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Minerals Commission upbeat of increase in 2017 gold output

CEO of Minerals Commission, Dr. Toni Aubynn

The Minerals Commission is optimistic gold production will see an increase this year due to some companies ramping up their operations in the country. According to the commission, gold output went up by over 2 percent in the third quarter of 2016 showing an improvement on the previous year. Speaking to Citi Business News, the Chief Executive Officer of the ...

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Cedi depreciation: BoG defends 120 million dollars auction

Ghana Cedi

The Bank of Ghana (BoG) has justified its 120 million dollars auction for the first quarter of this year to control the depreciation of the cedi. The central bank maintains that the move forms part of measures to protect the forex market from any shocks due to the volatility of the market. “We shall continue with our auctions that we ...

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BOG Governor must stay unless … – Asiedu Mante

Dr. Abdul Nashir Issahaku

A Former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu Mante believes the new Government should maintain the BoG Governor so far as he exhibits professionalism in his work. In his view, the independence of the central bank absolves the Governor from any impact of a change in government. “The BoG governor would like to operate within the confines ...

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Shutdown of Ghana Gas will not cause dumsor- ECG

gas  one

The Volta River Authority(VRA), GRIDCo and the Electricity Company of Ghana(ECG) have assured that the planned shutdown of the Ghana Gas Company will not result in power crisis, popularly called dumsor. According to the power companies, there are plans to generate additional power from the Akosombo and Kpong hydroelectric plants, to supplement for the 230MW that will be lost from Ameri ...

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Producer inflation drops sharply to 4.9 percent in December 2016

inflation

The producer price inflation for December 2016 fell to 4.9 percent from the 11.9 percent in November, the Ghana Statistical Service has stated. By this, the ex-factory prices of goods and services for all industry increased on average by 4.9 percent in December 2016 relative to the price level recorded in December 2015. However compared to November 2016, the PPI ...

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Businesses lament over 25.5 % policy rate

bank-of-ghana pic

Private sector businesses and economists want the Bank of Ghana to review its stance in pegging the policy rate at 25.5 percent in January 2017. They argue that the development is less likely to compel commercial banks to adjust their respective rates on loans and advances to customers. The Monetary Policy Committee of the central bank in its first meeting ...

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We’ll invest heavily in agric – Dr. Afriyie-Akoto

Dr. Owusu Afriye Akoto -  Minister of Agriculture

The Minister nominee for Agriculture, Dr. Owusu Afriye-Akoto, has assured that the New Patriotic Party (NPP) government will invest heavily in infrastructure development to attract foreign direct investments (FDI) into the sector. According to him, the lack of infrastructure development to target agriculture, is the cause of low FDI in the sector, since investors will put funds in areas that ...

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Nana Addo appoints Joe Anokye as acting NCA Head

Joe Anokye

President Nana Addo Dankwa Akufo-Addo has appointed Joe Anokye as the Acting Director General for the National Communications Authority (NCA). He takes over from William Tevie who occupied the position since June 22, 2015. Mr. Anokye worked as a Telecommunications Service Manager with National Aeronautics and Space Administration (NASA). At NASA he was responsible for Integrated Service Network Information Technology. ...

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IMF review to determine deficit financing options

Governor of BoG

The Bank of Ghana has told Citi Business News it will strictly abide by any agreement reached by the government and the International Monetary Fund (IMF) on the financing of government’s budget deficit. It follows a review of the extended credit facility by the IMF and government, in February. Governor Dr. Abdul Nashiru Issahaku believes the review should not affect ...

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We’ll reduce energy sector levies – Boakye Agyarko

Boakye Agyarko - Energy Minister

The Energy Minister Nominee for Energy, Boakye Agyarko has announced an ambitious plan by the NPP government to reduce the taxes on the energy sector even as it initiates plans to address challenges facing the country’s power sector. As a result, the government says it will revise the energy sector levies. Mr. Agyarko who believes the power challenges facing the ...

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