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Ameri deal: IES cautions against hasty decisions

Ameri

The Institute of Energy Security (IES) is urging that the government takes its time before going ahead with any further action on the AMERI deal. The energy think tank wants the acting Minister of Energy, John Peter Amewu to clarify all outstanding issues before making any move on the agreement. The comments follow the President’s decision to relieve Mr. Boakye ...

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Barclays bank meets GH¢400m minimum capital

BARCLAYS

Barclays Bank Ghana Limited has stated that it has met the 400 million cedis minimum capital requirement. The Board Chairman of Barclays Bank Ghana, Charles Cofie disclosed this in a statement on Absa Group’s first half results for this year [2018]. According to him, Barclays was among the first banks to meet the target without external capital injection. “Barclays Bank ...

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Nana Addo sacks Energy Minister, Boakye Agyarko

Boakye Agyarko

President Akufo-Addo has sacked the Energy Minister, Boakye Agyarko. A statement from the Communications Directorate of the Presidency copied to citinewsroom.com on Monday said Mr. Agyarko’s firing “takes immediate effect.” The statement said Mr. Agyarko has been directed to “hand over his office to the Minister for Lands and Natural Resources, Mr. John Peter Amewu, who will act temporarily as ...

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Absa Group’s income hits $2.3bn

Maria Ramos new

Absa Group has announced that its income increased by three percent for the first six months of this year (2018). The group’s revenue increased to 37 billion Rand or 2.8 billion dollars between January and June 2018. A statement on the bank’s financial position to Citi Business News also said that major earnings for the bank increased by the same ...

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GHS25m legacy debt ‘killing’ Ghana Post

Ghana-Post

A 25 million cedi legacy debt which was accumulated between 2012 and 2016 by the Ghana Post is affecting the growth of the company. This is according to the Acting Managing Director, James Kwofie. The debt consist of end of service benefit, provident fund arrears for staff and other statutory requirements. The company also owed airline company KLM $800,000 which ...

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Railway Ministry to receive 22 world class coaches

Joe Ghartey

Ghana is negotiating with Transnet International for the supply of twenty-two World Class Coaches to the Ghana Railway Development Ministry. Transnet is expected to supply one hundred and ten wagons to the Ghana Railway Company Limited by end of this year. This also includes the supply of twenty-two coaches, two locomotives for the passenger service, and two power vans with ...

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Interplast Ltd launches Ingreen Irrigation solutions

Managing Director of Interplast Limited, Mr. Hayssam Fakhry

Interplast Limited, producers of high quality pipes and profiles have unveiled its new Ultra-Modern Irrigation Production Line, the first ever drip irrigation pipe manufactured in West Africa. With this, farmers in the country should have unlimited supply of water for their crops all year long as one of the major challenges that farmers have faced is poor irrigation systems for ...

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Money laundering: BoG places GH¢60,000 fine on banks, others

Dr. Ernest Addison - BoG Governor

Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber attack on UMB. In all, ...

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Nigerian traders to petition Akufo-Addo over operating in retail markets

Prez Nana-Addo-620x330

Nigerian Retailers in the country have indicated that they will petition the president to stop attacks on them by their Ghanaian counterparts. The Nigerian traders complained last week that they were being attacked by traders at Suame Magazine in Kumasi in the Ashanti Region, for operating in the retail business. Speaking to Citi Business News, President of the Nigeria-Ghana Relations ...

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30% of gold to be refined locally – Amewu

Minister of Lands & Natural Resources, John Peter Amewu

The government is working to ensure that 30 percent of gold mined in Ghana is refined locally. The Minister of Lands and Natural Resources, John Peter Amewu said an agreement to implement this new policy direction would be concluded by November. “In the gold industry, plans are far advanced to start refining 30 percent of gold [locally]. I am sure ...

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Citi Business News