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COPEC demands official withdrawal of new ‘levy’ slapped on LPG by NPA

The Chamber of Petroleum Consumers, COPEC, is demanding an official publication from the National Petroleum Authority, NPA, notifying Ghanaians of a withdrawal of some levies it placed on Liquefied Petroleum Gas, LPG. According to COPEC, the NPA on Tuesday directed Oil Marketing Companies to start charging 13.5 pesewas on every kilogram of LPG from the […]

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Get banks to reduce interest rate on loans over COVID-19 impact – GUTA to Gov’t

The Ghana Union of Traders Association, GUTA, is appealing to government to get banks to reduce interest rates on loans given to businesses or defer interest payment due to the economic impact of the COVID-19 pandemic. According to the Association, it is unreasonable for banks to still maintain high interest rate on loans in such […]

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adb to support agribusinesses and farmers to mitigate COVID-19 impact

The Managing Director of adb Bank, Dr. John Kofi Mensah, has announced that the bank will by the end of this week announce a support package for agribusinesses and farmers in the country due to the impact of the COVID-19 pandemic. He says players in the agriculture sector are a critical component of the bank’s […]

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AGI to help identify members in SMEs sector exempted from partial lock-down

Following reports that some security personnel are curtailing the movement of employees of various companies due to the implementation of the partial lockdown, the Association of Ghana Industries (AGI), says it is taking immediate steps to provide its members with appropriate forms of identification. The two weeks partial lockdown on Accra, Tema, Kasoa and Kumasi, […]

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Parliament passes Corporate Insolvency Bill

Parliament on Wednesday April 1, 2020, passed the Corporate Insolvency Bill, 2019, to provide a framework for the regulation of insolvency practitioners and facilitate access to timely, efficient and impartial liquidation proceedings either directly or through the creditor’s committees. The Act will also promote efficient closure and transfer of assets of businesses which are no […]

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Absa Ghana donates GHS1m towards Ghana’s COVID-19 fight

Absa Bank Ghana has donated an amount of GHS1 million to Ghana’s COVID-19 Fund to help in the fight against the spread of the coronavirus in the country. The donation, which is in response to President Akufo-Addo’s announcement of the creation of a COVID-19 Fund is towards the procurement of test kits and Personal Protective […]

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Top hotels in Accra shutdown due to poor patronage over COVID-19

As the economic impact of the COVID-19 pandemic continues to widen globally and here in Ghana, Citi Business News has learnt that some major hotels in Accra have shut down their operations due to low patronage. Prior to this, some laid-off casual workers, and were preparing to cut down on permanent staff. Some top hotel […]

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adb cuts staff by 45% to observe social distancing in COVID-19 fight

The Managing Director of adb Bank, John Kofi Mensah, says the bank as part of its efforts to prevent the spread of the COVID-19 internally, has allowed 45 percent of its workforce to go on mandatory leave. This follows a directive from the Bank of Ghana asking all financial institutions operating in the country to […]

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AGI urges companies to provide relevant identification for workers during lockdown

The Association of Ghana Industries (AGI), has advised companies that are yet to provide proper identification for their employees within the two-week partial lockdown to do so without delay. The AGI says this is necessary to enable essential service providers move about without impediment. The partial lockdown on Accra, Tema, Kasoa and Kumasi enters day […]

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Gov’t hints at new budget by July as COVID-19 hits revenue target

Finance Minister, Ken Ofori-Atta, has hinted that government may present a new budget to Parliament by July this year due to the economic impact of the COVID-19 Pandemic that has hit government’s revenue target. The 2020 financial budget was targeted at expanding infrastructure, particularly roads. But the Finance Minister announced in Parliament on Monday that […]

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Hollard Ghana donates GHS100,000 towards Ghana’s COVID-19 fight

Hollard Ghana, a leading insurance service provider, has donated GHS100,000 to Ghana’s COVID-19 Fund established by government to urgently finance efforts to contain the spread of the virus. Last week, President Akufo-Addo announced the creation of a COVID-19 Fund with his three-months salary as seed money, to support the well-being of those who will be […]

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Minimum capital requirement deadline for payment service providers extended by 6-months

The Bank of Ghana has officially extended by 6 months, the deadline for meeting the new minimum capital requirements by all existing Payment Service Providers, Electronic Money Issuers, banks and specialized deposit-taking institutions, from June 30, 2020 to December 31, 2020. To operationalize the new Payment Systems and Services Act, 2019 (Act 987), which sought […]

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Registrar Generals Dept., other state agencies shut their doors over partial lockdown

Several businesses that are not in the essential services category including key state institutions have shut down their offices for the next two weeks in line with the partial lockdown. President Nana Addo Dankwa Akufo-Addo in imposing a lockdown on the Greater Accra Metropolitan Area including Kasoa in the Central Region, and the Greater Kumasi […]

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Freight Forwarders question issuance of temporary pass at Tema Port as lock-down begins

Freight Forwarders at the Tema Port are unhappy with a new directive from the Customs Division of the Ghana Revenue Authority, GRA, asking them to get a temporary pass to enable them access the port to clear their goods due to the partial lockdown. This follows the directive from President Nana Akufo-Addo in his fourth […]

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Fuel prices must drop again in April pricing window – IES

The Institute of Energy Security (IES), is predicting a further drop in the prices of fuel on the local market between 16 and 24 percent in the first pricing-window for the month of April 2020. This, the Institute attributes to the significant fall in the prices of Brent crude, gasoline and gasoil on the world […]

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ADB commits GH¢1m to Ghana’s COVID-19 fight

The Managing Director of Agricultural Development Bank (adb), Dr. John Kofi Mensah, has announced a GH¢1 Million package to support the government’s fight against the novel Coronavirus (COVID-19) pandemic. The decision according to Dr. John Kofi Mensah was taken at a Board Meeting last week. He says the amount  is to be used to purchase […]

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Gov’t requests to use part of Heritage Fund for COVID-19 fight

The Finance Minister, Ken Ofori-Atta, is calling for the amendment of the Petroleum Revenue Management Act (PRMA) to allow government to utilize portions of the Ghana Heritage Fund to deal with the Coronavirus pandemic. The Heritage Fund is a creation of section 10 of the Petroleum Revenue Management Act 815 enacted in 2011. The purpose […]

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Private sector businesses to raise GHS100m to support COVID-19 fight

A group of private sector business owners have come together to launch the Ghana Private Sector COVID-19 Fund to raise a minimum of 100 million Ghana Cedis to support government’s fight against the COVID-19 pandemic. This is in spite of the fact that government itself has set aside a stimulus package of One billion cedis […]

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AGI urges more support from banks to businesses as COVID-19 hits hard

The Association of Ghana Industries (AGI), has urged banks in the country to emulate the gesture of Republic Bank Ghana, by implementing measures that will support local businesses in the wake of the novel Coronavirus pandemic. This follows Republic Bank Ghana’s gesture of offering a Loan Repayment Deferment for its customers and staff for a […]

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More deliveries for courier service providers as COVID-19 restricts movement

The Coronavirus pandemic has undoubtedly taken a huge toll on many businesses, causing job losses and reducing productivity. But at the same time, other businesses are making huge gains from the situation; one of such being those in the courier service. This is largely because people have limited their movements, and are thus rely more […]

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Banks to readjust interest rates to reflect drop in policy rate

Some commercial banks operating in the country say they are yet to finalize processes to determine the level of readjustment of their interest rates to reflect the drop in the policy rate. The Monetary Policy Committee of the Bank of Ghana earlier this month reduced the rate at which it lends to commercial banks by […]

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COVID-19: Reducing cost of our services over low patronage not prudent – Hotel managers

Some hotel managers in Accra have rejected calls for a reduction in the cost of their services to increase patronage. In the wake of the spread of the COVID 19 pandemic, some hotels are struggling to stay afloat, as bookings have reduced drastically, forcing some to lay-off some casual workers. As a result, some have […]

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COVID-19: Gov’t urged to make use of Ayalolo buses to ensure social distancing

The General Transport, Petroleum and Chemical Workers Union, is calling on government to revive the ailing ‘Ayalolo’ buses which operate the BRT system in the country to alleviate pressure on public transportation as the novel Coronavirus continues to spread. Earlier this week, the President in an announcement directed all commercial transport drivers to restrict the […]

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COVID-19: Prudential Life Insurance goes fully digital in response to partial lock-down

Prudential Life Insurance Ghana, has announced a series of measures to ensure uninterrupted service delivery during the 2-week partial lock-down of some parts of the country from Monday, March 30, 2020. The company says it is poised to provide customers with peace of mind and assurance that it will continue to provide services for them […]

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Banks and other financial institutions will remain opened during partial lock-down – BoG

The Bank of Ghana has clarified that all banks and financial institutions will remain opened to the public during the two-week partial lock-down of parts of Accra and Kumasi from Monday, March 30, 2020. This follows the announcement by President Nana Akufo- Addo indicating that some essential service providers such as banks and other financial […]

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Stop massing up at LPG stations; we’ll work during lock-down – LPG Marketers assure

The Liquefied Petroleum Gas Marketing Companies Association of Ghana has called on the general public to desist from rushing to various retail outlets across the country to purchase gas in response to the President’s partial lock-down of Accra, Tema, Kasoa and Kumasi on March 30, 2020. This comes after thousands of people in response to […]

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COVID-19: Akufo-Addo announces GHS1bn stimulus package for businesses

As part of measures to mitigate the economic impact of the coronavirus pandemic in Ghana to sustain businesses, President Akufo-Addo has announced that all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis. According to him, this is part of the creation of a Coronavirus […]

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West African Gas Pipeline to cut gas supply to VRA, GRIDCo for 6 hours

The West African Gas Pipeline Company (WAGPCo), says it will from midnight, Saturday 28th March, 2020, to 6:00 am Sunday, 29th March, halt the supply of gas from its pipelines to the Volta River Authority, (VRA), and the Ghana Grid Company Limited, (GRIDCo) to enable it upgrade its software. According to WAGPCo, the exercise is […]

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Ghana Federation of Labour demands swift release of stimulus package to protect workers

The Deputy Secretary General of the Ghana Federation of Labour, Kenneth Koomson, has asked government to expedite plans to provide a stimulus package to support ailing companies due to the COVID-19 spread. The rise in the number of confirmed cases in Ghana over the last fifteen days is 137. This has led to a number […]

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Tourism industry players hopeful of stimulus package after GTA’s economic impact assessment

Operators in the country’s tourism and hospitality sector say they are expecting an intervention by government when the regulator, the Ghana Tourism Authority, completes an economic impact assessment of the COVID-19 on their operations. The coronavirus has not only slowed economic activities due to restricted movements, but has also led to some redundancies across sectors […]

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