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Akufo-Addo appoints Ing. Charles Kraikue as Ag. Director General of GCAA

President Akufo Addo has appointed Ing. Charles Kraikue as the Acting Director General of the Ghana Civil Aviation Authority, GCAA. Mr. Kraikue will replace current Director General, Ing. Simon Allotey, who will be retiring from the Authority on July 31st, 2020. A statement from the GCAA to Citi Business News said that Mr. Allotey will […]

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TEN Field’s challenges and crude price fluctuations reduced 2019 oil revenue – IES

The Institute for Energy Security, IES, says the drop in Ghana’s oil revenue in 2019 could be attributed to the movement of crude prices on the world market and the challenges faced by Tullow Oil in the TEN Fields. Oil revenue dropped by 5 percent to 925 million dollars in 2019 from 977 million dollars […]

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Cashew farmers in Bono and Bono East call for Gov’t support to boost production

Cashew farmers in the Bono and Bono East Regions have reiterated their call on government to support them to increase their yield and also regulate pricing to ensure fair trade. The farmers made the call when two thousand and fifty of them from 21 communities received bonus packages from Red River Foods Ghana Limited for […]

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GPRTU to petition Transport Ministry for an increase in fares due to social distancing

The Ghana Private Road Transport Union, GPRTU, says it will petition the Presidency through the Ministry of Transport, for an upward review in transport fares to mitigate the impact of COVID-19 on the operations of members. The appeal follows demands by drivers for fares to be adjusted to cater for the revenue losses due to […]

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Financial service consumers cautioned against increased cyber-crime amid Covid-19

As more people rely on digital banking platforms to reduce human interface in the wake of the COVID-19 pandemic, some analysts in the some financial space have cautioned consumers to be wary of increasing cyber fraud. According to some observers of the financial sector, there was an increase in cyber fraud in Ghana during the […]

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Mid-Year budget: Hoteliers demand modalities on gov’t interventions amid COVID-19

Players in the hospitality industry say they expect the Finance Minister, Ken Ofori-Atta to provide clear modalities on how government intends to help their businesses bounce back in the upcoming Mid-Year budget review following the negative impact of COVID-19. At a meeting with President Akufo-Addo, the hospitality industry made up of different associations explained that […]

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Any additional borrowing to finance expenditure risky for economy – Adu Sarkodie

An Economist, Dr. Adu Owusu Sarkodie, says the Finance Minister, Ken Ofori-Atta should be able to outline the progress made so far with the allocation of support under the government’s Coronavirus Alleviation Programme when he presents the Mid-year budget review to Parliament later this month. Dr. Sarkodie says limiting budgetary allocation is critical, since an […]

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Facilitate more exploration projects to mitigate impact of COVID-19 – Kosmos to Gov’t

Jubile partner, Kosmos Energy, has urged government to facilitate exploration projects for oil companies in the wake of the COVID-19 pandemic. The fall in oil prices coupled with reduced demand for oil, has taken a toll on the global oil industry  and affected players in Ghana’s oil sector. Having set a benchmark of $58.66 oil […]

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Tuabodom: Tomato farmers make gains as border closure curtails importation from Burkina Faso

It appears that inasmuch as the COVID-19 pandemic has disrupted many economic activities and led to job losses, other sectors of the economy are making gains. Ghana for instance imports a chunk of its fresh tomatoes from neighboring Burkina Faso, but the closure of borders coupled with low production, has shifted the focus to local […]

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Fidelity Bank attributes strong 2019 financial results to customers’ support

Fidelity Bank Ghana has held its 2020 Annual General Meeting (AGM) via a virtual platform for its shareholders to receive and adopt the Reports of the Directors, Auditors and the Financial Statements for the year ended 31st December 2019. At the meeting, the Bank announced a 33% increase in profit before tax to GH¢322 million […]

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#CitiBusinessFestival: Ghanaian scientists must be supported to offer solutions – Food Safety Expert

Ghanaian Food Safety Expert and Senior Research Scientist at the Biotechnology and Nuclear Agriculture Research Institute (BNARI) – Ghana Atomic Energy Commission (GAEC), Dr. Mavis Owureku-Asare, says Ghanaian scientists must be encouraged to recommend solutions that best fit the country’s problems. According to her, the time is ripe for Ghanaians to look “inward” for solutions […]

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Rice shortage imminent; support farmers to boost production – PFAG warns

The Peasant Farmers Association of Ghana, PFAG, has warned that the country could suffer rice shortage this year following the negative impact of COVID-19. Ghana imports about US$1 billion worth of rice annually to meet a monthly rice demand of 940,000 tonnes. But according to the Association, the COVID-19 restrictions in countries that Ghana imports […]

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Rice Farmers urge Buffer Stock to get them ready market after harvest

The Ghana Rice Inter-professional Body says it is looking forward to the Ghana Buffer Stock Company to offer rice farmers with ready market for their produce after harvest. After reports of unsold rice in the Upper East Region, the Buffer Stock Company intervened to assist the farmers. Addressing the media at a national engagement by […]

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Fund management customers threaten to vote against Akufo-Addo over unpaid funds

Members of a group calling itself the Coalition of Aggrieved Fund Management Customers have given government by close of July to pay all locked up funds due them or face their wrath. In March this year, the Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, told Citi Business News investors of the […]

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We’ll keep checking fuel stations to protect consumers – COPEC insists

The Chamber of Petroleum Consumers, COPEC, has justified its decision to check the amount of fuel dispensed to consumers at various fuel stations. The Association of Oil Marketing Companies, OMCs, has criticized the act accusing COPEC of usurping the powers of the National Petroleum Authority, NPA, and the Ghana Standards Authority, GSA, which are mandated […]

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Ghana on course to eradicate child labour in cocoa sector – COCOBOD CEO assures

The Chief Executive Officer of Ghana COCOBOD, Joseph Boahen Aidoo, says government has been able to erase the misconception that Ghanaian cocoa farmers exploit children on their farms. A recent report funded by the US Department of Labour, claimed that Ghana and Ivory Coast were using more than 2 million children on cocoa farms. Even […]

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Low interest rates will empower local banks to fund cocoa purchasing – BoG Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison, has said reduced domestic interest rates will empower local banks to participate in the cocoa syndicated loan. COCOBOD is seeking to raise 1.3 billion dollars to finance the 2020/2021 crop season. But some financial analysts have maintained that the funds used in purchasing cocoa beans […]

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Add value to stay employed amidst COVID-19 – Jobberman MD urges employees

The Managing Director of Jobberman Ghana, an HR recruitment Solutions firm, Kwaku Agbeshi, has advised employees to enhance their skill set by being innovative in the face of uncertainties like the coronavirus pandemic. According to him, in such situations where job losses are very likely, workers who are innovative and have the right skill set […]

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First National Bank appoints Dominic Adu as first Ghanaian CEO

First National Bank Ghana has appointed Dominic Adu as its first Ghanaian Chief Executive Officer. A press statement issued by the bank said Dominic Adu’s appointment will commence, effective Wednesday, July 01, 2020. Dominic takes over from Richard Hudson, who has served in this position since the inception of the bank five years ago. Mr. […]

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COVID-19: Bank of Africa to leverage on global presence and tech to serve customers

Executive Head Corporate and Enterprise Banking at Bank of Africa (BoA), Mr. William Boateng, has noted that the outbreak of the coronavirus pandemic is changing the dynamics of banking across the globe. He explained that the pandemic is ushering the banking system into a new era where bank and customers heavily rely on technology to […]

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N/East Region: Watermelon farmers incur losses as processing factory remains uncompleted

Watermelon, one of the nutritious fruits grown in Ghana, is currently in abundance in parts of the country. Although that is good news for consumers, same cannot be said for farmers of the produce. In the North East Region for instance, where a chunk of the fruit is produced, farmers are worried, as they incur […]

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Benchmarking prices of goods and services against the exchange rate illegal – BoG Governor

The Governor of the Bank of Ghana, BoG, Dr. Ernest Addison, has reiterated that it is illegal to price goods and services in foreign currencies such as the U.S dollar. Despite the existence of the law, the practice exists in many facets of the Ghanaian economy as some businesses have even adopted new ways by […]

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Minister gives steel firms in Tema 1-week to deal with environmental pollution

The Minister of Environment, Science, Technology and Innovation, Professor Frimpong Boateng, has given a one week ultimatum to some steel manufacturing companies within the Tema Free Zones enclave to come out with a road-map on how they intend to deal with environmental pollution in their areas of operation. The Minister’s warning comes in the wake […]

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JICA and other DFIs provide $600 million syndicated loan to COCOBOD

COCOBOD, Japan International Cooperation Agency, JICA and other Development Finance Institutions have announced a $600 million credit facility for COCOBOD’s Productivity Enhancement Programmes (PEPs). The facility is part of a number of projects in line with the Ghana beyond Aid agenda. In November 2019, Development Finance Institutions (DFI) including African Development Bank (AfDB), Japan International […]

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Banking sector clean-up: We’re partnering with state agencies in prosecutions- BoG Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed some reservations about the processes being used in the prosecution of officials found culpable in the banking sector crisis. He however says although the banking sector regulator has no control over the judicial processes, it is collaborating with the relevant state agencies to […]

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Agbogbloshie & Mallam Atta Markets: Traders lament impact of heavy rains on patronage

The onset of the rains in Ghana around this time is largely a blessing for the population engaged in farming, especially because irrigation facilities are woefully inadequate, making all-year round farming challenging. However, aside from the floods that render many homeless, some traders at the Agbogbloshie and Mallam Atta Markets in Accra say the rains […]

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