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OMCs sacrificing a lot to keep fuel price below GH¢7
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OMCs sacrificing a lot to keep fuel price below GH¢7


Summary short_text

Kwaku Agyemang-Duah, CEO of the Association of Oil Marketing Companies, says oil marketing companies are making a lot of sacrifices to keep the price of fuel in Ghana below GH¢7 per litre.

According to him, with dealers barely compromising on their margins and the government maintaining all its taxes on petroleum products, the marketers are forced to reduce their margins to keep the price of fuel lower than it should be.

One of the leading oil marketing companies, Goil on Tuesday, November 23, 2021, announced that it was out of its own volition reducing the price of fuel to GH¢6.84.


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Invest for Jobs partners Touton to create 1,600 green jobs in cocoa sector – Citi Business News
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Invest for Jobs partners Touton to create 1,600 green jobs in cocoa sector – Citi Business News


Summary short_text

Invest for Jobs, an initiative of the German Federal Ministry for Economic Cooperation and Development, has launched a project with Touton to ensure the survival of the cocoa industry.

The project - 'Cocoa Jobs for Organic Integrated and Improved Rural Economy' will promote the organic and climate-smart cocoa production value chain in Ghana.

GIZ has been commissioned by the German Federal Ministry for Economic Cooperation and Development to implement the Special Initiative on Training and Job Creation under the Invest for Jobs brand in Ghana.


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BoG must give special forex concessions to fuel importers to mitigate price hikes
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BoG must give special forex concessions to fuel importers to mitigate price hikes


Summary short_text

The Chamber of Petroleum Consumers is proposing that the Bank of Ghana should give concessionary dollar rates to fuel importers in Ghana.

The depreciation of the Cedi against the dollars also plays a role in the narrative, and the Chamber of Petroleum consumers believes the Bank of Ghana must begin giving special forex provisions for importers of fuel into the country to help control the price of the commodity at the pumps.

As part of efforts to check the hike in the price of fuel, President Akufo-Addo granted permission to the National Petroleum Authority to zero the Price Stabilisation and Recovery Levies on petroleum products for two months.


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E-levy is critical for improving Ghana's tax-to-GDP ratio
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E-levy is critical for improving Ghana's tax-to-GDP ratio


Summary short_text

The Finance Minister, Ken Ofori-Atta has defended the Electronic Transaction Levy proposed in the 2022 budget, saying it will help lift Ghana's tax-to-GDP ratio to a level comparable to peer economies in the sub-region.

At around 12% in 2019 and 2020, and 13% in 2021, Ghana's tax-to-GDP ratio remains far below the government's target of 20% by 2023.

While delivering his speech as the guest speaker at the PWC 2022 budget digest, Mr. Ofori-Atta noted that the E-Levy was a necessary tool not just for raising Ghana's tax-to GDP ratio but for supporting the government's efforts at building an entrepreneurial country.


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Ghana lost about GH¢200 million in sales in 2020 due to COVID-19 – Study – Citi Business News
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Ghana lost about GH¢200 million in sales in 2020 due to COVID-19 – Study – Citi Business News


Summary short_text

Ghana recorded about GH¢200 million dip in sales, representing 61 percent from May to September 2020 as a result of COVID-19, a joint study conducted by the UNDP, World Bank and Ghana Statistical Service and a business tracker study has revealed.

Professor Kwesi Amponsah-Tawiah, from the University of Ghana Business School, made this known, during the 2021 Safety Awareness Day, held in Accra.

Prof. Amponsah-Tawiah said the study showed that about 28 percent of business establishments reduced wages for 10 percent of their workforce in August/September, translating to wage reduction for an estimated 297,088 workers.


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Fuel shouldn't cost more than GH¢6 per litre in Ghana
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Fuel shouldn't cost more than GH¢6 per litre in Ghana


Summary short_text

The Institute for Energy Security believes fuel in Ghana should not sell for more than GH¢6 per litre if the government effectively manages the sector.

According to its Executive Director, Nana Amoasi VII, many of the variables that influence the price of fuel in Ghana are within the control of the government either directly or indirectly.

Speaking on the Citi Breakfast Show on Tuesday, he said the depreciation of the cedi against the dollar has significantly exposed the price of fuel in Ghana to the international market, making it very unstable.


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GUTA cautions of ‘intense protests' if benchmark value policy is reversed – Citi Business News
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GUTA cautions of ‘intense protests' if benchmark value policy is reversed – Citi Business News


Summary short_text

The Ghana Union of Traders Associations is warning of intense protests if the government goes ahead with plans to reverse the benchmark value reduction policy.

In a press release cited by Citi Business News, GUTA noted that there may be unrest in the country if the reversal of the policy takes effect.

According to GUTA, its member associations numbering about 68, in conjunction with other relevant stakeholder groups in the private sector, including the Food and Beverages Association of Ghana, Importers and Exporters Association of Ghana, Pharmaceutical Importers and Wholesalers Association, Ghana Institute of Freight Forwarders among others, have met and unanimously resolved to vehemently kick against the reversal of the 50% and 30% benchmark value reduction policy presented to Parliament by the Finance Minister.


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CEO etiquette at networking events – Citi Business News
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CEO etiquette at networking events – Citi Business News


Summary short_text

Participating in business cocktails and networking events provides opportunities for meeting new people and reinforcing existing relationships in the corporate world.

He is the founder and CEO of the CEO Network and Ghana CEO Summit.

For close to a decade, he has successfully hosted the CEO Network Business Cocktail for Ghana's topmost business leaders.


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Kosmos Energy commissions Hunger Relief Projects to aid the vulnerable – Citi Business News
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Kosmos Energy commissions Hunger Relief Projects to aid the vulnerable – Citi Business News


Summary short_text

Leading exploration and production company, Kosmos Energy, has commissioned the second phase of the Hunger Relief Projects for the James Camp Prison, Senior Correctional Centre and Light Outreach Foundation, a Christian charity organization.

The training, which focused on agronomy, farm management, packaging, records keeping, marketing and sales of produce from project, saw some 105 persons trained in the operation and management of the mushroom project, 98 under the snail project and 97 under the irrigation project.

Assistant Director of Prisons Millicent Owusu, Senior Correctional Centre, expressed appreciation to the company as the projects had been beneficial to the inmates and officers alike, and said a total of 30 officers and 60 inmates at the Senior Correctional Centre alone had been trained in various skills to operate and manage the projects.


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Volta Fair has moved the Region to another level – Minister – Citi Business News
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Volta Fair has moved the Region to another level – Minister – Citi Business News


Summary short_text

Dr Archibald Yao Letsa, Volta Regional Minister, has noted that the ongoing fifth Volta Trade and Investment Fair which started on November 15, has moved the Region to another level.

He said the Region was one of the most trending topics and people were calling from various parts of the world and were excited about what they had seen about the Region, with some wondering if it was a National Fair.

The Regional Minister said a lot of investment potentials were in the Region which had to be showcased to the rest of the world and let them know the Volta was a special place they had to visit.


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Rate of e-levy should be reduced to 0.5% – Dr. John Kwakye – Citi Business News
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Rate of e-levy should be reduced to 0.5% – Dr. John Kwakye – Citi Business News


Summary short_text

While many Ghanaians are still calling for a complete reversal of the proposed 1.75% tax on electronic transactions, as announced in the 2022 budget, others are calling for a reduction or readjustment in the rate to lessen the burden on Ghanaians.

The CEO of the Ghana Chamber of Telecommunications, Dr. Ken Ashigbey and tax analyst, Dr. Abdallah Ali Nakyea, for example, believe the introduction of the e-levy is ill-timed and not well-thought through.

Associate Professor at the Department of Economics at the University of Ghana, Prof. Festus Ebo Turkson, also argues that the new tax is too high and will discourage many people from performing digital transactions, which will ultimately lead to lower returns for the government's projected revenue.


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Ghana can create better jobs through accelerated economic transformation – World Bank – Citi Business News
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Ghana can create better jobs through accelerated economic transformation – World Bank – Citi Business News


Summary short_text

Ghana has an opportunity in the coming decades, to accelerate economic transformation and create more and better jobs, after navigating through the heights of the pandemic.

The newly released Country Economic Memorandum, Ghana Rising - Accelerating Economic Transformation and Creating Higher Quality Jobs says Ghana has all it takes to continue being an economic development star if it takes the right steps to nurture growth and job creation.

To create jobs, Ghana will need to drive sectoral transformation through the movement of workers into higher productivity firms and sectors and spatial transformation through trade, urbanization, and connectivity.


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Transport fares may go up but not from Monday – GPRTU clarifies – Citi Business News
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Transport fares may go up but not from Monday – GPRTU clarifies – Citi Business News


Summary short_text

The Ghana Private Road Transport Union has debunked claims that transportation fares will go up from Monday, October 25, 2021.

The GPRTU has advised the public to be measured in their expectations for a reduction in transport fares.

The union has accused the government of acting in bad faith despite contractual assurances of stabilizing the prices of fuel that will lead to maintaining transport fares at least in the short term since they were last increased in June 2021.


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Nana Addo commissions Ghana's largest bulk electricity point at Pokuase – Citi Business News
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Nana Addo commissions Ghana's largest bulk electricity point at Pokuase – Citi Business News


Summary short_text

Siting of the BSP in Pokuase, he explained, was informed by the rapidly increasing load demand for electricity from this part of Accra, as Pokuase and its environs have become load points for power demand, hence being strategically positioned for the presence of such a critical power infrastructure.

Beyond the Pokuase Bulk Supply Point, the President stated that Government is carrying out several other initiatives and projects to ensure that the country is able to meet its increasing power needs, arising out of the country's growing population and Government's industrial agenda, through initiatives such as the One-District-One-Factory policy, amongst others.

Besides the Pokuase substation, which was commissioned, work is also ongoing on the Kasoa Bulk Supply Point, which will be the second-largest bulk supply point in Ghana.


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Energy Ministry debunks NDC's claims of 7% fuel price hike – Citi Business News
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Energy Ministry debunks NDC's claims of 7% fuel price hike – Citi Business News


Summary short_text

The Energy Ministry is debunking claims that fuel prices have increased by 7 percent at the pumps.

Fuel prices went up over the weekend after similar increases in previous weeks.

The sudden rise comes at a time when many were expecting the scrapping of the Price Stabilization and Recovering levy of 16 pesewas to take effect to mitigate the impact of rising prices of petroleum products on the world market on consumers.


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November 1st presents earliest opportunity for removal of PSRL – NPA – Citi Business News
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November 1st presents earliest opportunity for removal of PSRL – NPA – Citi Business News


Summary short_text

The National Petroleum Authority says the earliest opportunity for the removal of the Price Stabilisation and Recovery Levies in the price build-up of petrol, diesel and Liquefied Petroleum Gas would be the 1st of November.

The much-anticipated removal of the Price Stabilisation and Recovering levy of 16 pesewas in the price build-up of fuel at the pumps is yet to take effect even as the second pricing window commences, as parliament is yet to give the National Petroleum Authority the approval needed to scrap the levy.

Speaking to Citi Business news on the matter, Head of Communication of the NPA, Mohammed Abdul-Kudus noted that parliament has not given the NPA the all-clear to remove the levy hence the increases we are seeing at some filling stations.


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Chamber of Fertilizer-Ghana calls for probe into alleged fake products in Northern Region – Citi Business News
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Chamber of Fertilizer-Ghana calls for probe into alleged fake products in Northern Region – Citi Business News


Summary short_text

The Chamber of Fertilizer-Ghana has stressed the need for standards of fertilizer production and distribution to be raised and monitored carefully.

The chamber made the call following claims by farmers in the Nanumba North Municipality in the Northern region that the authorities sold them bad fertilizer which is negatively impacting their crops.

In an interview with Citi Business News, the Chief Executive Officer for the Chamber, Prince Akoto-Adipah said with the risk of food security on the line, thorough investigations should be launched into the allegation while authorities raise the standards in order to curb the menace.


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Republic Bank launches the ‘Blue Portal' campaign: Step Into Success – Citi Business News
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Republic Bank launches the ‘Blue Portal' campaign: Step Into Success – Citi Business News


Summary short_text

Republic Bank PLC, a subsidiary of Republic Financial Holdings Limited has launched the 'Blue Portal' Campaign: Step into Success to help individuals and businesses secure endless financial growth from the Bank's range of fantastic products and new platforms.

The campaign presents Republic Bank's refreshed brand and provides a new conduit for Individuals, SME's, Corporate Customers and all to Step into Success.

Republic Bank has also massively invested and improved on the technology and electronic payment systems including an improved Mobile App and Credit Card which will be unveiled as part of the Blue Portal campaign.


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2022 Budget: 1.75% tax imposed on MOMO, other electronic transactions – Citi Business News
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2022 Budget: 1.75% tax imposed on MOMO, other electronic transactions – Citi Business News


Summary short_text

As part of efforts by the government to rake in more revenue for the country, government has slapped a 1.75 per cent levy on mobile money and other electronic transactions that exceed GH¢100 per a day.

The levy called 'Electronic Transaction Levy or E-Levy' is contained in the 2022 budget.

Delivering the 2022 budget statement and Economic Policy in Parliament on Wednesday November 17, 2021, Finance Minister, Ken Ofori-Atta noted that the levy when effective, will not affect people whose monthly transactions totalled GH¢3,000.


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Standard Chartered Bank named Digital Bank of the Year for the 2nd year running – Citi Business News
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Standard Chartered Bank named Digital Bank of the Year for the 2nd year running – Citi Business News


Summary short_text

Standard Chartered Bank Ghana PLC has once again bagged the prestigious Digital Bank of the Year award while its groundbreaking banking platform, SC Mobile, was named the Mobile Banking App of the Year at the 2021 Ghana Information Technology & Telecom Awards.

Acknowledging the awards, the Head of Consumer, Private and Business Banking at Standard Chartered Bank Ghana PLC, Yvonne Fosua Gyebi, noted that the Bank is proud to have been recognized again for its tremendous effort in providing cutting edge digital banking services to its customers.

The SC Mobile Digital Banking platform, since its inception in 2016, has won many awards and evolved from an app that just allowed money transfers to a fully functional Digital Bank in your hands that allows prospective and existing customers to open bank accounts as well as invest in any of the Wealth Management offerings without being present at the bank.


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