Business

Govt not subsidizing GOIL- Terkper insists

Finance minister, Seth Terkper has debunked suggestions that government pays subsidies to the Ghana Oil company limited, (GOIL). There were reports in the media suggesting that government was subsidising GOIL. But speaking at the company’s annual staff Awards and Dinner night in Accra, Mr Terkper disclosed that it was rather a government that owed the company and commended the company’s ...

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Extend election security to fuel stations – Chamber of Petroleum Consumers appeals

The Chamber of Petroleum Consumers Ghana ( COPECGH ) is calling on the security agencies to put in place every the necessary contingency measures to extend the needed protection to the various fuel stations across the country. According to the Chamber, evidence gathered points to potential attacks and explosions at some of these fuel stations in the period immediately after ...

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FBNBank Ghana introduces Transfast Money Transfer Service

FBNBank Ghana has scaled up its money transfer services with the introduction of TransFast Money, a global remittance service. Managing Director of the bank, Gbenga Odeyemi said the addition “is to present customers with a range of options when sending remittances for business transactions and to their families back home.” “According to the World Bank, one in seven people worldwide ...

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GOIL remains biggest OMC under price-deregulation

Ghana Oil Company Limited (GOIL) remains the biggest Oil Marketing Company (OMC) in the country in terms of both market share and a number of stations. “This is despite stiff competition from the over 80 other OMCs. GOIL currently has a market share of 17.5 per cent which is slightly higher than that recorded last year. “This is particularly significant ...

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Ghana will be fastest growing African economy in 2017

A leading African economic think tank expects Ghana to have economic growth of 8.7 percent in 2017, the fastest of 54 countries ranked on the continent. Cote d’Ivoire (8.3), Congo (8.0), Ethiopia (7.7) and Mozambique (7.5) rounded out the top five, according to the African Economic Outlook (AEO), a partnership between the African Development Bank, Organization for Economic Cooperation and ...

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BoG introduces business rules and micro-finance logo to sanitize the industry

The Central Bank of Ghana has introduced a new set of business regulations and corresponding sanctions to effectively regulate the microfinance industry. Limits of risk management and effective corporate governance practices are outlined in the sixty-six-page document. It also emphasises the need for boards of the companies to act collectively with management to put some orderliness in their operations. Banking ...

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Sub-Sahara Africa’s economy to slow at 1.5% – IMF

imf - Ivory Coast

The average growth for the Sub-Sahara Africa region is projected at a low 1.5 per cent, and it is the lowest in 20 years, the International Monetary Fund (IMF) has said. According to the Regional Economic Outlook, sub-Saharan Africa Multispeed Growth Report, published in October 2016, the IMF believes that growth in sub-Saharan Africa is set to slow to its ...

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Trade Ministry moves to sanction MMDAs that flout Made in Ghana directive

The Ministry of Trade and Industry will soon commence a periodic procurement audit to find out which agencies are flouting the Made-In-Ghana (MIG) policy directives and sanction them accordingly, the Project Manager of the campaign, Saana Nyarko-Dabie, has said. Presently, the Trade Ministry has sent copies of the MIG policy document to all Ministries and copies are expected to be ...

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Election, seasonal demand mount pressure on cedi

west africa

The cedi could be in for its toughest test this time in the year, as seasonal demand for the US dollar by importers and the uncertainties surrounding the impending elections have begun to unsettle it somewhat. At a year-to-date depreciation of 4.6 percent, the careworn currency has demonstrated rare resilience, but an analysis of the final quarter performance shows some ...

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BoG directs MD of ARB Apex Bank to proceed on leave

The Bank of Ghana [BoG], has directed the Managing Director of ARB Apex Bank, Kwadwo Aye Kusi, to proceed on leave effective today, November 28, 2016. It follows investigations into allegations of bad corporate governance and financial malfeasance levelled against him. A letter from the central bank and addressed to the Board Chairman of ARB Apex Bank stated, “For unfettered ...

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