Category: News
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Crude oil prices to hit $73 per barrel by end of 2018
Crude Oil Prices are expected to average $73 per barrel in the second half of 2018 then fall to $69 per barrel in 2019, forecast from the Chamber of Bulk Oil Distributors have shown. According to the forecast, WTI crude oil prices would average $7 per barrel lower than Brent prices in the second half…
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IMF to prioritise Banking crisis, GDP growth in 7th review
As the International Monetary Fund (IMF) prepares for the seventh review of Ghana’s performance under the economic assistance program, some economists have outlined issues that are likely to top the discussions. Among them are the government’s efforts at maintaining fiscal discipline as well as controlling the public sector expenditure. The Fund is to meet the…
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KIA’s Terminal 3 goes live with international flights
From the 15th of September 2018, all international airlines will depart and arrive at the Terminal three of the Kotoka International Airport (KIA). It follows the successful completion of live flights over the past week. Aviation authorities believe the move should reduce pressure on the current Terminal two and improve Ghana’s position in the aviation…
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FBN Bank Nigeria reiterates commitment to recapitalize subsidiary in Ghana
First Bank of Nigeria Limited (“FirstBank” or the “Group”), a foremost Nigerian bank with over US$15 billion in assets and US$1.9 billion in shareholders’ funds as at December 31, 2017 confirmed, that the recapitalization of its wholly owned subsidiary, FBNBank Ghana to the revised minimum capital requirement was progressing according to plans. This is on…
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Home-based carrier likely to list on stock market – Minister
Aviation Minister, Joseph Kofi Adda has hinted of a possible listing of the new national carrier on the stock exchange to allow the public own a stake in the company. This he says should improve the capitalization of the new entity and make it more efficient. The Minister made the remarks in response to a…
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Dev’t partners bemoan growing poverty rate despite huge donations
The Department for International Development Ghana has bemoaned the rising inequality in Ghana despite huge investments made by them and other developing partners like the World Bank to help reduce poverty in the country. Over the last two decades, the UK has invested over 2 billion pounds of development aid in Ghana, development partners however…
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Poor network hampering paperless system—‘clearing agents’
Some importers and clearing agents are complaining about the poor network that characterizes the paperless system at the ports. The network system managed by GCNET and Customs World formerly West Blue Consult, replaced the manual documentation of port data. Implementation of the system began on September 1 last year at both the Tema and Takoardi…
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Businesses push for direct Yuan conversion in Ghana
The introduction of the Chinese Yuan as a major trading currency in Ghana will bring flexibility and ease of doing business. This is the take by business associations in Ghana. By this, they have reiterated calls for government and the Bank of Ghana to make the Chinese Yuan accessible in Ghana. They also contend that…
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Galaxy Note 9: Ghanaians get special pre-order packages
After a successful unboxing of its most flagship smartphone, Samsung Electronics has announced a special package for Ghanaian customers who will pre-order for the super powerful Galaxy Note9. According to the tech manufacturer, pre-order for the device will begin 17th August till 6th September at all authorized Samsung shops across the country with customers having…
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Single Treasury Account to be operational by end of 2018
The Finance Ministry has disclosed that it is wrapping up processes to consolidate the over 15,000 government accounts within the commercial banks into a single account with the Bank of Ghana, by the end of the year. The Single Treasury Account policy is under the Financial Management Act, 2016, (Act 921). The law requires that…