Tag: Ghana Business News
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Average deposit rate drops; Stanchart still offers lowest rates
The average interest offered by banks on customer deposits has dropped by about 2.5 percent between January and February this year. The figure declined from 11.9 percent as at end of January 2017 to 11.6 percent as at end of February; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG…
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Sale of MTN shares to Ghanaians takes off in 2017
Telecom giant MTN Ghana will finalize processes to float shares on Ghana Stock Exchange (GSE) this year – 2017. MTN commenced moves to list on the GSE last year – 2016, as part of conditions under which it secured the 4G license in late 2015. The company which spent US$67.5million to acquire the license which…
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IFS cautions gov’t over sustainability of free SHS policy
The Institute for Fiscal Studies (IFS) has warned of a potential dip in the quality of education if government fails to identify pragmatic funding sources to sustain its free SHS policy. The Institute says the fundamentals for achieving the objectives require robust and sustainable funds which need to be considered critically. In a post analysis…
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GRA hopeful to meet ambitious GH¢34 bn 2017 target
The Ghana Revenue Authority (GRA) is confident of meeting its ambitious revenue target of 34 billion cedis by the end of this year. This comes despite the one billion cedis value of all the tax cuts announced in the 2017 budget. “We are hopeful that in 2017, though it is challenging, we have to make…
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UBA joins cashless drive with Mastercard
Some banks in the country have intensified measures to push the Bank of Ghana’s agenda of achieving a cashlite economy to propel growth. The move which is aimed at reducing the use of cash in transactions as much as possible, is also targeted at improving financial inclusion among the informal sector. To this end, United…
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Reduce high charges on building materials – Importers
Importers of building materials want government to review charges on their imports. They argue that the continuous imposition of the levies is causing a strain on their businesses. Finance Minister Ken Ofori Atta during the budget presentation had announced that eight taxes including the one percent special import levy will be abolished. But, in an…
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EXIM Bank gets new CEO
President Nana Akufo Addo has appointed Mr. Lawrence Agyinsam as the Chief Executive Officer (CEO) of the Ghana Export Import (EXIM) Bank. His appointment is however pending receipt of the constitutionally required advice of the governing board of the Bank and in consultation with the Public Services Commission. A letter signed by President Akufo Addo…
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Transport fares not increased yet – Union
The Ghana Road Transport Coordinating Council (GRTCC), has described as unfortunate reports of increases in transport fares in Accra. According to the Council, the unions have not increased fares and want drivers who are have reviewed the fares to stop. Citi Business News’ checks at some transport stations have revealed that some drivers have increased…
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Tax cuts to deepen cedi depreciation – GN Research
Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result.…
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Prof Ameyaw Akumfi chairs Ghana Infrastructural Fund Board
President Nana Akufo Addo has appointed Professor Christopher Ameyaw Akumfi as the Board Chairman of the Ghana Infrastructural Investment Fund (GIIF). His appointment is in accordance with Section 8 of the GIIF Act, 2014 (Act 887). A statement signed by the Chief of Staff, Akosua Frema Osei-Opare confirmed the appointment of the former Education Minister.…