Author Archives: Pius Amihere Blay

Black Friday discount deals hit 90% (Audio)

Majority of shoppers will experience some level of reduction in the prices of products they purchase from today [November 24, 2017] and into the weekend. It follows the roll out of the Black Friday by majority of retail giants as well e-commerce portals in the country. The move is expected to lead to discount deals of between 10 and 90 ...

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Minority presser on energy bond unnecessary – Gov’t  

Government has rejected claims by the Minority in Parliament that the recently issued Energy Sector bond required prior Parliamentary approval. Speaking to the issue on the Citi Breakfast Show on Thursday, a Deputy Minister of Finance, Kwaku Kwarteng, said because such financial instruments are strategic, parliamentary processes may delay it which could eventually affect the interest rate. He also argued ...

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GREDA demands names of substandard cable brands

Real estate industry players have joined calls for the Ghana Standards Authority (GSA) to publish names of substandard electrical cable brands on the Ghanaian market. The industry fears for the worse should developers continue to use unapproved cables which will ultimately put the lives of people at risk. A recent inspection by the GSA has revealed that more than 70 ...

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Left to die: Ghana’s salt companies folding up [Report]

Ghana’s salt industry has huge potential; unfortunately challenges such as importation of the product from countries such as South Africa and climate change, are fast crippling the industry. Salt production in Ghana was at its peak in 2007. But today the story is different as most local salt companies are about collapsing, and in some cases collapsed. In the second ...

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Investor uncertainty, others impacted energy bond

Improper packaging, uncertainty as well as political composition of the Board of ESLA have been cited as possible reasons for the underperformance of the energy bond. It follows ESLA Plc’s failure to raise the 6 billion cedis targeted under the first tranche of the energy bond. ESLA Plc received a total of 4.69 billion cedis after close of auction on ...

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Energy bond unsuccessful after two tries

ESLA PLC, failed to meet its target for the first tranche of the bond after a second attempt. The managers of the bond were seeking to raise 6 billion cedis under two separate bonds. But it accrued a total of 4.6 billion cedis after it closed the auction last Friday. The 7-year bond received the targeted 2.4 billion cedis while ...

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IMF to release $ 100m to Ghana

The International Monetary Fund (IMF) is expected to disburse the 5th tranche of the Extended Credit Facility (ECF) to Ghana within the coming weeks. It follows the fifth review of Ghana’s performance under the program, last week. Citi Business News understands the Fund has not been very satisfied with government’s missing of the revenue targets considering the ambitious policies being ...

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Left to die: Ghana’s Onion Industry close to extinction

Ghana’s onion industry will soon be completely wiped out if challenges hampering its growth are not dealt with. Ten years ago, the industry was a bustling one. But today, Ghana is forced to import onions from a number of African countries to feed homes and eateries across the country. In the first of Citi Business News’ series dubbed “LEFT TO DIE” ...

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Govt to issue second domestic dollar bond next week

Government is planning to issue a three-year domestic dollar bond on Tuesday [November 7, 2017] to develop local funding sources to support the economy. According to lead managers of the bond, it is open only to Ghanaians. This is the second after a debut issue in October 2016 where the government then issued a two-year domestic dollar bond. It raised ...

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Digitization of judicial service to erode corruption

The Chief Justice, Her Ladyship Sophia Akuffo has stated that the judiciary is digitizing its systems at the courts to fast-track the adjudication of cases brought before it by businesses. According to her, the development is to reduce paper and face to face transactions which usually lead to corruption. “These inefficiencies form a breeding ground for much of the delays ...

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