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NLC subpoena’s adb & UNICOF

adb

The National Labour Commission (NLC) has subpoenaed the Union of Industry Commerce and Finance (UNICOF) and the Agricultural Development Bank (adb) to appear before the commission today June 1st, 2015. The subpoena Citi Business News has gathered is in reference to the notice of strike given by UNICOF in a matter between UNICOF verses Agricultural Development Bank last week. A ...

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adb workers call off strike

adb

Workers of Agricultural Development Bank (adb) have called off their day old sit down strike which began on Thursday. Workers embarked on the strike to press home their demand for government to sack its Managing Director, Stephen Kpordzih and also dissolve the current board. A letter from the union leaders directing the staff to comply with the industrial action said: ...

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Nigeria’s agric minister elected new president of AfDB

Nigeria’s minister of Agriculture and Rural Development Akinwumi A. Adesina has been elected as the new president of the African Development Bank (AfDB). He becomes the eighth person elected as AfDB president. Akinwumi A. Adesina secured the position after beating two other candidates, Chadian Finance Minister Kordje Bedoumra and Cape Verde’s finance minister Cristina Duarte. The three were shortlisted from ...

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CAL bank blames brokers for poor performance of shares

Frank Adu Jnr, CAL Bank MD

Cal bank has blamed stock brokers for the fluctuating performance of its shares on the Ghana Stock Exchange. The share price of the bank is currently selling at 1 cedi 8 pesewas inching up by 4 pesewas since the beginning of the year. The share price of stocks are usually determined by the performance of the company as well as ...

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adb denies unionized workers sit down strike

adb

The Agricultural Development Bank Limited (adb) has denied reports that its unionized workers have begun a sit down strike in protest against the continuous stay in office of the bank’s managing director and board members. The unionized workers of the bank were yesterday directed by UNICOF to embark on a nationwide sit down strike to drum home their demand for ...

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UNICOF to begin talks with GCB over lay-offs

GCB_brandmark

The Union of Industry, Commerce and Finance Workers (UNICOF) has called for calm among workers of GCB Bank Limited over the bank’s recent announcement to lay-off staff. According to UNICOF they will engage management to ascertain their reasons for the intended lay-off. GCB bank’s Managing Director last week confirmed to Citi Business News that between three and five hundred of ...

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Minority suspends plans to sue adb over IPO

The Minority in Parliament has suspended initial attempts to sue management of the Agricultural Development Bank (adb) over their Initial Public Offer (IPO) without Parliamentary approval. About 3 weeks ago, the Efutu Member of Parliament (MP), Alex Afenyo-Markin, acting as lawyer for the Minority New Patriotic Party (NPP), wrote to the management of adb asking them to seek Parliamentary approval ...

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Nigeria fuel shortages hit telecom, banking & aviation industry

Chronic fuel shortages in Nigeria brought phone firms, banks and flights to a standstill on Monday, May 26,2015 just four days before Muhammadu Buhari’s inauguration as president of Africa’s biggest economy and top oil exporter. Besides airlines, which could not obtain aviation fuel, phone companies such MTN and domestic banks ground to a halt because the private generators that produce ...

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New IFC/Ecobank facility to finance SMEs

IFC, a member of the World Bank Group, and Ecobank Transnational Incorporated, parent company of the Ecobank Group and leading pan-African full-service banking group, today announced the launch of a $110 million risk-sharing facility that will increase access to finance for small and medium sized enterprises in fragile and conflict-affected states in West and Central Africa. The target countries face ...

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Infograph: Performance of the cedi against the dollar [2015]

A woman holds 03 July 2007 in Accra a wa

Despite moves by government to save the cedi from further fall, it appears the local currency is still struggling to keep its head above the water. The dollar last week hit four cedis at forex bureaus across the country after rallying between 3 cedis 80 and 3 cedi 90 peswes for some weeks now. It started the month of May ...

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