Author Archives: Businessghana

Fuel increment parry unforgivable – MP

fuel increment

The Member of Parliament for Mion Constituency in the Northern Region, Abdul-Aziz Mohammed has rejected government’s claims that it has no control over increasing fuel prices, saying that position “is unforgivable”. The National Democratic Congress (NDC) MP said: “today, we are being told that government can do very little about the price of fuel in the country and that the ...

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Airtel, Tigo merge; NCA gives green light

airtel,tigo merger

The National Communications Authority (NCA) has granted conditional approval for a merger between the local operations of Millicom’s Tigo and Bharti Airtel, a notice to employees of the subsidiaries said. The two networks agreed in March to combine their operations based on equal ownership and governance rights. It is the first such joint venture proposed in Ghana’s highly competitive telecom ...

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BoG maintains policy rate at 21%

policy rate

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has kept its policy rate of 21 percent According to the Central Bank Governor, Dr. Ernest Yedu Addison, the decision was influenced by threats to economic growth and stability. The Governor, for instance, cited the recent increases in prices of petroleum products and pick up in government’s expenditure as ...

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New oilfield operations double energy revenues

Revenues

Increased oil production in Ghana is boosting energy sector revenues and helping shore up finances after three years of sluggish economic growth and persistent budget shortfalls. A report from the central bank shows Ghana’s state oil revenues more than doubled between the second half of 2016 and the first half of this year, from $93.4m to $191.3m, driven largely by ...

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2018 budget to dwell on improving agric sector

Budget 2018

Government has stated the commencement of a new plan in the 2018 budget to turnaround the fortunes of Ghana’s agricultural sector. To be known as the ‘marshal plan for agriculture,’ the policy seeks to tackle all systemic challenges that have confronted Ghana’s Agric sector hence inhibiting its contribution to the economy. The Vice President, Dr Mahamudu Bawumia disclosed this when ...

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Gov’t to give industry sector $2bn

Industry

The Minister for Trade and Industry Alan Kojo Kyerematen has reiterated government’s commitment to support the manufacturing subsector with a sum of 2 billion dollars. This, the minister says is to help in expanding their businesses. President Nana Akufo-Addo has set up a 100 million dollar package to fund the National Entrepreneurship and Innovation Plan (NEIP) to support young entrepreneurs ...

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Gov’t reviews policy on tax exemptions

Tax

Government has decided to discontinue the requirement for exemption holders to provisionally pay the import duty and taxes upfront and apply for a refund later. In March this year during the presentation of the national budget, government announced the revocation of import duty and some taxes at the ports deemed nuisance. Importers were directed to pay upfront but made to ...

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Textile industry needs attention to boost local manufacturing

textile

The Finance and Administrative Manager of Akosombo Textiles Limited (ATL), Justice Boateng, has come out to say that the annual consumption of textiles in the country is about 130 million yards, yet the three largest local manufacturers-ATL, GTP and Printex only produces 30 million yards; explaining why the remaining 100 million-yard deficit is being filled by cheap, counterfeit, pirated and ...

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NCR applauds regulator for boost to telcos to spread 3G

NCR

The Network of Communications Reporters (NCR) has lauded the National Communication Authority (NCA) for permitting all telcos to use their 900MHz spectrum to deploy Universal Mobile Telecommunication Systems (UMTS) and offer affordable third-generation (3G) services in the unserved and underserved areas. The NCA recently announced that it was going to authorise telcos to use their 900MHz spectrum band for free. ...

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Why World’s central banks can’t ignore bitcoin

bitcoin

The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision is most pressing ...

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