Category: News
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Tullow PLC to increase oil production in Ghana as its revenue surges
Tullow Oil Plc has announced an increase in revenue for its 2018 operations. The company’s revenue increased to $1.9 billion in 2018 compared to 1.7 billion dollars in 2017. There more in this news desk report. In a financial statement released by the company, Tullow PLC recorded a profit after tax of 85 million dollars…
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Inflation for January drops to 9%; lowest in 5 years
Ghana’s inflation reached its lowest in five years for the month of January. Inflation rate dropped to 9 percent, from the 9.4 percent recorded in December 2018. The rate of 9.0% is the lowest since January 2013. The drop was largely consistent with the inflation trend recorded in January for the last 5 years. The…
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GRA seizes drinks without tax stamps at Makola
The Ghana Revenue Authority (GRA) has seized several packs of Non-alcoholic drinks without tax stamp from retail shops around Makola in the Central Business District of Accra. The move, according to the GRA is to improve tax compliance among retailers. The task force visited various shops unannounced to ascertain the level of compliance of the…
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Housing Ministry partners Hungarian govt to produce building materials
The Ministry of Works and Housing has partnered with the Hungarian government to establish a factory that will produce building materials locally. The factory will help build 200,00 houses. The Ministry is hopeful that the move will correct the country’s housing deficit. Available statistics has shown Ghana has since 2010, experienced a housing deficit of…
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Ghana making reforms to improve Ease of Doing Business ranking –Dr. Bawumia
The Vice-President, Dr. Mahamudu Bawumia says the introduction of new reforms by the end of this month should see Ghana make significant improvement on the World Bank’s ease of doing business list for 2019. The 2018 World Bank report on Doing Business Ranking, saw Ghana move six places up from 120 to 114 out of 190…
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Cedi depreciation: Spare parts dealers threaten to pass on cost to consumers
Spare parts dealers at Abossey Okai have stated that they will have no other option but to increase the cost of their goods if the cedi is not stabilized against the dollar. The cedi since January this year has seen about 2.4 percent depreciation reducing in value against the dollar from 4 cedis 90 pesewa…
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How your bank charges you for processing your salary
As at the end of December last year some banks in the country charged no fee for some major services, while other services attracted substantial fees. Getting your personal salary processed in some banks in the country would have cost you as high as GHC 24 cedis, while others would have charged you nothing as…
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Only ten percent of Unibank’s debts were recoverable – KPMG report
It has emerged that over ninety percent [90%] of defunct Unibank’s loan books was non-performing as at March 2018. According to the Official Administrator’s report, Unibank had 3.4 of the 3.73 billion cedis, non performing; a development which affected the performance of the bank. The Official Administrators, KPMG were made to assume the management of…
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Gov’t hopeful of completing final IMF exit processes this month
Government says it is confident of finishing the processes that will allow Ghana officially exit the International Monetary Fund programme in April 2019. A team from the International Monetary Fund (IMF) which is expected in Ghana this month, is scheduled to meet parliament’s finance committee on the 20th of February, to review the relevant data to ascertain if…
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IES raises concern as PURC, ECG delay major policy decision making
The Institute of Energy Security, IES, is warning that the technical and operational challenges within the ECG may escalate if the process for the handing over to the Power Distribution Services (PDS) is delayed any further. The IES also wants the PURC to be swift in announcing the new tariffs as the delay is impacting…