Tag: Ghana Business
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Ken Ofori Atta nominated as Finance Minister
President Nana Akufo-Addo has appointed Ken Ofori Atta as Finance Minister designate. He will replace Seth Terkper who served under the immediate past administration. Ken Ofori Atta is Co-Founder of Databank Financial Services Limited and served as its Executive Chairman from 1990 to February 14, 2012. Announcing his appointment at the Flagstaff House, Nana Akufo…
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Hoteliers want 17.5% VAT slashed
Members of the Ghana Hotels Association have cautioned the new government to live by its promise and reduce the current 17.5 % VAT rate to the 3% Flat Rate within the first quarter of the year. They believe the move will enable the hotel industry progress and expand. The Greater Accra Regional Chairman for the…
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Taxi drivers increase fares by 20 percent
Some commercial drivers have already begun adjusting their fares following the increase in fuel prices in the first pricing window in January. Checks by Citi Business News with some floating taxi drivers in the nation’s capital reveal that fares have been increased by about 20 percent. “For those of us floating drivers, we are at…
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Kyebi water treatment plant opens; operates occasionally
Citi Business News has gathered that the Kyebi water treatment plant which was shut down last year due to the effect of activities of galamsey operators, has started operating intermittently. The plant was shut down in August last year because activities of illegal gold miners had left the natural water bodies not treatable for onward…
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Be measured in expectations of new gov’t – Nana Otuo Acheampong
Businesses may have to be moderate in their expectations of the new government in addressing their concerns immediately. This is the suggestion from Banking Consultant, Nana Otuo Acheampong. His advice comes on the back of renewed calls by various business associations on their expectations following the inauguration of President Nana Akufo-Addo. The calls have largely…
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Importers, exporters demand stable cedi for business
The Importers and Exporters Association of Ghana want the new government to put in stringent measures to stabilize the cedi at least within the first quarter. According to the association, the stability of the cedi is key as it will sustain the efficient running of their businesses. In an interview with Citi Business News, the…
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BoG predicts improved balance sheets for banks in 2017
The Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu, has predicted of an improved performance of the banking sector in 2017. According to him, the relative stability in some macro-economic indicators should help banks improve their balance sheets this year. “As a supervisor that is my hope, the issue of the bad…
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Bankers upbeat about Nana Addo’s private sector dev’t agenda
Players in the banking industry are upbeat about a turnaround in the sector with the assumption of office by President Nana Akufo-Addo. It also follows a reaffirmation by the President to develop the private sector and propel economic growth. According to banking Consultant, Nana Otuo Acheampong, the elimination or reduction of some taxes on the…
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Sales boom for NPP paraphernalia as Nana Addo assumes office
It appears traders of NPP’s paraphernalia were one of the few business operators who cashed in significantly during the swearing in of Nana Akufo Addo. The business which saw a little decline after the elections picked up over the weekend when thousands of supporters thronged the Black Star Square to witness the inaugural ceremony. Checks…
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Private sector will relive under my administration – Nana Addo
President Nana Akufo-Addo has reaffirmed his government’s plan to develop the country’s private sector to propel economic growth. To this end, an NPP government will lessen the burden that has impeded the growth of the sector. According to Nana Addo, the private sector is a critical component of economic development. He explains that the reduction…