Tag: Ghana Business News
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BoG’s 120 million dollars auction begins yielding results
Currency analysts have stated that the Bank of Ghana’s auction of 120 million dollars in the first quarter of this year, to contain the cedi’s depreciation has begun yielding the intended results. According to them, the move would have been more effective if the Bank of Ghana increased its supply of dollars in the first…
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John Attafuah is new MD of Ghana Airports Company Limited
President Nana Akufo Addo has appointed Mr. John Dekyem Attafuah as the new Managing Director of Ghana Airports Company Limited (GACL). The appointment was confirmed in a statement dated March 20, 2017, by the Ghana Airports Company Limited and copied to Citi Business News. Mr. John Attafuah, a Management Consultant, replaces Mr. Charles Asare who…
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Declining inflation, ‘stable’ cedi to signal drop in policy rate
Economists are highly expectant of a reduction in the policy rate by the Monetary Policy Committee (MPC) of the Bank of Ghana as the Committee prepares to announce its new rate next Monday. They cite the declining inflation, relative stability of the cedi and government’s pro business agenda as the basis for their claims. “Obviously…
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Tourism Ministry proposes new law to protect tourists
The Minister of Tourism, Arts and Culture, Catherine Ablema Afeku has promised to enforce a Legislative Instrument (LI) to regulate and ensure safety measures at tourist sites to avert disasters. According to her, the tourist sites will mostly be managed by the private sector when the LI is put in place. Her comments follows a ghastly…
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NCA gives telcos one month ultimatum to address network challenges
The National Communications Authority (NCA) has directed all mobile network operators to within a month’s time; submit a roadmap to address all concerns of quality of service by customers within Accra and Tema. It follows the numerous customer complaints to the Authority over quality of service challenges. These also range from call drops, poor quality…
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OMCs reduce prices to reflect tax cuts
Citi Business News’ checks at fuel stations have revealed that major Oil Marketing Companies (OMCs) have reduced the prices of their products for the second consecutive time this month; March. The reduction is in line with the recent tax cuts announced by the government in the 2017 budget. The OMCs earlier in the second pricing…
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Goldfields pays 0.5 billion cedis in taxes for 2016
Goldfields Ghana Limited has emerged as the largest taxpayer for the government of Ghana in 2016. The mining firm paid 501 million cedis (0.5 billion cedis) in direct and indirect taxes to the Ghana Revenue Authority (GRA). Of the amount, Royalties accounted for the highest. The company paid 196 million cedis in Royalties representing 39.12…
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Mines Chamber urges caution on listing multinationals on the Stock Exchange
Mining industry players are calling for detailed discussions on the implementation of policies seeking to charge multinationals to list on the Ghana Stock Exchange (GSE). They have cautioned of possible concerns over the likelihood of a reduction in stake for major shareholders (dilution of ownership) of mining companies due to the new law. “I think…
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GIPC targets $ 5bn in FDIs to Ghana in 2017
The Ghana Investment Promotion Centre (GIPC) has set an ambitious 5 billion dollars target in Foreign Direct Investments to Ghana for 2017. The target is more than double the total FDIs recorded in 2016. The CEO of the GIPC, Reginald Yoofi Grant told Citi Business News he is highly optimistic of the targets considering the…
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Gov’t courts investors to sustain Komenda Sugar Factory
The CEO of the Ghana Investment Promotion Centre (GIPC), Reginald Yoofi Grant has stated that the NPP government will pursue programs aimed at sustaining the operations of the Komenda Sugar Factory. According to him, the government will continue to create the necessary conditions for the production of sugar and reduce the over reliance of imported…