Tag: Ghana Business News
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Boosting cashew industry:farmers urge active engagement (Audio)
Cashew farmers have appealed to government to be involved in various processes of revamping the sector. They fear the industry could suffer a similar fate if mistakes in the management of the cocoa sector are repeated. The comments come on the back of increased contribution of cashew to Ghana’s export revenue despite the little attention.…
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NEDCo dissatisfied with utility tariff reduction
The Northern Electricity Distribution Company (NEDco) has expressed its reservation at the decision by the Public Utilities Regulatory Commission (PURC) to reduce electricity tariffs for consumers, effective March 15, 2018. The power distributor however says it is ready to comply with the PURC’s directive. The utility regulator on Monday, March 5, 2018 announced that it has…
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Reduced tariffs: Mining firms to save 3 million dollars annually
Businesses particularly those in the mining sector, are expected to save millions of dollars to be channeled into other investments to grow their companies following the reduction in electricity tariffs. The Public Utilities Regulatory Commission (PURC), on Monday, March 5, 2018, announced that electricity tariffs will go down between 10 and 30 percent for various…
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Barclays Bank Ghana targets acquisitions as it rebrands
Barclays Bank has disclosed to Citi Business News plans to undertake major acquisitions in the country as it rebrands to Absa by June 2020. Managing Director of the Bank, Patience Akyianu explains that her outfit has already begun talks with regulators and shareholders ahead of the move. Barclays Africa Group last week announced that it…
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Sale of used undergarments booms despite ban (Audio)
The Ghana Standards Authority (GSA) has issued a strong warning to crack the whip on all importers and traders of used undergarments henceforth. The warning follows the rise in the sale of the used undergarments despite a ban by government. Citi Business News’ Jessica Ayorkor Aryee visited some popular markets where most of these items…
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Tax stamp: Two companies shut down, more to follow
More businesses which are affected by the excise tax stamp policy are to shut down their operations in the coming weeks over high cost of operation. The situation is expected to lead to possible shortages and eventual increase in prices, if authorities fail to step in. The warning is the latest from the Food and…
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Businesses yield to enforcement of excise tax stamp
Business operators have expressed their readiness to comply with the three day ultimatum set by the Ghana Revenue Authority (GRA) to fix the excise tax stamp on their products by Monday, March 5, 2018. This comes contrary to earlier resistance to the implementation of the policy. The comments also follows GRA’s monitoring of the compliance…
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IMF assesses Ghana ahead of $236m disbursement
The International Monetary Fund (IMF) is expected to disburse at least two hundred and thirty-six million dollars ($236,000,000) of the Fund’s extended credit support to Ghana. The cash is expected to hit the government of Ghana’s accounts within the next few months. This is however subject to Ghana’s ability to meet key targets set under…
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GRA gives tax stamp defaulters 3 day ultimatum
The Ghana Revenue Authority (GRA) has given manufacturers and importers of excisable goods a three day ultimatum to fix the tax stamps on their products or have their goods seized. The decision comes on the back of a monitoring exercise on the compliance of the tax stamp policy beginning today, 1st March 2018. The tax…
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Barclays Africa to rebrand to Absa Group
Barclays Africa Group is to rebrand to Absa Group by 2020, subject to regulatory approval in all ten countries that it operates in. This follows the successful sale of Barclays PLC’s stake in the bank’s Africa’s operations. Barclays PLC has since December 2017, reduced its stake in the Africa Operations from 62 to 15 percent.…