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Tema Port expansion to begin in March

The 1.5 billion dollar Tema Port expansion project will commence in March this year. The port is expected to handle thrice its current traffic of about one million Twenty-foot Equivalent Units (TEUs) when the expansion is completed. According to the Director-General of the Ghana Ports and Harbours Authority (GPHA), Richard Anamoo, the project when completed, will accommodate larger container vessels, ...

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Mahama got it wrong on microfinance operations-GAMC

The Ghana Association of Microfinance Companies (GAMC) has rejected claims by President Mahama that microfinance companies are not allowed to take deposits from the general public. According to the GAMC the regulatory framework establishing microfinance companies allow for the companies operating within the sector to accept deposit and make loans to its customers. The association’s comment comes after President Mahama ...

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Atuabo shut down will not trigger load shedding- Power Ministry

The Ministry of Power has rejected claims that the shutdown of the Ghana National Gas Company’s Atuabo gas plant for routine maintenance this week will bring about intense load shedding in the country. According to the Power Ministry the Volta River Authority (VRA) with the support of the government has procured some 600,000 barrels of Light Crude Oil (LCO) to ...

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West African economies suffer over EPA implementation delays

The delay in the implementation of the Economic Partnership Agreement (EPA) may be impacting negatively on West African economies. At least this is the indication from the Minister of Trade and Industry, Dr. Ekow Spio-Garbrah. According to him, although majority of West African countries have signed onto the agreement, two countries are yet to sign which is dragging the process ...

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IMF worried over Ghana’s economic outlook but broadly satisfied

The International Monetary Fund (IMF) has announced it is broadly satisfied with the bailout programme with Ghana but said “the economic outlook remains difficult with risks tilted to the downside.” This was after the Executive Board of IMF completed the second review of Ghana’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement. The completion of ...

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Uncovered: IPMC not yet paid for YEA payroll software job

It has emerged that no money has  yet been paid by the Youth Employment Agency (YEA) in connection with a contract signed with IPMC to install a state of the art payroll software for the Youth Employment Agency. Volumes of documentary evidence available to Citi News show that although the parties signed a contract worth 341,795.79 UDS for the installation of the ...

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No load shedding so far in 2016 – Committee

The Load Shedding Committee has announced that the country has not witnessed any load shedding in the last one month and is enjoying power supply in excess of about 6%. At a press briefing on Wednesday in Accra, the Chairman of the Load shedding Management Committee and CEO of the Gahan Grid Network (GRIDCO) William Amuna, attributed the achievement to the ...

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Ghana’s inflation for 2015 ends at 17.7%

Inflation for the month of December 2015 increased to 17.7% compared with the 17.6% recorded in November 2015. The monthly change rate for December was 1.1% while that of November was 1.0%. Food inflation rose to 8.0% compared to the 7.9% recorded for November 2015 while non food inflation recorded 23.3% which was three times higher than the food inflation of ...

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IMF programme cause of new tax hikes – MP

A ranking member of the Finance Committee of Parliament Dr. Anthony Osei-Akoto says the country’s bailout programme with the International Monetary Fund (IMF) is to blame for the new taxes introduced recently. He argued that the current economic conditions may worsen this year due to the austere conditions prescribed in the agreement. The Old Tafo MP believes parliament could have ...

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Accra hub to host Shaping Davos again

For the second consecutive year, Global Shapers Accra Hub has been selected to play a critical role at the World Economic Forum by being selected to host this year’s Shaping Davos in Accra. Accra Hub’s selection is due to its commitment to improving the state of the world over the last half-decade and contributing immensely to the discussions at the ...

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