Tag: Ghana Business News
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Proposed cargo fumigation levy suspended indefinitely
Government has ordered the indefinite suspension of the proposed fumigation levy for shippers. The policy, was aimed at fumigating all imported cargo upon arrival at the ports. However, a statement signed by the Information Minister, Mustapha Hameed and copied to Citi Business News said, “After extensive consultation between the government and various stakeholders, the Economic Management Team…
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Govt suspends import VAT on phones, day old chicks, others
Government has suspended the charging of import VAT on some 64 commodity groups effective Wednesday, March 21, 2018. The decision was arrived at after extensive consultation between the government and various stakeholders. Citi Business News understands that the charges have been implemented since the 1st of March this year. The traders of such commodities comprising,…
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Unibank takeover: Analyst urges audit of banks’ risks to loan default
Some economists are advocating an immediate audit into the risks faced by commercial banks in retrieving loans given to their customers to avert a collapse of the financial industry. The suggestions follow the Bank of Ghana’s decision to allow KPMG takeover the management of uniBank over their low capital levels. It is unclear what sanctions…
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BoG takes over management of uniBank
The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest…
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Aker Energy quickens process to start oil drilling in 2021
Norwegian oil company, Aker Energy, has disclosed to Citi Business News it is hoping to start its oil exploration activities in Ghana by the end of 2021. The company explains that it is working to complete the necessary processes to get clearance from the government to start operations. The CEO of Aker, Jan Arve Haugan…
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Cashless economy: New Payment Bill before cabinet
Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon. The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology. The Head of the Payment Systems Department of the Bank of Ghana, Dr.…
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Banks resist crypto currency use in Ghana
Some banks have expressed strong resistance to the adoption of crypto currency in Ghana describing it as grounds of breeding money laundering and other financial crimes. The banks have also cited the absence of a law as basis for their posture. There have been calls on the central bank to allow the use of crypto…
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Ghana’s inflation to hit single digit by April (Article)
Headline inflation increased to 10.6% year on year in February from 10.3% year on year in January, driven largely by higher food inflation. The rise in February’s print was broadly in line with our expectations and does not alter our view on policy rates in the year ahead, particularly as inflation is in an entrenched downtrend.…
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Businesses track ECG on reimbursement promise
Businesses are expecting that the Electricity Company of Ghana (ECG) would live by its assurance of implementing the reduction in electricity tariffs from the 1st of April as announced. Even though the reduction has been initially scheduled to take effect today, ECG maintains consumers should see it reflect from next month due to the monthly…
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Govt signs $39m deal to finance planting for food & jobs
Government has signed a 39 million dollar loan agreement with the African Development Fund (ADF) to support government’s planting for food and jobs program. The facility is to finance the Savannah Zone Agricultural Productivity Improvement Project (SAPIP). A statement from the Finance Ministry and copied to Citi Business News said the project will be implemented…