Tag: Ghana Business News
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Reduce taxes, stabilise cedi to bring down fuel prices – TUC
The Trades Union’s Congress (TUC), is asking the Akuffo-Addo government to review a number of taxes that contribute to the astronomical increases in the prices of petroleum products. It also wants pragmatic steps taken to strengthen the Ghana cedi against other major currencies. These demands by TUC come at a time when there is public…
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No worker has been sacked – ATL management
Management of the Akosombo Textiles Limited (ATL) has denied laying off 600 workers due to lack of raw materials. Earlier reports indicated that about 600 workers of the Akosombo Textiles Limited have been asked to go home due to a shortage of raw materials. But the company has denied this assertion. According to its management,…
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Businesses, bankers push for drop in BoG’s policy rate
The Monetary Policy Committee (MPC) of the Bank of Ghana may take any decision but increase its policy rate for banks. These are the indications from businesses and banks ahead of the announcement of the policy rate later on Monday [September 24, 2018]. The MPC has since the beginning of the year reduced its policy…
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GH¢400m capital: Remaining 3 months optimum for banks
Barely three months to the deadline for meeting the minimum capital requirement for banks still presents an opportunity for more banks to hit the mark. That is the assertion of Banking Consultant, Nana Otuo Acheampong. He explains to Citi Business News the banks whose capital may not have reached the 400 million cedis level, still…
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Financial stability: World Bank gives Ghana $30m support
The World Bank has approved a $30 million International Development Association (IDA) credit to support the Government of Ghana strengthen its financial sector stability. The support is also to improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers. Commenting on the gesture, the World Bank Country…
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Operators want cap on global money transfers reviewed
Some players operating in the mobile money sector are calling on the Bank of Ghana to review the limit of transactions that is currently permitted on remittances done via mobile money. They believe such a move will promote inter-regional trading activities. According to the proponents, the current limit of 500 dollars per transaction is low and restricts business…
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COCOBOD seals $1.3bn cocoa syndicated loan agreement
The Ghana Cocoa Board has completed a 1.3 billion dollar syndicated loan agreement for cocoa beans purchases for the 2018/2019 crop season. The agreement is with twenty one banks including Barclays Bank Ghana, Stanbic bank Ghana as well as Societe General. The cocoa syndicated loan is to help the cocoa industry regulator make upfront purchases…
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Struggling Akosombo Textiles sends home 600 workers
About 600 workers of the Akosombo Textiles Limited have been asked to go home as a shortage of raw materials has hit the company in recent weeks. The company has also closed down its new plant which has spinning and weaving departments due to lack of money to run the facilities. The company, which used…
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2000 entrepreneurs to benefit from GH¢30m support
The Ministry of Business Development and the Chamber Institute for Business Creation and Development, have signed an agreement for the development of a training programme to promote and support entrepreneurship in the country. The GH₵30million agreement will train up to two thousand entrepreneurs in the areas of finance, markets, networking among others, the training will…
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Stable economy: Businesses, labour demand more
The government will have to convince Ghanaians on how it is working to restore economic stability and improve livelihoods. This is because general reactions from key business associations on the Citi Breakfast Show pointed to virtual dissatisfaction. The groups comprise importers, exporters and organized labour. For the three groups, anything short of an improved standard…