Business
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20-02-2012
Agric to receive massive boost - President Mi…
Accra, Feb. 20, 2012 The agriculture sector is expected to receive more boosts this year with the implementation of various measures being taken by government. One of such is the commencement of... Read more
20-02-2012
OLAM Ghana to launch ultra-modern wheat milli…
Accra, February 19, 2012: Olam Ghana Limited, a subsidiary of Olam International Limited and one of the leading agro business companies in the country, is to set to launch a fully... Read more
20-02-2012
Housing and real estate development awards la…
Accra, Feb. 20, 2012 An award aimed at paying recognition to industry players in housing and real estate development has been launched in Accra. The African Real Estate and Housing Finance Academy... Read more
20-02-2012
Transport fares remain unchanged
Accra, Feb. 20, 2012 The recent reduction in fuel prices meant to cushion the financial burden on Ghanaians may not be realised after all. This is because fuel prices at the pumps... Read more
17-02-2012
Ghana accrued over 400 million dollars from o…
Accra, Feb. 17, 2012 President John Evans Atta Mills says the nation accrued a total of over four hundred million dollars from the sale of the country’s black gold; oil. This, according... Read more
17-02-2012
Oxford Business Group and GIPC team up for "G…
Accra, Feb. 17, 2012 The GIPC and the Oxford Business Group is collaborating to publish a report on Ghana’s economic environment. The publication will spell out the role of the rapidly expanding... Read more
17-02-2012
GIPC to hold two-day Investment Forum in Apri…
Accra, Feb. 17, 2012 600 participants including Heads of State from the ECOWAS Sub-region and the Commonwealth Member countries are expected to attend this year’s Africa Investment Forum. The forum is being... Read more
17-02-2012
Tip-toe lane Traders accuse AMA for influx of…
Accra, Feb. 16, 2012 Ghanaian traders at the tip-toe lane in Circle are accusing the Accra Metropolitan Assembly for encouraging foreigners to engage in retail business. President of the circle Tip-toe lane... Read more
17-02-2012
CIMG launches 23rd performance awards
Accra, Feb. 17, 2012 The Chartered Institute of Marketing Ghana (CIMG) has launched its 23rd Annual Marketing Performance Awards with a call on corporate Ghana to endeavour to ensure peaceful elections... Read more
16-02-2012
Chamber of Mines advocates for increase in ro…
Accra, Feb. 16, 2012 The Ghana Chamber of Mines is advocating the return of 30 percent mineral royalties to mining communities. This, they say, should be tied to specific infrastructural projects... Read more
16-02-2012
Databank co-founder steps down
Accra, Feb. 16, 2012 Investment banker, Ken Ofori-Atta has stepped down as Chief Executive of the Databank Group. He announced his retirement from the investment bank on Tuesday, but he, however, says... Read more
16-02-2012
Bank of Ghana raises monetary policy rate
Accra, Feb. 15, 2012 Commercial banks in the country are likely to increase their lending rates. This follows a 10 per cent increase of the monetary policy rate by the Bank... Read more
15-02-2012
World Bank Group President to step down June …
Washington, Feb. 15, 2012 World Bank Group President Robert B. Zoellick announced today that he would step down at the end of a five-year term in which a transformed Bank played... Read more
15-02-2012
Inflation rate tick up in January
Accra, Feb. 15, 2012 The rate of inflation for January has ticked up to 8.7 percent from 8.58 percent in December with inflation in transport and goods and services leading the... Read more
14-02-2012
Licences of 19 courier companies revoked
Accra, Feb. 14, 2012 The licences of 19 courier companies have been revoked by the Postal and Courier Services Regulatory Commission with effect from January 1, 2012. The affected companies... Read more
13-02-2012
BoG discredits Onward Investment Limited
Accra, Feb. 13, 2012 The Bank of Ghana (BoG) in collaboration with the police have arrested some officials of an investment company, Onward Investment Limited, for operating illegally. According... Read more
06-02-2012
HTC profits rise but sales set to fall
Taiwan smartphone maker HTC has posted a jump in profits, but says recent sales have been hit as it faces tougher competition from rivals such as Apple's iPhone and Samsung's... Read more
06-02-2012
Petrol to sell at 20 pesewas less
A gallon of petrol is expected to sell at 20 pesewas less following a marginal reduction in fuel prices directed by government. Early this year, the National Petroleum Authority... Read more
Stanbic Bank waives interests on loans
Stanbic Bank has promised to introduce new products tailored to suit its customers. The bank is looking to be among the top three retail banks in the country. The Head of…
Microfinance association braces up to flush out unscrupulous operators
The Ghana Association of Microfinance Companies (GAMC) is bracing up to protect the industry and help safeguard funds of depositors. The business group is to operate under the second tier of…
Ghana to review, re-negotiate stability agreements with miners
A seven-member team has been inaugurated to review and re-negotiate stability agreements in the mining sector. This is to improve the benefits derived from mineral resources in the country. Ghana’s natural…
Quarterly food prices decline, but remain volatile
Global food prices have declined due to increasing supplies and uncertainty about the global economy. However, food prices remain volatile with high annual index of 24 percent, higher than 2010…
Barclays Bank wins ‘shame award’ at WEF for speculating on food prices
Barclays Bank has been adjudged the world’s worst company at the Public Eye ‘shame award’. They won the award for speculating global food prices in 2010. Their speculations resulted in about…
Trade Minister Launches $2.8 million fund to support MSMEs
As the engine of growth, the private sector has been advised to access financial services to improve their business performance. In view of this, Trade and Industry Minister, Hannah Tetteh has…
GIFF kick against proposed bill
The Ghana Institute of Freight Forwarders (GIFF) has expressed worry over a proposed bill in Parliament. The bill introduced by the Ghana Shippers Authority is intended to regulate the operations of…
Ghana's signatory to EPA will increase local fruit exports
President of the African Pineapples and Bananas Association, George Kporye, says Ghana’s interim Economic Partnership Agreement (EPA) with the EU is the reason most local businesses especially those in the…
World Bank approves eigth poverty reduction support to Ghana
The Board of Executive Directors of the World Bank on January 26, 2012 approved the eighth poverty reduction support grant of $100 million for Ghana. According to the bank in a…
Oil and gas scare; Veep allays fears
Fears over Ghana’s oil find becoming a curse rather than a blessing has been down played by the Vice President. John Dramani Mahama assured Ghanaians that strong legislations passed to…
World Bank appoints Yusupha B. Crookes as Country Director for Ghana, Liberia and Sierra Leone
The World Bank has appointed Yusupha B. Crookes as Country Director for Ghana, Liberia and Sierra Leone. His appointment takes effect from March 1, 2012 and he will…
Producer price inflation falls
The annual Producer Price Inflation (PPI) fell to 15.19 percent in December 2011 from a revised figure of 17.94 in November, the Ghana Statistical Service said today. The all industry…
GIPC exceeds intended target for 2011
The Ghana Investment Promotion Centre (GIPC) has exceeded its target of $1.5 billion dollars for the year 2011. Foreign Direct Investment (FDI) inflows are expected to even go up considering the…
Tullow Oil launches $6 million scholarship scheme
Tullow Oil Ghana has launched a scholarship scheme worth more than $6million to support 110 young scholars from nine developing countries including 50 from Ghana. The Tullow Group…
Tullow Oil, Sunderland FC launch ‘Invest In Africa’ initiative
Tullow Oil in collaboration with UK-based Sunderland Football Club has launched a new business initiative dubbed “Invest in Africa” to attract and facilitate further investments in the continent. The long…
Despite global economic turmoil, foreign direct investment increased in 2011 – UN
In spite of the economic turmoil that shook countries last year, global foreign direct investment rose by 17 per cen. according to a United Nations report which predicts it will…
Engen Petroleum acquires assets of Chevron in seven sub-Saharan African countries
In a bid to increase its presence in Africa, Engen Petroleum limited has acquired the assets of chevron. The acquisition is to help Engen penetrate and offer Sub-Sahara Africa quality…
Jubilee Oil Field to fall short of expected target for 2012-Tullow
Ghana will be unable to get as much crude oil as had been anticipated this year from the Jubilee Oil Field. It had been estimated that the field will produce…
Glo finally launches in Accra
After much anticipation and waiting, Globacom telecommunications, also known as Glo has finally been launched in Accra. The launch starts with the commencement of the “Reserve your Number Campaign.” The campaign…
Tullow projects 70,000-90,000 bpd at Jubilee field
Tullow Oil says it expects production at its Jubilee oil field to average between 70,000 and 90,000 barrels of oil per day for 2012. In a news statement, Tullow says its…
Develop gas infrastructure to produce geothermal energy
Government has been urged to hasten the pace of work on infrastructure, to develop the country’s natural gas. An economist, Dr. Joe Abbey says this will generate revenue for the…
Shelter Afrique, Ghana Home Loans sign loan deal
Shelter Afrique (SA), a Nairobi-based Pan-African Housing finance company and Ghana Home Loans yesterday signed a $ five-million agreement to support the delivery of affordable housing in the…
Government launches new platform to attract more foreign investors
In a bid to attract new businesses, the government has created a new website for foreign and local investors. The Investment Mentoring Programme is a joint project between Ghana and…
World Bank to cut support to developing countries
The World Bank has asked developing countries to prepare for further downside risks, as the Euro Area debt problems and weakening growth in several big emerging economies are dimming global…
Airtel upgrades 3.5G service to3.75G
Airtel Ghana has officially launched the upgrade of its 3.5G service to 3.75G. The upgraded service is to offer world class third generation experience to consumers. Managing Director…
Five banks migrate onto GhiPSS Complementary Switch
Five banks have so far joined the new Complementary Switch which allows customers with the non-Visa ATM cards to access money on ATM machines belonging to other banks. …
80 per cent of MCA funds spent on development
Ghana has spent the bulk of the Millennium Challenge Account (MCA) from the US government. The MCA was set up five years ago to assist the country with developmental projects.…
BOG releases 218.5 million dollars to curb cedi depreciation
The Bank of Ghana has released almost 220 million dollars to prevent the cedi from depreciating further. The move follows pleas from commercial banks. The intervention by the Bank…
GRA sets 2012 revenue target at GhC11.2 bn
A new revenue target of GhC11. 2 billion has been set for the Ghana Revenue Authority (GRA) this year. This is…
IATA forecasts decline in airline revenues for 2012
The International Air Transport Association says the global airline industry will continue to perform poorly this year as a result of the rising cost of fuel and weak economies. The International…
Olam Ghana upbeat of country’s cocoa production prospects
Ghana has the potential to catch up with Ivory Coast in cocoa production by 2015 if present interventions and support for farmers are sustained. This is according to Eric…
Underwater cables bring faster internet to West Africa
Stretching some 7,000 kilometers along the West African coastline, a submarine fiber-optic cable emerges off the coast of Nigeria to help bridge the digital divide in the continent. Dubbed…
TUC calls on Gov’t to re-introduce fuel subsidies
Ghana is likely to experience the chaos in Nigeria if care is not taken. Withdrawal of subsidies on petroleum products by government has adversely affected majority of Ghanaians especially fix…
GBA announces new exchage rates
The following are the average inter-bank exchange rates of the major currencies against the cedi as issued by the Ghana Association of Bankers on Tuesday, January 10, 2012. GHANA CEDI EQUIVALENT…
MD of Gentrec Investments decries Ghana's cashless economy
Managing Director of the country’s leading hire purchase firm, Gentrac Investments, Emmanuel Amevor has decried the country’s financial system which is heavily over reliant on physical cash rather than electronic…
"Increasing fuel prices was the most painful exercise..."-President Mills
President John Evans Atta Mills has described the recent increment in fuel prices as the “most painful exercise we had to undertake”. At the latter part of the year 2011, the…
Vodafone beats Tigo to become second largest operator
According to the latest statistics from the National Communications Authority (NCA), Vodafone Ghana has overtaken Tigo as the second largest mobile phone operator in Ghana in terms of market share.…
International Business District to be set up in Accra
Ghana continues to attract foreign direct investment as the economy grows. One such signs is a 500 million dollar investment in an International Business District creation in Accra. The first phase…
Airtel presents "Friendzy" promotion awards to first group of winners
Airtel Ghana has presented a cheque for GH¢10,000 to the winner of the first part of the Airtel Friendzy Promotion it started on December 1, 2011. The mobile operator…
66,000 small businesses to be created in 160 districts
The Trade and Industry Ministry is hoping to train more than 150,000 people in artisan vocations and various small and medium-scale enterprise (SME) activities, starting 2012. The Rural Enterprises…
NPA increases petroleum prices by 20 per cent
The National Petroleum Authority (NPA), effective today, December 29, 2011, has increased petroleum prices by 20 per cent. The increases according to the NPA are influenced by the government’s decision to…
Central Bank describes performance of Ghana economy in 2011 as "Good"
The Bank of Ghana (BoG) has described the country’s economy in the year 2011 as a good one. “I think it has been good,” the BoG governor Kwesi Amissah-Arthur told…
Patronize made in Ghana products-Mankessim chief appeals
The paramount chief of Mankessim traditional area, Osagyeafo Amanfo Edu, has appealed to Ghanaians to patronize made in Ghana products to support local producers. He said this at the commissioning of…
Glo to finally launch on January 19
GLOBACOM has announced that it will officially launch its operations in Ghana on 19 January 2012. The Chief Operating Officer (COO) of GLO Ghana, Mr. George Andah, made the announcement…
Parliament approves GHc19.9 billion for 2012 government business
Parliament, yesterday, under a certificate of urgency, have passed the Appropriation Bill, authorizing the utilization of Ghc19.9 billion from the Consolidated Fund and other funds to meet government’s expenditure for…
Fake phone imports on the increase in Ghana
Ghana loses more than $20 million annually through illegal importation of fake mobile phones, Ludovic Falcou, Country Manager of Nokia has revealed. The amount, he said, is lost through the…
Ghana gas sees early pay-off of China loan
The country’s 700 million dollar gas project currently underway is estimated to pay off a three billion dollar Chinese loan. According to the head of the Ghana National Gas Company, Dr.…
Government asked to consider local investors in the oil sector
Ghana can now raise its stakes in the oil sector when looking for investors for exploration of oil in the country. According to the General Manger of EO Group, Mr Joseph Owusu, the country…
United Arab Emirates to invest in Ghana's economy
The Vice President, John Dramani Mahama has said the current trends in the world especially the turbulence in the European Union (EU) has made it necessary for developing countries to look for new…
Inflation drops insignificantly
Inflation rate for November has dropped marginally to 8. 55% as against 8. 56% recorded in October this year. According to Government Statistician, Dr Grace Bediako, thiis represents an insignificant…
Customs exceeds fiscal target for the year
The Customs Division of Ghana Revenue Authority (GRA) collected GH¢3,249. 41 million from January to November this year, exceeding its target by 18. 05 per cent. The division had targeted…
BoG approves sale of TTB to Ecobank
The Bank of Ghana (BoG) has approved the merger between Ecobank and The Trust Bank (TTB). This was after the three-member committee set up by the BoG to scrutinize the deal…
Expresso experiences shortage of internet modems
Mobile operator Expresso is reporting higher than expected patronage for its internet data service, CLIQ. The situation has resulted in a shortage of its modems, a situation which they promise…
Expresso offers free weekend calls to subscribers
Human advancement in its mode of communication is fast varying the way people exchange felicitations during festive seasons. Today more than 70 percent of the world’s population relies on mobile…
Investment inflow in mining sector hit $770million last year
Investment inflow into the country’s mining sector hit 770 million dollars last year, up from the 2009 figure of 726 million dollars. This brings the total money pumped into the sector…
Four telcos pay NCA penalty
Four of the five telecom companies which were fined by the National Communication Authority for poor service delivery have paid a total of GH¢950,000 to the Authority. The payment followed a…
Telecom Chamber launch: speech by Kwaku Sakyi Addo (CEO)
The Ghana Chamber of telecommunication was launched yesterday at the Holiday Inn Hotel. Below is a speech by Kwaku Sakyi Addo CEO of the Chamber.SPEECH BY KWAKU SAKYI-ADDO, CEO, GHANA…
Ghana meets West Africa Monetary Zone criteria
Ghana has for the first time in its history achieved all the four primary convergence criteria that qualifies it to use the single currency ‘Eco’, along with other six West…
Report: Facebook joins with HTC to develop smartphone
Facebook is working with HTC to develop a phone that has a much deeper integration with the social network than any previous "Facebook phone." That's according to a report from…
4.5 million barrels of oil "missing"
Over 4. 58 million barrels of crude oil produced from the Jubilee fields are unaccounted for as Kwabena Duffuor, the Finance Minister under the ruling NDC and Tullow Oil have,…
VRA to build 300MW power facility
The Volta River Authority (VRA) plans to build a 300-500 megawatt power-generation facility in the next four years, estimated at a cost of US$300-500 million, to meet the country’s increasing…
IFP calls for stronger revenue mobilization in 2012
The Institute for Fiscal Policy (IFP) of the Integrated Social Development Centre (ISODEC) has termed the 2012 budget as a bold and ambitious initiative by the government. Although the IFP acknowledges…
Ghana poised to take control of African airline industry
Managing Director of Ghana Airports Company Limited, Doreen Owusu Fianko says Ghana is ready to take control of the airline industry on the continent. She says with the current expansion and…
Servair launches operations in Ghana
Servair, a leading French caterer and cleaning services provider has launched its operations in Ghana. Managing Director of the Kotoka International Airport, Doreen Owusu Fianko says as the airport continues to…
AGRA pilots market access and post-harvest services project in Brong Ahafo Region
The Alliance for a Green Revolution in Africa (AGRA) has launched a pilot project, called Development of Market Access and Post-Harvest Services for Small Holder Farmers (D-MAPS) at Aworowa in…
Telecommunications Chamber reacts to NCA's penalties
The Ghana Chamber of Telecommunications has reacted to the publication “5 TELCOS PUNISHED” in the Daily Graphic of Tuesday, November 8, 2011. The story focused on a total GhC1.2 million…
Floods cost Ghana automobile firms GH¢50m
Automobile companies in South Industrial Area, Accra have posted an estimated loss of over GHC 50 million due to the recent floods that hit Accra and affected their operations. The…
Consistent loan payment critical to access to more loans
Managing Director of Beige Capital, a savings and loan company, Mike Nyinaku has attributed the difficulty of accessing loans by Small and Medium Scale Enterprises (SMEs) to the attitude of…
6th African Economic Conference underway in Adis Ababa, Ethiopia
The 6th annual African Economic Conference is currently underway at the United Nations Conference Centre in Addis Ababa under the theme “The Green Economy and Structural Transformation”. Research has shown that…
Producer price inflation rises in September
Ghana's annual producer price inflation index rose 19.59 percent in September, from 17.24 percent in August, led by increases in the mining and quarrying sector, Ghana's statistics office said on…
Government piles pressure on parliament to regularise partnership with private sector
Government has increased pressure on Parliament to pass the National Policy on Public Private Partnership bill into law. This follows the launch of the guidelines to govern such collaboration. The…
CPC adjudged best exporter of the year 2010
The Cocoa Processing Company Limited, manufacturers of cocoa butter, has been adjudged the overall exporter of the year 2010 in the country at the 21st National Awards for Export Achievement. Other…
$3bn Chinese loan to help improve transport sector
The Deputy Minister for Transport, Dzifa Attivor, has given indications that plans are far advanced to improve the transport sector of Ghana with the coming of the US$3 billion Chinese…
World wealth to grow 50 per cent in 5 years –C. Suisse
A Credit Suisse report has noted that global wealth could rise 50 percent to three hundred and forty five trillion dollars over the next five years, spurred by a near doubling…
African bank ETI says net profit up 61 per cent
Pan-African bank, Ecobank Transnational Inc (ETI) has posted a 61 percent rise in net profit in the nine months to September, with its operations showing broad growth while striving to contain…
IMF sees Africa growth averaging nearly 6 per cent in 2012
The International Monetary Fund (IMF) has predicted a rosy outlook for Sub Saharan Africa's growth in 2012 and has warned of significant risks from global financial volatility that could subdue…
Air Namibia expands in business
Air Namibia has recorded increment in demand for its services across the continent. The company has officially declared its business module starting from the 1st of October 2011. This will…
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