Tag: Ghana Business News
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Baby Jet airlines to start operations by end of 2018 – GCAA
Baby Jet Airlines should commence commercial operations by the end of this year to drive competition in the aviation industry. This is the indication from the Ghana Civil Aviation Authority (GCAA). The comment comes days after it announced the start of another domestic airline soon. The aviation authorities are also upbeat about the situation due…
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Six persons die at Newmont Ghana’s Ahafo site
At least six persons have died with others sustaining various degrees of injury following an accident at Newmont Ghana’s Ahafo mine site. The incident occurred on Saturday April 7, 2018. Information available to Citi Business News indicates that the fatalities occurred when a reclaim tunnel roof collapsed on the workers who were engaged as part…
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Fuel prices increase by 1.5 percent in April
The prices of petroleum products at the pumps have gone up by about 2 percent for the first pricing window this month (April). For the first two weeks of this month, consumers should be prepared to pay more for fuel they purchase at the various retail outlets for the Oil Marketing Companies (OMCs). The first…
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TIN implementation to hit a snag if … – Analyst
A Tax Analyst with Ali Nakyea & Associates, William Demitia is warning that the implementation of the Taxpayer Identification Number (TIN) by the GRA could hit a snag if the Authority fails to coordinate with government agencies that provide essential services to the public. The GRA is restricting access to services including acquiring a Driver’s…
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New plastic composite bricks set for the market – AGI
The Association of Ghana Industries (AGI) in partnership with eight companies who are the founding members of Ghana Recycling Initiative by Private Enterprises (GRIPE) is set to launch bricks generated from plastic waste in September 2018. This forms part of measures to address the growing unemployment situation in the country with the provision of jobs…
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Deposits still major source of funds for banks – BoG report
Customer deposits still remain a major source of funding for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017.…
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Energy Ministry to prosecute culprits of fronting
The Ministry of Energy has given the strongest indication that it is ready to prosecute Ghanaians who are helping foreign companies operate in parts of the petroleum sector, which are solely reserved for local companies. According to the Ministry, a comprehensive plan to deal with such individuals and companies will be announced before the end…
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BoG puts reference rate for April at 16.82%
The Bank of Ghana has pegged the Ghana Reference Rate for April 2018 at 16.82%. This means that all commercial banks will determine their interest rates on their loans with the figure as their reference. The new system also follows the central bank’s decision to review the previous Base Rate model which adopted a minimum…
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New electricity bills to start with second purchase in April – ECG
It is emerging that the much anticipated reduction in electricity tariffs may take a bit longer than expected. This is because the Electricity Company of Ghana (ECG) has explained that the reduction will only reflect on the bills of consumers when they make their second purchase of credit for electricity for April. The latest also…
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Fuel crisis looms over cartel in petroleum industry – BOST workers
The Senior Staff of the Bulk Oil Storage and Transportation Company (BOST) are predicting a shortage in fuel following what they say is the continuous interference by a cartel in the company’s activities. Secretary of the Senior Staff Association of BOST, Ekow Sey claims that some Bulk Oil Distribution Companies (BDCs) and highly placed individuals,…