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Author Archives: Pius Amihere Blay

Park Agrotech launches ‘Lay More’ poultry feed                      

park

Poultry farmers in Ghana will have some relief as more private investors introduce new feed for the farmers. New entrant, Park Agrotech Ghana Limited, has outdoored its latest poultry feed called the ‘Lay More’, onto the market to increase poultry yield. In an interview with Citi Business News, Managing Director of Park Agrotech Ghana Limited, Lalit Mishra said the feed ...

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Bitcoins, Altcoins, Ponzi Schemes (Article)

Bitcoin

Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not all virtual currency is convertible. ...

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Toshiba company to clear fake products from Ghana market

Mr. Santosh Varghese, General Manager Digital Products and Services -MEA region (middle) flanked by Mr. Mitsunori Kikuchi (L) and Mr. Hiroaki Tanaka (R) both of Toshiba Memory Corporation

Electronic gadget producer, Toshiba has told Citi Business News it is working with its distributors in Ghana to rid the markets of fake Toshiba products. This they believe will boost their market returns while making them more competitive on the market. “That requires a lot of legal things and we don’t have a presence legally here in this country so ...

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Political interference threatens future of Ghana’s cocoa

Cocoa-Pix

Ghana’s cocoa sector risks a dip if the country fails to address the politicization of the sector. According to the International Food Policy Research Institute (IFPRI), the issue has affected the growth of the cocoa sector as politicians have over the years, used cocoa’s prospects to their gain. The warning also comes at a time where government and the industry ...

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First Atlantic Bank secures new investment to increase capital

First Atlantic 1

First Atlantic Bank is set to meet the new minimum capital requirement of 400 million cedis for banks by the second quarter of this year, 2018. This comes after the bank secured various investments, with the most recent being an investment with Advanced Finance and Investment Group (AFIG). The Governor of the Bank of Ghana, Dr Ernest Addison in November ...

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Expresso workers demand salary arrears ahead of license revocation

Expresso 11

The Concerned Workers Group of Expresso are worried they may lose their unpaid salaries and other benefits due them if the National Communications Authority (NCA) revoke the license of the company. According the group, Expresso owes the workers several months of salary, as well as defaulting in paying workers’ SSNIT contribution. “We have mixed feeling in the sense that we ...

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Low funding keeps sulphur in diesel products from TOR high

Isaac Osei - MD, Tema Oil Refinery

It is emerging that the Tema Oil Refinery (TOR) will need some 300 million dollars before it could refine products to the current specified sulphur content for diesel of 50 parts per million. The development also puts consumers at risk as there are fears the products may have been in circulation at the various retail outlets. The revelation comes seven ...

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New law to track VAT electronically in the offing

VAT on Fin Services

Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their values and also punish tax ...

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Gov’t fails to yield to pressure over tax stamp

Kweku-Kwarteng-citifmonline-600x330

Businesses who fail to comply with the implementation of the Excise Tax Stamp by 1st March, 2017, will have their goods seized and subsequently dealt with by the law. This is the indication from a Deputy Finance Minister, Kweku Kwarteng. He argues that government can no longer hold back the implementation of the Excise Tax Stamp Policy due to setbacks ...

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PFMA to tame excess borrowing – Economist

debt

Some Economists have told Citi Business News they expect the Public Financial Management Act (PFMA) to restrict government’s future borrowing to specific needs. According to Lecturer at the University of Ghana Business School, Dr. Lord Mensah, this should regulate spending and avoid budget overruns. The comment follows the formulation of regulations to guide the implementation of the PFMA. This also ...

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