Tag: Ghana Business News
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Railway Ministry clears outstanding debts to revamp sector
Railway workers in Ghana have commended the railway ministry for settling all outstanding arrears owed them. The workers confirmed to Citi Business News in an interview that all salaries owed them have been fully paid. The railway workers had in the past embarked on several strike actions due to salary arrears. But the Railway Minister,…
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Cryptocurrency users unfazed by BoG’s caution
Some cryptocurrency operators have welcomed the Bank of Ghana’s stance on the use of digital currencies saying it will protect users from fraud. The Co-Founder of Crypto Ghana, Bernard Owusu Mensah explains that the announcement will however least affect organisations like his that engage in the trading of digital currencies. The Bank of Ghana has…
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BoG to reduce policy rate in mid 2018 – ABSA Capital
Some analysts have suggested that the Monetary Policy Committee (MPC) of the Bank of Ghana could keep its rate at least until May this year – 2018. According to the Africa strategist at Absa Capital, Ridle Markus, the decision to maintain the rate runs contrary to their expectation for a 100 basis points cut. The…
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Economists critique govt’s debt re-profiling plan
Some Economists have described as unsuccessful, the NPP government’s debt management strategy within the first year of its administration. In their views, the government must do more if it is to reduce the country’s debt burden going forward. The comments follow the latest Bank of Ghana report which shows that Ghana’s debt has reached 138.8 billion…
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GUTA demands consultation in review of GIPC law
The Ghana Union of Traders Association (GUTA) is demanding the implementation of the Ghana Investment Promotion Council (GIPC’s) law on protecting local enterprises as the Centre works to review aspects of its laws. According to the association, the development which in its view has been given little attention over the years, has affected local businesses…
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Digital currencies not licensed in Ghana – BoG
The Bank of Ghana has cautioned the public against transacting business with digital currencies such as Bitcoin, in Ghana. According to the Central Bank, it has not licensed the activities in digital currency under the Payments System Act 2003. “The Bank of Ghana wishes to notify the general public that these activities in digital currency…
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BoG keeps policy rate at 20 percent
The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 20 percent. The decision was announced at the media briefing to conclude the MPC’s annual meetings on Monday, January 22, 2018. The MPC last year (2017), reduced the policy rate by 550 basis points. In 2017, the figure went…
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BoG announces policy rate today
The Governor of the Bank of Ghana, Dr. Ernest Addison is today [January 22, 2018] expected to announce the central bank’s policy rate for commercial banks for the next couple of months. It follows the completion of the Monetary Policy Committee (MPC’s) annual meetings to review the Ghanaian economy. Today’s announcement will be the first…
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Trade Fair Centre seeks investors to revamp facility
The Management of the Ghana Trade Fair Centre has told Citi Business News it will begin restructuring the Centre within the first quarter of this year. According to the management, the facility will carry out this mandate with the support of investors. The Chief Executive Officer of the Trade Fair Centre, Dr. Agnes Adu who…
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Airtel Tigo workers up in arms over redundancy packages
Some workers of Airtel Tigo have expressed their displeasure over what they say is the unfair treatment in the redundancy package being offered to them by the new management of the merged entity. Information available to Citi Business News indicates that the issue has led to tension between the workers and the management. The agitated…