Tag: Ghana Business News
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President charges Exxon Mobil to respect agreed terms
President Akufo Addo has charged management of Exxon Mobil to respect the terms of agreement signed with the government of Ghana. This follows the signing of an agreement for the oil company to commence operations in Ghana. The agreement which is subject to parliamentary ratification will allow the oil giant to acquire exploration and production…
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BoG’s MPC meets over economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today [January 19, 2018] commence its annual meetings to review the Ghanaian economy. This will be the first for this year and it will conclude with the announcement of a policy rate on Monday, January 22, 2018. For last year [2017] alone, the central…
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Freight forwarders bemoan ‘ineffective’ paperless system
Freight Forwarders have lamented over the poor implementation of the paperless system at the port. The freight forwarders say the system has not improved transactions at the ports especially as paperwork continues to dominate their transactions. The paperless system which has been in operation since September last year (2017), is among others expected to reduce…
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BoG to enforce International Financial Reporting Standards this year
The Bank of Ghana (BoG) has stressed that it will enforce the implementation of the International Financial Reporting Standards (IFRS 9) among banks in the country, this year. The IFRS is a tool which requires all financial institutions to comply with a common financial reporting standard which will among others reduce their exposures to Non-Performing…
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Trade Fair agrees to plan to pay electricity bills
The Ghana Trade Fair Centre has disclosed to Citi Business News it has commenced payments of outstanding debts it owes the Electricity Company of Ghana (ECG). According to the Centre’s CEO, Dr. Agnes Adu, the outfit has already paid ten percent of the debt after negotiating an agreement with the ECG. “With the power situation,…
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Gov’t signs agreement with ExxonMobil
Government is anticipating increased activities in Ghana’s oil exploration activities with the coming on board of ExxonMobil. The Minister of Energy, BoakyeAgyarko tells Citi Business News the move will also increase government’s revenue from the sector to propel economic growth and transformation. ExxonMobil’s investment in the oil sector becomes the first major one in Ghana…
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Over GHc780m saved from sole sourcing – Nana Addo
The Akufo-Addo administration says it has saved about GHc 782 million from sole sourcing and restricted tendering processes within its first year in government. This is in sharp contrast to the zero savings made from sole sourcing in 2016 under the National Democratic Congress, according to figures from President Nana Akufo-Addo. Beyond this, the Ghana Institute of…
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Sole sourcing contracts reduced by 37% in 2017
The NPP government has announced that it has reduced sole sourcing by 37 percent within its first year in office. The figure dropped from 622 requests in 2016 to 394 requests in 2017. This means there was a 228 drop in the number of sole sourced contracts applied for within the one year period. President…
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Industry divided over reduced cost of gas
There have been mixed reactions to government’s announcement of a 26% reduction in the cost of gas to businesses that rely heavily on the product. While industry has wholly welcomed the move, some industry analysts have cautioned against the outstanding debts facing institutions involved in the supply of gas. Citi Business News spoke to a…
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Lands Commission takes over compensation of land owners at Bui
The Bui Power Authority (BPA) has told Citi Business News it is working closely with the Lands Commission to settle all owners of lands whose properties were used in the construction of the reservoir for the power generation facility. The CEO of Bui Power Authority, Mr. Fred Oware however maintains that the payment of compensation…