Tag: Ghana Busines News
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Economist pushes for a reduction in policy rate
Ahead of the announcement of a new policy rate by the Bank of Ghana on Monday, some economists are predicting a further drop in the policy rate. Economist Professor Godfred Bokpin explains to Citi Business News, the reduction in interest payments due to the debt restructuring, should prompt a further drop in the policy rate.…
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TEN to produce first gas mid 2017
The TEN oilfield is expected to deliver its first gas to the Ghana Gas Company by the middle of 2017. This is the indication from Managing Director of Tullow Ghana, Charles Darku. It follows the completion of a tie in facility on the FPSO John Evans Atta Mills by the operators. This however comes later…
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Fuel prices to drop in 2nd pricing window of May – IES
The Institute of Energy Security (IES) has predicted an average drop of 1.03% percent in fuel prices for the second pricing window. According to IES, current developments across the globe indicate that fuel prices will drop slightly for the next pricing window in May. World Oil Market Indices for Benchmark Brent crude prices have been…
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Government’s debt to ECG hits 1.6 billion cedis
Government’s total indebtedness to the Electricity Company of Ghana (ECG) has hit GH¢1,599,800,195 as at March 2017. The figure increased from the GH¢1,390,966,034 recorded as at December 2016. This also represents a 15 percent increase in the government’s debts owed the power distributor between 2016 and March this year. Government subsidy to some electricity consumers…
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NDC strategy collapsed IMF program – Kwaku Kwarteng
A Deputy Finance Minister, Kwaku Kwarteng, has blamed the past NDC government for what he says is the failure of the economic assistance program with the International Monetary Fund (IMF) to address Ghana’s economic challenges. According to him, the strategy adopted by the past government was not an appropriate means to ending the prevailing economic…
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Frances Essiam is new CEO for Cylinder manufacturing company
Frances Essiam has been appointed as the CEO of the Ghana Cylinder Manufacturing Company. The appointment was made by the President, Nana Addo Dankwa Akufo Addo. The appointment was also contained in a letter dated 8th May, 2017 and signed by the Energy Minister, Boakye Agyarko. It also stated that Madam Essiam was nominated for…
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Police arrest two over MMM’s operations
At least two persons have been arrested by the Police for allegedly luring some unsuspecting persons to subscribe unto the operations of MMM. The arrest which was effected by the Tema Community One police over the weekend, follows a directive from the Bank of Ghana warning the public against doing business with the blacklisted ponzi…
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Inflation rises to 13% after six months’ decline
Ghana’s inflation hit 13 percent in April 2017. The figure went up by 1.6 percent from the 12.8 percent recorded in March this year. According to the Ghana Statistical Service (GSS), inflation for food items was 6.7 percent. Meanwhile inflation for non-food items such as transport and utility, went up by 16.3 percent in April…
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CAL Bank’s profits plunge due to high NPLs
After recording impressive performances at a time that some banks are struggling in the last three years, CAL Bank has recorded over a ninety percent drop in profits for 2016. According to the bank’s 2016 financial results, its profit dropped from 160 million cedis in 2015 to 7.2 million cedis in 2016. This was largely…
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I’ll meet the expectations of the private sector-Nana Akufo-Addo
President-Elect, Nana Addo Dankwa Akufo-Addo has promised the Private Enterprise Federation(PEF) that his administration will meet the expectations of the federation to create a business friendly environment for the sector. According to him, the main focus of his government will be to reduce the cost of doing business to help the private sector expand. Speaking…