Tag: Ghana Business
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High interest expenditure threatens fiscal policies – Economist
Economist, Dr. Eric Osei Assibey has warned of some distortions to Ghana’s growth targets if government fails to align its fiscal consolidation measures with the productive sector of the economy. According to him, the continuous allocation of a significant proportion of government’s revenue to interest payments, have rather affected the private sector’s ability to access credit.…
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New PFM law won’t solve Ghana’s fiscal challenges – Dr. Bawumia
A former Deputy Governor of the Bank of Ghana and the running mate of the NPP, Dr. Mahamudu Bawumia, has punched holes into the recently passed Public Financial Management Act (PFMA), saying it lacks relevant elements to protect the country’s fiscal regime. According to him, the law is woefully inadequate in promoting accountability and transparency. “Fiscal…
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Ghana seeks international support to curb galamsey
The Minister of Environment, Science, Technology and Innovation, Mahama Ayariga, is urging for collaboration with international agencies to deal with the menace of illegal mining activities in Ghana. According to the Minister, illegal mining persists as a critical challenge to Ghana’s ability in addressing climate change issues. The unregulated activities of the informal miners have…
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Marine gas oil to drop by 20%
President John Mahama has disclosed that discussions are far advanced for Ghana to reduce the cost of marine gas oil by at least twenty percent. The National Petroleum Authority (NPA) is however expected to announce the ultimate decision and determine the subsequent implementation. According to President Mahama, the reduction is expected to attract other maritime…
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Automobile firms threaten import cuts over sulphur saga
Automobile dealers have threatened they will halt the importation of new cars into the country should government refuse to reduce further the sulphur content contained in imported diesel. According to them, a further reduction in sulphur content will protect their brands and consumers from further damage of their engines. Their assertions follows recent concerns over…
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DKM customers seek injunction to stop payments
Some customers of DKM Microfinance in the Northern regional capital, Tamale, are seeking to place an interlocutory injunction on the payments of depositor claims scheduled for next week Monday, October 17, 2016. The customers are angry over what they say is the deliberate attempt by the Official Liquidator to eliminate their names in the list…
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Government’s cost of borrowing to decrease soon – Terkper
Government is optimistic its cost of borrowing on the international market will reduce as it realigns its fiscal policies and enhance financial discipline. Ghana’s cost of borrowing on the international market had gone up to about 10.25 percent until government recently issued its 5 year 750 million dollars Eurobond, at a coupon rate of 9.25…
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Biz of elections: Kalyppo craze pushes sales up (Audio)
The social media craze for Kalyppo fruit juice has led to an increase in retail sales of the product in the Greater Accra region. Some traders who have been speaking to Citi Business News admitted that their sales have increased by about 40 percent within the last few weeks. But it appears the retail price…
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SSNIT threatened, pensioners face cut in benefits – Bawumia
The NPP’s running mate for the 2016 elections, Dr. Mahamudu Bawumia, has warned of a likely collapse of Ghana’s pension scheme by 2019 due to some financial challenges confronting the institution. According to Dr. Bawumia, the financial viability of the Social Security and National Insurance Trust (SSNIT), has deteriorated making it difficult for the company…
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Petroleum Ministry develops new regulations on oil & gas sector
The Minister of Petroleum, Emmanuel Armah Kofi Buah has outlined that his outfit is advancing moves for Parliament to pass three new regulations to augment the new Petroleum Exploration and Production Act. Mr. Buah also explains that the three regulations are expected to strengthen operations in Ghana’s oil and gas sector and ensure value for…