BUSINESS

Ghana is tipped to lead Africa as the fastest growing economy in 2018 with a growth rate of eight per cent as a result of increased oil and gas production, which boosts exports and domestic electricity production. In its latest report dubbed: “Global Economic Prospects: Sub-Saharan Africa,” the World Bank has forecasted that growth in Sub-Saharan Africa will pick up ...

The Ghana Private Road Transport Union [GPRTU] has insisted that Uber vehicles must be sprayed with taxi colours per Ghana’s traffic regulations. According to the Union, per the current laws, Uber’s vehicles are operating illegally in Ghana because they are breaching some requirements of the Road Traffic Regulation 2012, L.I 2180. There were reports on social media over the weekend ...

President Akufo-Addo has stated that the new paradigm of economic development which his administration is vigorously pursuing will improve the business climate in Ghana. According to the President, it is common knowledge that in recent years industries have not been doing well, as growth rates in various industries slumped to -0.5% in 2016, as opposed to a growth rate of ...

The Government under President Akufo-Addo in 2017 chalked an historic feat in the macroeconomic sector by achieving its Fiscal Deficit Target. This is the first since 2006. A visibly elated Dr. Alhaji Mahamudu Bawumia said the achievement was historic, expressing gratitude to government appointees for their diligence. The Government created fiscal space by capping of earmarked funds to 25% of ...

Taxi drivers operating under the Ghana Private Road Transport Union [GPRTU], have said they are not scared of competition from Uber, a global company that uses technology to connect people to taxi services at an affordable rate. Speaking on the Citi Breakfast Show on Monday, Vice Chairman of GPRTU, Robert Saba, said they can also create a similar APP used ...

The National Insurance Commission(NIC) has disputed claims that it has barred or closed two insurance companies in the country. According to the Chief Executive Officer of the commission, Justice Ofori, the two insurance companies are currently operating, but have been stopped from writing new businesses, as well as advertising. This follows reports in the media that the commission had barred ...

Oil giant Exxon Mobil is to begin exploration of oil in Ghana later this year. Government began evaluating the application of the oil giant since 2014. An agreement to that effect is set to be signed next week to pave way for the exploration. Meanwhile, Government says it is working to attract more foreign investors into its oil and gas ...

Goldfields Ghana Limited may have to put on hold its planned layoffs at the Tarkwa mine until the court decides on a case brought before it by the Ghana Mine Workers’ Union. The labour division of the Accra High Court is expected to hear the case next month (February 15th, 2018). Citi Business News understands that this is also to ...

The National Petroleum Authority (NPA) is tweaking the implementation plan for the Gas Recirculation Exercise. The amendment of the plan will have LPG Marketing companies become the main agents to receive and exchange empty cylinders with filled ones. The move has become important after several working visits across the world to learn best practices. Under the old policy, consumers were ...

Economists, Dr. Eric Osei-Asibey has ruled out the possibility of a change in the policy rate to be announced by the Bank of Ghana. This, he says is as a result of government missing its end of year inflation target of 11.2 percent. Government recorded an 11.8 percent inflation rate at the end of 2017. Currently, the policy rate, which ...