Business

IMF: Bold Action Needed in World Economies

The head of the International Monetary Fund is urging national leaders to act quickly and boldly to counter a crisis of confidence that is hurting the global economy. IMF Managing Director Christine Lagarde spoke Friday ahead of a gathering of top economic officials from the world’s leading industrialized nations

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Media General Ghana takes over TV3 Network

Media General Ghana Ltd (MGG), a wholly Ghanaian owned company, has taken-over the management of TV3 Network Limited. A statement copied to the Ghana News Agency Monday night said: Media General Ghana has “satisfied completely all the necessary requirements to take-over the 90% equity interest in TV3 Network

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PURC increases electricity, water

Consumers will from 1st September pay 7 per cent more for electricity and 6.72 per cent for water. The latest adjustment was announced Monday afternoon by the Public Utilities Regulatory Commission (PURC). This is in line with the periodic adjustment of tariffs when the factors that influence production costs change

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BOG to investigate allegations against Rural Banks

The Bank of Ghana (BOG) has said it would investigate allegations made against officials of the Adansi Rural Bank brought and would address problems the bank is facing. Some of the allegations are granting of huge credit facilities to individuals and businesses, giving loans to directors without BOG’s ratification

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SSNIT Retirement Scheme For Ghanaians Abroad

The Informal Sector Fund (SISF) of the Social Security and National Insurance Trust (SSNIT) is exploring ways to rollout a Diaspora Retirement Scheme for Ghanaians living abroad. Mr William Sasu, General Manager in-charge of Finance and Administration, said the Scheme, which will kick-start with the United Kingdom and the United States

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Parliament’s Finance Committee Approves $3bn Loan

The Finance Committee of Parliament has recommended for approval by majority decision, a $3 billion loan agreement between the Government of the Republic of Ghana and the China Development Bank. The Minority members of the Committee disagreed with the decision, especially with portions governing subsidiary agreements, but lost when a vote was called, Citi News understands

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United States Eases Business Regulations to Boost Economy

The U.S. is easing 500 government regulations it says will save businesses $10 billion over the next five years and help boost job growth in the country. The government said the changes will affect rules at more than two dozen agencies, regulations that American businesses have often said are onerous and needlessly cut their profits

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Danquah Institute raises concerns over $3bn Chinese loan

Policy think tank, Danquah Institute (DI) has raised an alarm over what it describes as the "strange and dangerous” manner in which the Mills-Mahama led National Democratic Congress government is trying to secure a $3 bn Chinese loan facility to finance a number of projects, including the Achimota-Ofanko Road, a $150 communications infrastructure for the National Security Council and a $100 million capacity building exercise for the Ghanaian SMEs

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US, Europe Close to New Recession

A U.S. investment bank says that the U.S. and Europe are “dangerously close” to a new recession because of economic policy errors they have made. Wall Street bank Morgan Stanley warned Thursday that the U.S. and the 27-nation European Union are hovering close to a recession within the next year, which it defined as economic contraction in two consecutive three-month periods

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Gov’t To Take Action On Gas Supply

President John Evans Atta has summoned a special Cabinet meeting this week to find lasting solution to the Liquefied Petroleum Gas (LPG) challenge facing the country. The decision to meet came after a Special Team set up to investigate the challenge presented its final report to the president at the weekend

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