Tag: Ghana Business News
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Average interest rate on deposits stays at 10.4%
The average interest rate on customer deposits among commercial banks, remained unchanged at 10.4 percent in December 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, of the thirty-one banks that were surveyed, Bank of Africa offers the highest interest rates on customer deposits at 16.1 percent. Standard Chartered Bank…
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Industry’s significant growth still triggered by oil sector
Citi Business News’ checks have shown that industry’s growth as has been touted by the government have been largely influenced by the oil sector. A development, some Economists also believe could have serious implications on the economy considering the exhaustive nature of the country’s oil resources. The revelation follows President Akufo Addo’s claims that industry…
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Consumers demand outright food ban over listeriosis alert
A section of Ghanaians have called for strict law enforcement in order to protect the public against health implication due to an alert of listeriosis disease in South Africa. Ghana has been advised to work to restrict food imports from South Africa following reported cases of the Listeriosis disease in that country. A document sighted…
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New GIPC laws to reach cabinet within first quarter – CEO
The Ghana Investment Promotion Centre (GIPC) has told Citi Business News it should submit a draft on its proposed new regulations to cabinet by the end of the first quarter this year (2018). According to the Center, it has already engaged key stakeholders on some reforms to be rolled out in the new law. The…
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GRA to prosecute defaulters of excise tax stamp
The Ghana Revenue Authority (GRA) has served notice it will prosecute all businesses who fail to comply with the implementation of the excise tax stamp policy. The GRA has also warned that defaulters will risk seizure of their goods for non-compliance. The sanctions are however expected to be rolled out in April when the grace…
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Mineworkers ‘halt’ layoffs at Goldfields
Goldfields Ghana Limited may have to put on hold its planned layoffs at the Tarkwa mine until the court decides on a case brought before it by the Ghana Mine Workers’ Union. The labour division of the Accra High Court is expected to hear the case next month (February 15th, 2018). Citi Business News understands…
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ExxonMobil must abide by local content laws – Analyst
Oil industry analysts want authorities to enforce Ghana’s local content policies as new entrants join Ghana’s oil exploration industry. The comments also follow the commencement of operations of ExxonMobil in Ghana. The company is expected to sign an agreement with the government on Thursday, January 18, 2018, on the development. Citi Business News has been…
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GAWU calls for restriction on food imports from S.Africa
The General Agricultural Workers Union (GAWU) has called for the immediate ban on the importation of food products from South Africa. According to GAWU, a further delay by government could put Ghanaians at a high risk. “That is what we should do immediately because until we are satisfied that products coming from South Africa are…
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NLC to get new Commission by February 2018
Labour unions seeking redress at the National Labour Commission (NLC) may have to wait for at least the end of January 2018 to get their issues duly addressed. This is the indication from the NLC as it hopes that its new Commission would have been formed by then. Citi Business News has been speaking to…
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GRA rejects spare parts dealers’ high tax claims
The Ghana Revenue Authority (GRA) has rejected claims the charging of benchmark value on spare parts is to blame for the gradual rise in the prices of the goods. The GRA explains that the tax has since 2015 been canceled with the implementation of the single window platform. The comment by the Authority follows threats…