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Parliament approves 598.7 million Euros for Western railway lines

Parliament has approved a total of 598.7 million Euros loan agreement between the Government and the Deutsche Bank to finance the construction of sections of the Western railway lines. The agreement covers the proposed construction of the Standard Gauge from Takoradi Port to Huni Valley. The loan comprises a facility agreement of €523,000,000 and a Commercial Loan of €75,657,500 between the ...

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Telecoms chamber wants ‘Talk Tax’ scrapped

The Ghana Chamber of Telecommunications has welcomed the reduction in the Communications Service Tax (CST) but urged government to scrap the tax since “the CST is targeted at sectors that are more productive but vulnerable.” The chamber welcomed government’s decision to reduce the CST and referred to it as a good measure that would help reduce the cost of telecommunication ...

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MTN Ghana sees investment in digital and financial services driving growth

MTN Ghana says it would exploit the several opportunities in the digital and financial services space and invest in infrastructure to further accelerate the company’s growth in the future. Chief Executive Officer of MTN Ghana, Mr Selorm Adadevoh told a virtual shareholders meeting on Thursday that the company would continue to stick to the drivers of growth, including data, digital, ...

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Government re-negotiates PPAs on Renewable Energy – Amewu

John Peter Amewu, Minister of Energy

John Peter Amewu, the Minister of Energy, said government has taken steps to address the challenges it inherited in the Renewable Energy sector. He identified the signed Renewable Energy Power Purchase Agreements (PPAs) to the tune of 2,265MW with an average price of cent19/KWh, which, he said, was far above what the electricity network could accommodate, as a major challenge. ...

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High interest rates collapsing Ghanaian businesses – Kennedy Agyapong

Hon. Kennedy Agyapong

Kennedy Ohene Agyapong says the incumbent NPP administration should take a second look at interest rates in the country because some indigenous businesses are collapsing as a result of high interest rates. To the Assin Central legislator, this is a clear indictment on a government which aims at creating more jobs in the country. “Because of high interest rates, we’re ...

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Akufo-Addo unveils first locally assembled Volkswagen car in Ghana

President Nana Addo Dankwa Akufo-Addo has launched Ghana’s first locally assembled Volkswagen car as part of investment geared towards the automobile industry. This follows the signing of an MoU between the Government of Ghana and Volkswagen which was aimed at establishing a vehicle assembly plant in Ghana during German Chancellor, Angela Merkel’s official visit to Ghana in August 2018. Speaking at the ...

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ECOWAS Bank for Investment and Development injects over $300million into Ghana’s economy

ECOWAS Bank for Investment and Development

ECOWAS Bank for Investment and Development says it has invested over $300-million into Ghana’s economy. Areas of investment, the bank said to include, Energy, Trade, Technology, Tourism and hospitality industry. Dr George Nana Agyekum Donkor, the President of the Bank, made this known when he and other staff of the bank paid a courtesy call on Chief Justice Kwasi Anin ...

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14 million Ghanaians left ‘multidimensionally poor’ bracket in 7 years – MPI report

Between 2011 and 2017, the number of Ghanaians living in multidimensional poverty reduced by 14,115,572, the Ghana Statistical Service’s Multidimensional Poverty Index (MPI) report has said. The MPI report used the seventh round of the Ghana Living Standards Survey (GLSS) conducted between 2016/2017 survey periods. It employed a strict harmonised dataset from the Ghana Multiple Indicator Cluster Surveys (MICS) conducted ...

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Lockdown: GHC12m was spent on hot meals not GHC54m – Ofori-Atta

Hon. Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta has clarified that only GHC12 million out of the GHC54 million captured in his mid-year review presentation was used for the provision of hot meals during the COVID-19 lockdown. Many including the Minority questioned the amount asking for details following the Minister’s presentation. However, in his concluding remarks to end the debate on the Supplementary Budget in Parliament today, Hon. ...

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Trade pact could boost Africa’s income by $450 Billion, Study finds

The African Continental Free Trade Area (AfCFTA) represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion, a new World Bank report has found. If implemented fully, the trade pact could boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by ...

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