Business

Takoradi Port to be expanded for container handling

The Ghana Ports and Harbours Authority (GPHA) has entered into a joint venture agreement with Ibistek Crowley for the construction of a 7500TU off-dock container terminal at the Takoradi Port. The container terminal, when completed, is expected to help decongest the port and improve greatly the handling of containers at the port while allowing sufficient space within the precinct of ...

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‘I’ll strengthen fiscal discipline to protect public purse’- Nana Akufo-Addo

Nana-Akufo-Addo

President-Elect, Nana Addo Dankwa Akufo-Addo has stated that he will anchor fiscal and financial policies to strengthen discipline in the usage of public funds. According to him, the current fiscal regime is weak, allowing public officials to mismanage the country’s scarce resource at the detriment of the poor and vulnerable in society. Describing the Public and Financial Management Act passed ...

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Access Bank targets top spot with listing

Access Bank, the number 12 bank in the country by asset size, listed on the Ghana Stock Exchange yesterday, with the aim to become a top tier bank “within the next few years.” The bank, which is currently trading as “ABG” but is expected to change to “ACCESS” later, is the first bank of Nigerian heritage to list on the ...

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Shippers oppose draft container weighing regulation

Importers and exporters in the country have kicked against a draft regulation by the Ghana Maritime Authority (GMA), which will introduce new measures for container weighing in the country, saying it will burden them with unnecessary costs. The proposed Legislative Instrument is intended to regulate the implementation of the Verified Gross Mass(VGM) regime, which is a directive from the International ...

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SSNIT dismisses claims of impending collapse

The Social Security and National Insurance Trust (SSNIT) has dismissed reports that the fund faces imminent collapse over concerns of operational challenges. According to the pensions’ scheme, it has instituted measures to deepen its financial sustainability and meet potential increase in benefit claims. “As a defined benefit scheme, it is based on a certain formula one is such that if ...

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Election year deficit blues….Terkper misses mark by 2%

After trying so hard to hem in election-year budget overruns, Finance Minister, Seth Terkper, has conceded that this year’s projected budget deficit of 5.1 percent could be breached by about 2percent. Government’s desire, under the ongoing 3-year International Monetary Fund (IMF) bailout programme, has been to contain over-expenditure, especially when previous election years have presented with large deficits. Mr Terkper, ...

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Ghana Stock Exchange-Composite Index makes gains

ghana stock exchange

According to the Nordea Capital market analysis, the marginal drop in the CPI is the lowest rate in 28 months and the second consecutive decline in the rate. Nordea Capital explained that Investors responded by bidding up equities on the bourse, as sentiments tilted towards optimism; consequently, the benchmark GSE-Composite Index rose by 0.5 per cent to close at 1,579.1 ...

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BOG governor’s position comes under scrutiny

BOG Governor Central Bank

Opinions are divided over whether the current Bank of Ghana governor, Dr Abdul-Nashiru Issahaku, should be allowed to serve his term, following the electoral victory of the New Patriotic Party’s presidential candidate, Nana Addo Dankwa Akufo-Addo. While the former Finance Minister and a Member of Parliament’s Finance Committee Dr Anthony Akoto Osei believes the governor of the central bank should ...

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November inflation drops to 15.5%

Ghana’s inflation went down by 0.3 percentage points declining further to 15.5 percent in November from the 15.8 percent record in October 2016. The 15.5 percent is one of the lowest inflation recorded in the country over the last 24 months, data from the Ghana statistical Services (GSS) shows. The monthly change rate for November stood at 0.8 percent compared ...

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Private pension funds hit GH¢4.7bn

NPRA

Ghana’s private pension funds made up of Asset Under Management and the Temporary Pension Fund Account rose to GH¢4.7 billion as at close of 2015, representing 3.3 percent of the country’s GDP, data from the National Pensions Regulatory Authority (NPRA) has shown. The 2015 total private pension fund grew by more than 480 percent of the amount recorded in 2012 ...

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