Business

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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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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Continental Free Trade Area extremely important for development

Industry

Mr Alan Kyeremanten, the Minister of Trade and Industry has said that the Continental Free Trade Area (CFTA) has become an extremely important strategy for development across the regions of the world. He said this was as a result of the increasingly depending globalisation and integration. Mr Kyeremanten was speaking at the opening of the two-day 2017 African Prosperity Conference, ...

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First National Bank supports GSABC to connect businesses

First National Bank

Ghanaian business chieftains, would on 13th September 2017 meet their South African counterparts to network and explore business opportunities that exist in both countries. The event, which is being organized by the Ghana South African Business Chamber (GSABC) is supported by First National Bank, one of the leading universal banks in the country. The event which will be held at ...

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Insurers urged to increase insurance penetration through technology

technology

Insurance companies in the country have been urged to embrace technology to deliver value-added services to customers. This according to the Managing Director of Ghana Reinsurance Company Limited, George Mensah, would enable them to withstand the growing competition in the financial sector. He made the call at the 8th Cedants Awards Night on the theme: ‘Embracing Technological Innovations for the ...

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African forex expected to remain stable this week

ACI

Ghana’s cedi is seen stable due to the central bank’s infusion of dollars into the interbank market through regular sales. The local unit was trading at 4.44 to the dollar by mid-morning on Thursday, barely moved from 4.38 a week ago and down 5 percent since January. “The central bank has steadily been in the market this week with decent ...

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UT Bank & Capital Bank to layoff some staff

Capital bank

The Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu, has hinted that there will be some layoffs at UT Bank and Capital Bank due to the transfer of deposits and assets to GCB Bank. But essentially all staff of the two banks will become staff of GCB Bank, he suggested. The Central Bank on Monday announced a ...

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