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Author Archives: Lawrence Segbefia

GCB Shareholders reject GHS4m remuneration for board

Board of GCB

Angry shareholders of GCB have rejected a decision of a new Board of Directors to increase their remuneration from GHS2.5 million annually to GHS4 million annually, representing 64 percent surge. Some of the shareholders who were not enthused about the proposed increase voted overwhelmingly against the motion at an Annual General Meeting(AGM) held in Accra. Making suggestions on the floor, ...

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Create a market for local producers of building materials- GREDA


Some players in the building industry have called on government to help create a market for local building materials in order to increase patronage of the products. The move, according to them will help create jobs for Ghanaians in the building and construction industry. In an interview with Citi Business News, the Executive Secretary of GREDA, Sammy Amegayibor argued that ...

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We’ll retrieve debt owed us by govt- GOIL Board

Kwamena Bartels is Board Chairman of GOIL

The Board Chairman of GOIL, Kwamena Bartels has outlined pragmatic measures to retrieve all debt owed to the company by government. GOIL, which an indigenous oil marketing company is owed by government agencies and security services including the Ghana Police, running into millions of cedis. Speaking to Citi Business News on plans to retrieve the funds Mr. Bartels assured that ...

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Citi FM’s Business Festival starts on June 1

Citi Business Festival

As the month of June gets closer, Citi FM’s most patronized business event, the Citi Business Festival prepares to assemble the best resource persons to address pertinent issues in different fields. The festival will be launched on the 1st of June at the head office of MTN Ghana, Ridge. After the launch on the 1st of June, the festival will ...

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Ghana’s nuclear power project gets major boost

Nuclear power pix

Ghana’s quest to establish the first Nuclear Power Plant in West Africa has received a major boost as the International Atomic Energy Agency presents it findings for the Phase One of the project. Ghana officially started the process to establish a nuclear power plant as part of its energy needs for the industrial use in 2008. Speaking to journalists after ...

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6 concessionaires to start inspection of ECG assets- Ing. Owura

Ing Owura Safo

The Millennium Development Authority(MiDA) has told Citi Business News the authority has engaged the six concessionaires participating in the ECG Private Sector agreement. The six concessionaires who are currently in the country participated in a bidders conference held in Accra yesterday to discuss  the 51 percent stake to be controlled by Ghanaian investors in the  ECG PSP project under the ...

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First ECG bidders conference takes off


The first Bidders’ Conference on the concession for the Private Sector Participation (PSP) in the electricity distribution business of the Electricity Company of Ghana (ECG) has been held in Accra. The ECG PSP transaction is one of five activities under the ECG Financial and Operational Turnaround Project funded through the Ghana Power Compact. The event, organized by the Millennium Development ...

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Energy sector bond won’t affect national debt-BoG Governor

Governor of Bank of Ghana Dr. Ernest Addison

The Governor of the Bank of Ghana, Dr. Ernest Addison has downplayed fears that government’s decision to issue a 15 year bond to clear the energy sector debt will increase Ghana’s debt stock. Vice President Dr. Mahamudu Bawumia told Citi Business News recently in Washington DC during the Spring Meetings that government will issue the bond  to restructure the 2.4 ...

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Article: The Banker; service assurance and broken promises

Building and sign bank (done in 3d)

“All you need to do is to open an account with us, run it efficiently for six (6) months and you will be able to access loan facility to improve your home or inject additional capital into your business. Even if your account is not sufficiently funded after successfully running it for months, we will be able to honour your ...

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Citi FM’s Business Festival to influence policies, equip private sector

Citi Business Festival

Events and activities lined up for this year’s – 2017 Citi Business Festival are expected to influence national policies and equip the private sector. The Citi Business Festival which is the most anticipated business event in Ghana, is scheduled for the month of June. The month long series of outdoor and on-air  programmes will be launched on the 1st of June at the ...

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