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Business

Gov’t commits over $2.5b for job creation

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In just six months of governance, President Nana Addo Dankwa Akufo-Addo’s administration has unveiled commitments totaling over $2.5 billion to propel the establishment and revival of private sector led initiatives aimed at creating the much needed jobs for the teeming unemployed Ghanaians to kick start an industrial revolution. In recognition of the World Bank data showing that 48% of Ghanaian ...

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Govt creates mining districts to regulate small scale mining

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Small scale miners whose operations were suspended following the rise in illegal mining activities may have to wait a little longer before resuming work. It follows plans by the government to intensify some oversight roles by the Minerals Commission. Speaking to Citi Business News on the possible time for the resumption of work by the small scale miners, the Minister of Environment, ...

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Economists highly confident of single digit inflation in 2018

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Some economists are positive Ghana will attain single digit inflation by next year. According to them, key indicators such as declining inflation and other fiscal conditions as well as the stable currency regime, could help attain single digit inflation in the future. The Bank of Ghana is optimistic of achieving a single digit inflation of 8 percent plus or minus 2. ...

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Stopping galamsey: Gov’t to ban mercury imports by end of year

Professor Frimpong-Boateng, Minister of Environment, Science, Technology and Innovation

Government has disclosed it will ban the importation of mercury to augment efforts to curb the impact of illegal mining activities in the country. The move is expected to take effect by the end of 2017. The Minister of Environment, Science, Technology and Innovation, Professor Frimpong Boateng who announced this said the ban will restrict mercury use which has led ...

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Kwaku Kwarteng defends NPP’s borrowing spree

Kwaku Kwarteng, MP and Deputy Finance Minister

A Deputy Minister of Finance Kweku Kwarteng has defended government’s decision to borrow exceedingly more than the previous government six months into office. He said government has been compelled to borrow more in order to defray the debt the Mahama government left behind. Dr. Mahammudu Bawumia at Monday’s press interaction justified government’s quest to borrow more money from the international ...

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CDC express interest partnering GIIF to invest in Ghana

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The Commonwealth Development Corporation (CDC) and the Ghana Infrastructure Investment Fund (GIIF), following meetings in London have expressed their interest to co-invest in developmental projects in Ghana. Projects such as railway infrastructure, power projects (generation and distribution), general infrastructure needs among others were under discussion for the investment. This agreement was made when the Senior Minister, Yaw Osafo Marfo and ...

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NDC’s Clement Apaak drags GRA to court over 3% VAT

Dr. Clement Apaak

A former Presidential staffer, Dr. Clement Apaak has dragged the Ghana Revenue Service to court over the implementation of the 3 percent VAT Flat Rate Scheme (VFRS). According to Dr. Apaak the scheme has no justifiable legal basis in the 2017 VAT Act passed by Parliament earlier this year. This comes on the back of agitations by the business community ...

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Bernard Avle’s question on borrowing and how Dr Bawumia answered it

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The host of the Citi Breakfast Show, Bernard Avle questioned the President Akufo-Addo about why the country has in the last 6 months borrowed almost half of its GDP despite earlier assurances that his government would use its internal resources to develop the country and even criticised the previous government of borrowing too much. His question to President Akufo-Addo was ...

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IMF deal will not be extended – Nana Addo

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President Akufo Addo has stated emphatically that the government will not extend the deal with the international Monetary Fund (IMF). He says the government will end the program within the scheduled date of April 2018. Responding to a question on the impact of the program on the government’s proposed projects, the President stressed that the NPP government will not go ...

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Can current business model in banking support gov’t’s economic agenda? [Article]

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The fiscal targets of the current administration require new and innovative business models in banking that works hand-in-hand to drive growth and employment without sacrificing shareholder value as a result of systemic risks. Unfortunately, the traditional approach to banking, though responsive to risks in the business environment, may unavoidably work against the current economic growth agenda, which is creating a ...

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