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Layoffs at Goldfields will impact mining sector adversely – Dr. Yao Graham


The Third World Network is predicting a drastic change in large scale mining in Ghana if Goldfields Ghana’s new mining plan is allowed to sail through. According to the Coordinator for the Third World Network, Dr. Yao Graham, this is also likely to impact the revenue from the mining sector going forward. Goldfields Ghana Limited has announced that it is ...

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GNPC still interested in Voltain Basin, looking for investors


The Ghana National Petroleum Corporation (GNPC) has reassured that it has not abandoned oil exploration in the Voltain Basin. The GNPC, some years ago announced that it will commence onshore oil exploration at the Voltain Basin, but checks by Citi Business News show that the corporation is yet to inject the needed funds in the exploration to yield the good ...

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Local producers yet to fully comply with tax stamp policy


It is emerging that some retailers of local excisable products are yet to comply with the tax stamp policy, two weeks into the implementation of the policy. The policy has faced stiff opposition from business associations over the impact it is having on their cost of operations. Citi Business News visited some major retail centers to assess the level of ...

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Invasion of GLICO office was lawful—NDK

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NDK Financial Services Limited is refuting assertions that it invaded the office of GLICO General Insurance Limited out of mischief. According to NDK, its action on Thursday, 8th March 2018, where it attached some properties of GLICO after a court ruling were in pursuant to the orders of the Court. A press statement copied to Citi Business News said the ...

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Microfinance companies bemoan fraud report among some microfinance institutions

BoG Logo

The Ghana Micro-finance Institutions Network has bemoaned the negative impact the alleged embezzlement and fraud by its members will have on its operations. According to the Executive Secretary of the Network, Yaw Gyamfi, the situation has resulted in panic among its members. “It will definitely have a negative impact on the industry and that will call for quick measures to ...

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Universities must develop courses on oil and gas—Prof Abor

Professor Joshua Yindenaba  Abor

The Dean of the University of Ghana Business School (UGBS) Professor Joshua Abor, has called on tertiary institutions in the country to expedite action on developing the needed human resource for Ghana’s oil and gas industry. Speaking to Citi Business News, Professor Abor stated that Ghana’s oil and gas industry can only reach its full potential with support from a ...

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AWA renews commitment to safe flights after Kumasi incident


Domestic airline company, Africa World Airlines (AWA), is assuring its customers of their continuous safety on the company’s flights. The assurance comes on the back of an incident it witnessed on one of its aircrafts on a flight to Kumasi on Sunday, March 11, 2018. A statement from AWA and copied to Citi Business News attributed the incident to a ...

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Energy Bank to offload 50% share on stock exchange


Citi Business News has gathered that Energy Bank will by the middle of this year offload more than 50 percent of the bank’s share on the Ghana Stock Exchange. The bank is planning to hold its Initial Public Offer in June. The move is aimed at raising funds to meet the new capital requirement of 400 million cedis announced by the ...

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New cashew plan to boost revenue by $ 4bn – GEPA

Gifty Klenam - CEO, Ghana Export Promotion Authority

The Ghana Export Promotion Authority (GEPA) is confident that the new reforms it is rolling out in the cashew sector should help it to meet the 10 billion dollars Non-Traditional Exports (NTE) revenue target by 2020. President Akufo Addo in February, launched a new ten year cashew development plan. The plan, is largely aimed at improving the production levels of ...

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Goldfields workers demonstrate against contract termination

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Workers of Goldfields Ghana Limited at the Tarkwa mine today (March 12,2018) embarked on a demonstration over what they say is the termination of their contract by management of the company. This, was after an Accra High Court dismissed an injunction application filed by the Ghana Mine Workers Union to stop Goldfields from switching to contract mining. The union argued that about ...

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