Category: Top Stories
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Fitch downgrades Ghana’s credit rating from B to B- with negative outlook
International ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to B negative from B with a negative outlook. According to the agency, the move was over concerns that the economy faced increased risks in servicing its debts in the medium to long term. A report by the agency further states that,”…
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GUTA advocates deeper stakeholder engagement one year after AfCFTA implementation
A year into the implementation of the African Continental Free Trade Area Agreement (AfCFTA), the Ghana Union of Traders Associations (GUTA) wants more stakeholder engagement to ensure success. The President of the Ghana Union of Traders Associations (GUTA), Dr Joseph Obeng, says a lot more effort will be required to ensure the agreement lives up…
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Fuel prices cross GH¢7 mark; represents about 40% increase in 12 months
The price of a litre of fuel has crossed the GH¢ 7 mark for the first time at some pumps across the country. Fuel prices per litre stayed at around Gh¢6.50 on average for a few weeks, and then rose to reach an average of Gh¢6.70 at most pumps in the past week alone, according…
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Implement strategies to sustain increased consumer preference for digital payments – Bawumia
Vice President, Dr. Mahamudu Bawumia, has asked African countries to introduce innovative ways and strategies to sustain the increased consumer preference for digital payments. According to him, this will ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS) as well as an increase in intra-African trade. Speaking at the…
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We’ll continue to implement policies to build strong insurance sector – NIC
The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022. According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves. Speaking on behalf of the Commissioner of Insurance at the…
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SEC cautions public against Tizaa Ghana Fund ‘investment’ activities
The Securities and Exchanges Commission (SEC) has cautioned the public against doing business with Tizaa Ghana Fund. It said the company has not been licensed to engage in investing or trading for returns business in the country and as such, its activities are not regulated by SEC. Many social media posts over the past week…
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GRA to begin nationwide collection of data on properties
The Ghana Revenue Authority (GRA) has served notice to the general public especially persons who own, rent or occupy properties that it is undertaking a data collection exercise on properties nationwide. This exercise is in line with Section 33 (1 & 2) of the Revenue Administration Act, 2016 (Act 915) which states that for the…
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BOST and TOR must shield Ghanaians from impact of fuel price increase – COPEC
As global Oil prices are tipped to hit record levels this year, the Chamber of Petroleum Consumers Ghana (COPEC) says the Tema Oil Refinery and the Bulk Oil Storage and Transportation Company Limited must absolve the public from its associated shocks. Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah stated that these…
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Economist predicts higher inflation rates in coming months
Data from the Ghana Statistical Service shows that national inflation has risen for the 7th consecutive time hitting 12.6% in December 2021. With this being the highest figure recorded in more than two years, it highlights the problem the government and the central bank are faced with in trying to balance efforts to curb price…
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Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia
Vice President, Dr. Mahamudu Bawumia has called for strict enforcement of the regulatory framework of the African Continental Free Trade Area, AfCFTA, for financial services to ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS). According to him, it is important that payments services regulation of member states are…