BUSINESS

IMF sets June deadline for progress on governance reforms

By Anna Yukhananov WASHINGTON (Reuters) - The IMF set a June deadline for making progress on reforms that would give emerging countries more say in how the world lender is run, an attempt to break a standoff created by U.S. failure to ratify the changes. The governance reforms were adopted by the IMF in 2010, which initially set a 2012 ...

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Samsung boosts dividend as profit beats estimates on chips

(Bloomberg) -- Samsung Electronics Co. raised its dividend and posted fourth-quarter profit that beat analysts’ estimates as demand for memory chips softened the impact from a smartphone business losing sales to Apple Inc. and Xiaomi Corp. Net income, excluding minority interests, was 5.29 trillion won ($4.9 billion) in the three months ended December, the Suwon, South Korea-based company said in ...

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Oil markets open up weak following record US stockpiles

By Henning Gloystein SINGAPORE (Reuters) - Oil prices opened up weak on Thursday in Asia after record U.S. stockpiles sent it tumbling to near six year lows in the previous session, and analysts said that the outlook remained weak. U.S. crude prices tumbled on Wednesday after the U.S. reported record-high inventories that raised anxieties about the global oil glut that ...

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US$5 billion target from NTEs in limbo as tussle over EPA deepens

The Ghana Export Promotion Authority (GEPA) has admitted that the country can fail to achieve its US$5 billion revenue target from non-traditional exports (NTEs) by 2017, should the government refuse to sign the Economic Partnership Agreement (EPA) with the European Union (EU).According to the Authority, refusing to sign would mean that Ghana would have limited access to the EU market, ...

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Structural imbalance affecting cedi – Economist

Dr. Nii Noi Ashong, an economist, says there is a fundamental structural imbalance between demand of foreign exchange and its supply in Ghana.He said such imbalance exerts pressure on the Ghana cedi and affects the efficient development of the domestic foreign exchange market.Speaking at a seminar organized by the Institute of Economic Affairs (IEA) in Accra recently on the theme, ...

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No VAT charges on salaries, savings – Finance Ministry

The Ministry of Finance has debunked media reports suggesting that commercial banks are supposed to charge Value Added Tax (VAT) on salaries and savings accounts.“We wish to state categorically that salaries, savings, deposits, loans and payment with cheques are all exempted from VAT,” Cassiel Ato Forson, Deputy Minister of Finance said in a press release.BELOW IS THE STATEMENT1. The Ministry ...

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Netherlands supports Ghana to improve vegetable production

The Netherlands has partnered Ghana to improve vegetable production and reduce import under the Ghana Vegetable Sector Commercialisation programme (GhanaVeg).The initiative is aimed at improving the sector to suit the global standard and produce more vegetables for export in order to generate foreign exchange for the country.This was disclosed at the launch of GhanaVeg by the Netherlands Ambassador to Ghana, ...

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‘Hungry’ cocoa farmers fume at gov’t over unpaid cash

Cocoa farmers in Ghana are angry with the government for refusing to release money to pay them for the past four weeks.BUSINESS GUIDE can confirm that cocoa farmers across the country have not been paid for the cocoa beans sold to the various Licensed Buying Companies (LBCs) since the beginning of the second phase of the 2013/2014 main crop season ...

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JPMorgan Sees Ghana Cedi Dropping 20% on Inflation, Reserves

Ghana’s cedi, the worst-performing African currency in the first quarter, could depreciate another 20 percent this year as foreign-exchange reserves recede and inflation (GHCPALLY) accelerates, according to JPMorgan Chase & Co. Increased risk of outflows from the “heavily” foreign-owned local bonds, uncertainty around commodity prices and fewer signs of a “real turnaround in the country’s fiscal situation” add to the ...

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Testing Your Business Ideas

Many greatest inventors and entrepreneurs admit to failure at some point in their careers.  Richard Christensen, entrepreneur and author of The Zig  Zag Principle (McGraw-Hill, 2011)  indicates that  failing is a normal part of business and life, however most of us are ill-equipped to fail efficiently. He uses the analogy of skiing to teach entrepreneurs the  deliberate diversions to achieving ...

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Barclays decreasing its staff

London the Barclays headquarters is planning to cut thousands of jobs in a radical shakeup of its investment banking division. There is a possibility of the European and US heads of the unit to be replaced, the Financial Times reported, citing sources. The staff decrease is expected to be announced before the summer. This is part of a new strategy ...

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Kpando strategises to export vegetables and fruits

The Kpando Municipal Assembly is exploring strategic avenues to make the area a net exporter of fruits and vegetables, particularly butter squash. Mrs Paulina Delali Adinyirah, Kpando Municipal Chief Executive, in an interview with the Ghana News Agency, said consultations and feasibility studies had been carried out with an Israeli investor into smallholder irrigation systems to provide all-year-round water for ...

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