflows from foreign direct investment reported by the Ghana Investment Promotion Center (GIPC). According to those raising issues with GIPC’s figures, the reported targets and actuals are somewhat misleading. GIPC for example set for itself a target of $10 billion dollars in foreign direct inflows for…
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Govt cautioned to maintain fiscal discipline to sustain Cedi stability
Majority of participants at the Graphic Business Stanbic Bank Breakfast Meeting have cautioned government to maintain fiscal discipline to help sustain the stability of the Cedi against other trading currencies, especially the US Dollar. According to them, there is the need to follow fiscal policies that will create room for a balanced trade market to…
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Govt establishes Tree Crop Dev’t Authority to boost export of timber
Government has announced the establishment of a Tree Crop Development Authority to regulate the production and sale of tree crops in the country. The Authority will enact policies to streamline the activities of farmers in the tree crop sector. The establishment of the authority follows the launch of the Planting for Exports and Rural Development (PERD),…
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Planting for Export and Rural Development will stabilize economy – Nana Addo
President Nana Akufo-Addo says the Planting for Export and Rural Development (PERD) will play a key role in stabilizing the economy. The programme aims to promote rural economic growth and improve household incomes of rural farmers. Under the program, farmers will receive certified improved seedlings, extension services, business support and regulatory mechanisms. Speaking at the…
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Regulating rent advance in Ghana: Ministry commits to law to limit to 6 months
The Minister for Works and Housing, Samuel Atta Akyea has assured that plans are still in place to pass a legislation to force landlords to comply with the accurate rent advance fees to be charged in the country. He explains that the lack of housing units forms a major problem to the issue. Per the…
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Port workers protest delayed action on reviewed port expansion concession
Workers of the Ghana Ports and Harbours Authority (GPHA) want the government to expedite the implementation of the findings of a review of the concession agreement for the Tema Port expansion project. The workers, on Tuesday [April 23, 2019] wore red attires and arm bands to protest what they describe as the delay in addressing…
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MODEC appoints Theophilus Ahwireng as new MD
Former CEO of the Petroleum Commission, Theophilus Ahwireng has been appointed as the Managing Director of MODEC Production Services Ghana JV Limited. His appointment takes effect on Tuesday, April 23, 2019. A statement from MODEC confirming the appointment described Mr. Ahwireng as, “a seasoned technical and business leader with three decades of experience in the…
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Mortgage products decreasing due to high loan default rate—GREDA
The Ghana Real Estate Developers Association (GREDA) has disclosed that banks in the country have reduced their mortgage products due to defaults in paying back loans. This, GREDA says has affected the housing sector, increasing the deficit over the years. Speaking to Citi Business News, the President of GREDA Patrick Ebo Bonful warned that the…