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BUSINESS NEWS 

Charles William Zwennes appointed new Board Chair of HFC Bank Ghana

Legal practitioner Charles William Zwennes has been appointed new Chairman of the Board of HFC Bank Ghana. His appointment by the Board of Directors of the Bank, a subsidiary of Republic Financial Holdings Limited, was announced Wednesday, April 26. He replaces Professor Joshua Alabi, Board Chairman of the bank since April 2015, who resigned in April of this year. “By virtue of Prof. Alabi’s resignation, The Board of Directors of the Bank, at a Board Meeting on 26th April 2017, in accordance with Bank’s Regulations appointed Mr. Charles William Zwennes…

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BUSINESS NEWS 

Cedi outshines two currencies

The cedi outperformed the U.S dollar and the euro but depreciated versus the British pound at the close of trading in the week ending April 21. It recorded a 1.13 per cent appreciation against the U.S. dollar as investors languished over weaker-than-expected economic data in the world’s largest economy. As a result, the local currency exchanged at GH¢4.16 versus the dollar, reflecting a year-to-date appreciation of 0.89 per cent. The British pound witnessed a significant boost on the international currency market in the early trading sessions of the week, following…

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BUSINESS NEWS 

World Bank Africa Vice President to visit Ghana

World Bank Vice President, Makhtar Diop will arrive in Ghana on Tuesday as part of a two-day mission, after which he will also visit Benin and Togo. In Ghana, Makhtar Diop will pay a courtesy call on President Nana Akufo-Addo to discuss development challenges and opportunities in Education, Energy, Agriculture, and other sectors of the Economy. Mr Diop would also meet Vice President Dr. Mahamudu Bawumia, other officials and development partners to deliberate on macroeconomic issues and explore ways to work together to support Ghana’s development agenda. This would be Mr. Diop’s third visit to…

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BUSINESS NEWS 

CEPS steps up effort to block smuggling-loopholes in Ashanti Region

Customs officials in the Ashanti Region have impounded five trucks full of smuggled high duty vegetable products and electronic gadgets in Kumasi. The arrests reveal an attempt to evade almost one million Ghana Cedis in duties and taxes to the state. Customs officials say three transit-trucks loaded with trade key pure vegetable cooking oil (25 litres per gallon) were diverted from the Aflao-Konokrom transit route to a warehouse on the Barekese-Kumasi road. They were running from over a hundred thousand Ghana Cedis in duties and taxes alone with penalties yet…

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BUSINESS NEWS 

Transport fares up by 15 percent?

Some transport operators in the nation’s capital, Accra have increased their fares, a move that has been caused by an increase in fuel prices. Although there has not been an official confirmation of the hike by the Ghana Private Road Transport Union (GPRTU), the umbrella body for transport operators, Myjoyonline.com’s Austin Brakopowers visited the lorry station at the Kwame Nkrumah Interchange on Thursday and reports of the increment. He reports that at some of the destination terminals transport fares have gone up by 10 percent and others by 15 percent….

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BUSINESS NEWS 

Meet Africa’s richest women on International Women’s Day

On International Womens Day – March 8, 2017 – we take a look at the richest women on the African continent according to the 2017 Forbes magazine rich list. According to the list only two African women are billionaires. They are Isabel dos Santos, the oldest daughter of Angola’s longtime president, José Eduardo dos Santos and Nigerian oil magnate Folorunsho Alakija. Isabel dos Santos, 43, made her fortune from investments in Angola’s state oil firm while 66-year-old Folorunsho Alakija made the vast majority of her wealth from oil exploration. Read below how…

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BUSINESS NEWS 

Govt to taste major demo as Textile workers hit streets on March 9

The government is expected to taste its first major demonstration from a workers’ union as members of the Textile, Garment and Leather Workers’ Union (TEGLEU) hints of hitting the streets on Thursday, March 9 to draw attention to what it is describing as the aggravated job insecurity in the textile industry. The massive job losses, the union explained was as a result of the influx of counterfeit, pirated and smuggled African Prints into the local markets, which unfortunately has become the preserve of many Ghanaians. Members of the union, which…

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BUSINESS NEWS 

SADA, Rasmal Group sign $800m deal to help transform savannah zone

The Rasmal Invest Group of Morocco has signed an agreement with the Savannah Accelerated Development Authority (SADA) to invest a minimum of $800 million into three projects in the savannah zone of the country. The three projects – the Tamale Teaching Hospital, the Buipe Inland Port and the Kintampo Tourism Cluster – form part of SADA’s master plan which will serve as a blueprint to the transformation of the zone. The money will also finance the development of the Volta Lake Transportation System, one of the sub-projects under the Buipe Inland…

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BUSINESS 

ICC hails now in force WTO Trade Facilitation Agreement

The International Chamber of Commerce (ICC) has welcomed the entry into force Wednesday of the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA). The ICC in a press statement called the TFA “a landmark global trade agreement which could provide a boost to global trade flows of over US$1 trillion.” Two-thirds of WTO member states have ratified the TFA, with Rwanda, Chad, Oman, Jordan becoming the latest of 110 countries to do so, which threshold paves the way for the TFA to become an official part of the multilateral trading…

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BUSINESS NEWS 

Unilever pledges to partner Akufo-Addo gov’t

The Chairman of the Board of Directors of Unilever Ghana Ltd., Mr. Edward Effah, has congratulated the President of the Republic, Nana Addo Dankwa Akufo-Addo, on his assumption of office as President, and has pledged the support of Unilever towards helping to achieve the set objectives of the Akufo-Addo government. Mr. Edward Effah, together with a 9-man delegation, indicated that Unilever, which is the largest producer and retailer of consumer goods in Ghana, believes that the decision of the Akufo-Addo government to create an enabling environment for the private sector…

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BUSINESS NEWS 

Shortage of foreign currency supplies bane of cedi depreciation – John Kwakye

Economist and Senior Research Fellow at  the Institute for Fiscal Studies, Dr John Kwakye, says the cedi lost 99.4 per cent of its value against the US dollar between 1983, when it was first made to float against the US dollar and 2016. The cedi’s depreciation relative to the US dollar was as a result of short supplies of the foreign currency relative to its demand in the country, Dr Kwakye said at the Graphic Business Stanbic Bank Breakfast Meeting in Accra on Tuesday morning. Making a presentation on the theme; Public Private Sector…

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