Tag: Ghana Business News
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Rice import costs Ghana US$500m annually
Ghana is said to lose over 500million dollars every year through the importation of foreign rice. This action has posed serious challenges to local rice production, making it uncompetitive in the local markets. This was revealed by the Director of Finance and Administration at the John Agyekum Kufuor Foundation, Victor Kufuor at the launch of…
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First local dollar denominated bond to be issued at about 6.5%
Government is optimistic its first local dollar denominated bond will be oversubscribed at a coupon rate of between 5.5 and 6.5 percent. The confidence, according to some financial advisors in government is due to enthusiasm expressed by investors in several meetings ahead of the issuing of the bond in some few days time. Already, Finance…
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100m space among fuel stations enforced
The Association of Oil Marketing Companies (AOMC) has announced that it will enforce regulations on the construction of fuel stations to sanitize the industry. According to the association, the move is aimed at enhancing safety standards in the construction of filling stations in the country. There have been concerns in recent times on the proliferation…
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ATM fraud to reduce as new technology is launched
Fraudulent activities in the banking sector is expected to go down as some multinational companies move into the sector to help banks completely move from magnetic swipe cards to chip and pin ATM cards. In June this year, two Bulgarians were arrested for withdrawing huge sums of money from the accounts of customers of some…
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NPA eases rules on dirty diesel to save TOR
The National Petroleum Authority (NPA) has admitted it was forced to review the national sulphur specification for diesel from the maximum 3000 parts per million (ppm) to between 10 and 500 ppm to avert a shutdown of the Tema Oil Refinery (TOR). Chief executive of NPA Moses Asaga told Citi Business News ‘the 500ppm was…
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Minerals Commission debunks Randgold’s allegations
The Chief Executive Officer(CEO) of the Minerals Commission Dr. Toni Aubynn has rejected claims that the government refused to give its full support to the partnership agreement between Randgold Resources Limited and AngloGold Ashanti to revive the Obuasi mine. According to Dr. Tony Aubynn, government and the Minerals Commission are committed to supporting foreign investors…
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COCOBOD hits critics over new cocoa price
The Ghana COCOBOD has rejected claims that the increase in producer price of cocoa from 425 cedis to 475 cedis per bag is not good enough. According to COCOBOD, the new price was reached after broader consultation with all stakeholders including the farmers. Speaking to Citi Business News, the Communications Manager at COCOBOD Noah Amenyah…
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Shipping lines defy Mahama’s directive to halt THC
Despite a directive given by President John Mahama to shipping lines to halt the Terminal Handling Charges (THC), Citi Business News has gathered that the fee is still being charged at the Tema port. Speaking at a ceremony to mark one year of the implementation of the Single Window Project last Friday, President Mahama warned…
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Kosmos Ghana awards two Agritech startups
Two young Ghanaian Agritech firms, Trotro Tractor Ltd and Ghalani have been adjudged the overall winners of the Kosmos Innovation Agritech Challenge Award. The two firms, apart from receiving technical and mentoring assistance from the Meltwater Entrepreneurial School of Technology will also have seed money of $50,000 each to realize their ideas. Trotro Tractor was…
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Let’s use technology to solve housing challenges- GREDA
The Executive Director of the Ghana Real Estate Developers Association (GREDA) Samuel Amegayibor has stated that the advancement of technology will facilitated the smooth running of business activities in the housing sector. According to him, Ghana can make use of technology to provide affordable housing at low cost to the working class. Recounting some accomplishments…