Category: Top Stories
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TOR-Torentco deal: Some staff raise fresh alarm over formation of subsidiary companies
Some workers of the Tema Oil Refinery (TOR) have raised fresh alarm over government’s plans to revamp the operations of the refinery through Torentco Asset Management. The concerned staff are alleging the formation of two separate companies that still have Torentco as part of its shareholders. On Tuesday, October 3, 2023, the workers who are…
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Ghana loses GHS 49.5 million to cyber fraud in nine months
Ghana has reported a loss of GHS 49.5 million in the first nine months of the year due to cyber fraud activities, according to the Cyber Security Authority. The revelation establishes the pressing need to intensify efforts to combat cybercrime and safeguard the digital landscape. The Cyber Security Authority is actively working on implementing a…
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Activities at Ghana’s ports begin to rebound after 2023 slow start
Customs House Agents have reported a noticeable uptick in activities at Ghana’s ports, signaling a rebound after sluggish traffic volumes observed since the start of the year. Data from the latest Composite Index of Economic Activity reveals that approximately 57,000 containers have transited through the ports as of July 2023. While this figure represents a…
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BoG’s viability analysis framework to safeguard financial institutions – Governor
The Bank of Ghana (BOG) is developing a Business Model and Viability Analysis Framework to protect financial institutions from potential shocks resulting from the Domestic Debt Exchange Program according to the governor. BOG Governor, Dr. Ernest Addison, has reaffirmed the Central Bank’s commitment to ensuring the financial stability of banks across the country. Speaking at…
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Cedi weakens against the dollar in October after months of relative stability
This week, the dollar has made a slight gain, by a few pesewas against the Bank of Ghana’s rate. According to the interbank forex rates from the Central Bank, the cedi is currently trading at GHS 11.13 against the dollar as of Monday, October 2, 2023. Despite widespread projections of cedi stability, currency analysts assert…
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IMF raises concerns over the energy transition price tag
The energy transition as it is currently being pursued threatens to boost public debt significantly, the International Monetary Fund has warned in a new report. Dubbed Climate Crossroads: Fiscal Policies in a Warming World, the report says that the choice of governments to push the transition forward by using a combination of public investment and subsidies…
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Govt defaults on paying pension contributions for public sector workers
Government has defaulted in the payment of pension contributions for public sector workers. The period of default spans from October 2022 to May 2023. In the report, it emerged that, government has not only failed in its obligations to settle the 13 percent Tier 1 pension contributions of the public sector employees for the period.…
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Punitive domestic tariffs threaten African trade
Tariff and non-tariff barriers in the country remain a real threat to the vision of a liberalised African trade market under the African Continental Free Trade Area (AfCFTA). This is despite the fact that Ghana’s legal framework supports free trade, says a study that revealed tariff barriers are imposed as taxes and duties on imports…
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Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise
Two trading associations in Ghana, the Traders Advocacy Group and the Abossey Okai Spare Parts Dealers Association, are urgently calling on the government to halt the Ghana Revenue Authority’s (GRA) initiative to deploy monitoring task forces for revenue collection. At separate press conferences on Monday, these traders raised concerns about what they describe as constant…
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Prices of petroleum products to rise marginally in October – IES
In the face of a global surge in crude oil prices, resulting in increased costs for refined products in international fuel markets, domestic petroleum product prices in Ghana are set to continue rising according to the Institute of Economic Studies (IES). The IES said the Ghanaian market has seen relative stability in liquid fuel prices,…