Tag: Ghana Business News
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Glo serves only a third of expected coverage area
It has emerged that telecoms company, Glo, covers only a third of the total number of districts it is to cover in terms of its 3G coverage obligations. This is the conclusion of a first quarter Quality of Service Monitoring conducted by the National Communications Authority (NCA). The company is therefore expected to improve upon…
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BoG likely to reduce policy rate again – Razia Khan
A Senior Economist with Standard Chartered Bank, Razia Khan is projecting that the Bank of Ghana may reduce the policy rate today, May 21, 2018. The Monetary Policy Committee (MPC) of the central bank is expected to announce a policy rate today after concluding its review on the economy. The MPC, at its last meeting…
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Ghana’s debt hits 145 billion cedis
Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars…
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Fuel smuggling: Ghana loses $200m in 2 years
Ghana lost 200 million dollars in both 2016 and 2017 as a result ofthe smuggling of fuel into the country, the National Petroleum Authority has revealed. According to the head of research at the authority, Shiela Abiemo, up to 300,000 metric tonnes of fuel used in the country are not recorded and no taxes paid…
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Ghana to benefit from Canada’s Alberta smart agric program
Ghana is to improve agricultural productivity within the medium term as it collaborates with innovators from Canada. As a result, a team from Canada’s Alberta Climate Smart Agriculture program will be visiting Ghana from Friday May 18, 2018 to Wednesday, May 23, 2018. The team will amongst others, meet with agriculture industry players, researchers and…
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Freight Forwarders refute cheaper UNIPASS cost claims
Opposition to the proposed introduction of a new company to undertake trade facilitation activities at the ports has intensified with Freight Forwarders being the latest group. The businesses tell Citi Business News, the removal of GCNet and West Blue from the goods clearing process, will cost the nation hugely due to non-expired contracts with them.…
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BoG’s MPC concludes assessment of economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will Friday, May 18, 2018, conclude its meetings on assessing the economy. The committee is expected to provide its verdict on the economy and announce a new policy rate on Monday, May 21st, 2018. At the last MPC meeting in March, the policy rate was…
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LPG retailers to strike on Monday over cylinder circulation policy
The Association of LPG retailers will embark on a strike across the nation on Monday over the government’s plan to implement the cylinder re-circulation policy. This means consumers will not be able to buy the product at various retail outlets from Monday. The Operators, who are opposed to the policy, say their businesses will collapse…
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Ghana to adopt new formula for royalties in mining sector
Dividends accruing to Ghana from mining activities should increase significantly with the adoption of a new formula for calculating the figure. The new system has become necessary as the country is reported to have been losing millions in revenue to the mining sector over reports of little or no profits by the mining companies. These…
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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt
It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are…