Tag: Ghana Business News
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More banks risk collapse over high power cost – Economist
Ghana’s financial sector should brace itself for more banks collapse should the high cost of power continue unresolved. This is the assertion of Economist, Dr. Charles Ackah. Dr. Ackah who is also a Senior Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER) argues that the high cost of power in Ghana…
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SMEs lost GH¢250m to dumsor – Report
Ghana lost at least 200 million cedis in revenue accruing from the operations of Small and Medium Enterprises (SMEs) due to the impact of the power crisis on such businesses between 2012 and 2015. This is according to a new research conducted by the Institute of Statistical Social and Economic Research (ISSER) and the International…
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COPEC pushes for measures to mitigate $ 1.5bn loss to illegal fuel
The Chamber of Petroleum Consumers (COPEC) says Ghana is at a high risk of losing more revenue if it continues to ignore the fuel smuggling menace in the country. COPEC believes strongly that the government has turned a blind eye to the fuel smuggling issue which if not handled properly, will affect all consumers. “Indeed…
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Cost of 4G license not to be reduced soon – Communications Ministry
Telecom operators hoping to buy into the second of the 4G spectrum may have to wait a little longer as the communications ministry rules out any decision to reduce the cost of the license. MTN, in 2015 bought the first of the two spectrum at a cost of 67.5million dollars albeit the high cost cited…
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Govt’s indebtedness to SSNIT hit GH¢ 560 m
Government’s indebtedness to the Social Security and National Insurance Trust (SSNIT) stood at 560 million cedis as at December 2015. This represents of the total indebtedness to the pensions scheme which is estimated at 640 million cedis. Although the figure is an improvement from the 2014 amount of 1.15 billion cedis, the managers of the…
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The high and low of Ghana’s banking system; UT and Capital bank collapse (Article)
More financial institutions are being issued universal banking license to operate as banks yet the unbanked population of our country has not seen any significant reduction but rather people losing confidence in the system. The breaking news that shocked the banking system on Monday 14 August 2017 has left a lot of questions on the…
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Tourism Authority launches single window to track revenue
The Ghana Tourism Authority (GTA) has launched a single window platform to monitor revenue collection and drive growth in the industry. The single window will also track all revenue paid by the respective agencies in the tourism subsector. The move forms part of efforts to position Ghana as an attractive tourism destination. Speaking to Citi…
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SSNIT probes $ 66m software purchase
The Board of Trustees of the Social Security and National Insurance Trust (SNNIT) has begun investigations into how the former management acquired a OBS software System for sixty-six million dollars. The system was installed to network all branches of SSNIT nationwide for purposes of enhancing efficiency. However the current administration at a media interaction on…
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World Bank lauds Ghana for innovative financial inclusion
The World Bank has commended Ghana for promoting financial inclusion through innovation. According to the organization, the introduction of mechanisms such as mobile money and other digital platforms will help the country to elevate its economic status. Speaking on the issue, the Country Director of the World Bank in Ghana, Henry Kerali said the World…
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Collapse of UT and Capital banks – A case of a collective national failure (Article)
As an entrepreneur who appreciates the challenges to surmount in order to build flourishing businesses with positive ramifications for society, the collapse of UT and Capital Banks can only be seen as a reflection of our respective individual negative traits, deficient national character and the weak state institutions coupled with our ineffective educational system. The…