Tag: Ghana Business News
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Banks to lose hold on interest rates
The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a…
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PEF seeks revision of upfront tax payments
The Private Enterprise Federation (PEF) has made a strong case for the GRA to review the current time frame for businesses to remit their taxes on the sale of products. The CEO of PEF, Nana Osei Bonsu explains that the current regime has impacted adversely on businesses due to delayed payments for the provision of…
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Women entrepreneurs get 10 million cedis support
The Ministry of Business Development has announced that it will in the next few months, release an amount of ten million Ghana cedis (GH¢10,000,000) to support young women entrepreneurs in the country. The Minister of Business Development, Ibrahim Mohammed Awal who made this known at the Women Entrepreneurship Conference, expressed optimism that the money will…
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Businesses divided over success of Tax Amnesty law
Businesses have expressed mixed reactions to the new Tax Amnesty policy being implemented by the Ghana Revenue Authority (GRA). Some have cast doubt over the policy’s ability to reduce tax evasion while others believe the policy could increase tax compliance. The concerns were raised at a session on the relevance of the Tax Amnesty Law…
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Telecom consumers threaten boycott over poor services
Consumers are demanding that their telecommunication service providers improve on their service delivery to give value for money. Even though the industry has been compelled to provide dynamic solutions, these could have the least impact if they fail to satisfy key needs of clients. Citi Business News has been interacting with some consumers on their…
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Court to rule on Goldfields workers’ case on March 2
An Accra High court has set the 2nd of March to deliver its ruling on the fate of some 1,700 workers of Goldfields Ghana who have been laid off by the company. The Judge, Laurenda Owusu said she will rely on the relevant provisions in civil procedure rules, CI 47 and all the processes filed to deliver…
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Labour cases stuck at NLC as no Commission is formed
Labour adjudicating cases pending at the National Labour Commission (NLC), are expected to delay a little longer until a complete Commission is formed. Citi Business News understands the issue comes four months after the expiration of the former Commission in October last year (2017). Officials of the NLC however tell Citi Business News they are…
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Karpower relocates vessel to Takoradi
Karpowership Ghana Company Limited has confirmed to Citi Business News plans to relocate its floating power plant from Tema to Takoradi. The Company further highlights its intentions to do so by the end of the second quarter of this year. Ahead of the relocation, the company has held various stakeholder meetings to sensitize stakeholders in…
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TOR targets full production by year end
The Tema Oil Refinery (TOR) is hoping to restore the burnt furnace at the plant, to increase its production to full capacity, by the end of this year – 2018. This is to improve the profitability of the oil refinery to be competitive in the industry. The Managing Director of TOR, Isaac Osei disclosed this…
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COCOBOD condemns takeover of cocoa lands by rubber plantation
The Ghana COCOBOD has condemned the recent and continuous destruction of cocoa plantations by illegal mining companies. The cocoa regulator has also bemoaned the sale of cocoa farm lands to rubber plantation investors by land owners. Some cocoa farmers in the Eastern Region have threatened to embark on a demonstration to register their displeasure over…