Tag: Ghana Business News
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GAWU rejects reduction of cocoa prices in Ghana
The General Agricultural Workers’ Union (GAWU) has opposed suggestions that government reviews downwards the producer price for cocoa to offset any drop in revenue from the cash crop. GAWU fears any such move will have dire implications for the cocoa sector and distort economic plans for the year. The Economist Intelligence Unit (EIU) has warned…
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SSNIT increases minimum pension benefit to GH¢303
Existing pensioners with the Social Security and National Insurance Trust (SSNIT) will from January 2018 enjoy ten percent increase in the benefits paid by the Trust. It follows the upward review of the minimum pension paid to contributors which takes effect this year. Per the move, pensioners on the payroll of SSNIT will now get…
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Industry demands drop in utility tariffs by January end
Among the numerous reliefs promised Ghanaians by government for this year is the reduction of power tariffs. The decision follows various complaints by Ghanaians over the high cost of power resulting in the high cost of doing business. The news of a reduction in power tariffs came as a positive one especially to many industries…
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Economist urges Ken Ofori Atta to resign over $ 2.25bn bond
Economist Dr. Lord Mensah has impressed on Finance Minister, Ken Ofori Atta to vacate his post over claims that he breached sections of the Public Financial Management Act (PFMA) in the issuance of the 2.25 billion dollar bond. In his view, the move could partly be blamed on the relatively high-interest rate the bond attracted.…
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ICU pushes for low inflation to sustain jobs
The Industrial and Commercial Workers’ Union (ICU) has called on government to implement stringent measures that will further lower inflation in the country. According to the ICU, this will ensure that employers are able to sustain jobs and also absorb some of the teeming unemployed youth in the country. The Finance Minister, Ken Ofori-Atta during…
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Mixed reactions meet GH¢6 to $ 1 prediction
There are mixed reactions to the prediction that the cedi will depreciate to 6 cedis to a dollar by 2022. The Economist Intelligence Unit (EIU) based in the UK, has predicted that the local currency will perform poorly against the dollar within the next four years due to some external pressures and political uncertainties. But…
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BoG probes Alpha Capital over locked up cash
The Bank of Ghana (BoG) has moved in to assist customers of Alpha Capital Savings and Loans, retrieve their locked up investments. The move comes after numerous complaints by the customers over their failure to get their monies despite reaching the maturity dates as scheduled. Citi Business News understands that the Central Bank’s intervention follows…
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Tax stamps won’t impede paperless clearing systems – GRA
The Ghana Revenue Authority (GRA) has told Citi Business News that the implementation of the excise tax stamp policy should not impede the paperless clearing system at the ports. This is contrary to some concerns being raised by businesses at the ports that the policy has a potential threat to the efficiency of the paperless…
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Analysts urge private sector involvement in TOR
Analysts in the oil and gas sector are upbeat about government’s plans to revamp operations of the Tema Oil Refinery (TOR). Though they have largely lauded the move, the industry watchers have suggested the need to attract private sector participation in order to achieve the full objectives. The comments also follow recent fuel shortage and…
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Revamp TOR to reduce petroleum imports – IES
The Institute of Energy Security (IES) has urged government to work to revamp the Tema Oil Refinery (TOR) in order to reduce the country’s over dependence on imported fuel. The IES argues that the development has dire implications should there be threats of cuts in supply. The comments come on the back of shortage of…