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Tag Archives: Ghana Business News

Gov’t misses 2018 half year revenue target  

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Finance Minister, Ken Ofori-Atta has disclosed that government missed its revenue target by 1.4 billion cedis for the first five months of the year. According to Mr. Ofori-Atta, the development has called for a revision to the fiscal framework and outlook to achieve the government’s fiscal objectives and targets. According to the finance minister, government had planned to raise 18.8 ...

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PURC maintains utility tariffs for 3rd quarter

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The Public Utility Regulatory Commission (PURC) has maintained the electricity and water tariffs for the third quarter of this year [2018]. This means that between July and September this year, consumers will pay the same tariffs for electricity and water they purchase. A statement from the PURC to Citi Business News said it decided not to adjust electricity tariffs despite ...

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Kosmos wins $14m in court case against Tullow

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A panel of arbitrators, working under the jurisdiction of the International Chamber of Commerce, has ruled in favour of Kosmos Energy Ghana in relation to its dispute with Tullow Ghana Limited over the West Leo Rig. This was announced in a statement released by Tullow Oil. In this regard, Tullow Oil is to reimburse Kosmos Energy, some 14 million dollars ...

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No trading in adb shares for three days

Managing Director of the Ghana Stock Exchange, Kofi Yamoah

From today, July 17, 2018, investment brokers and other parties interested in the trading of shares of ADB, cannot engage in the service. It follows the suspension of trading activities of ADB by the managers of the Ghana Stock Exchange for three days. The Managing Director of the Ghana Stock Exchange, Kofi Yamoah disclosed this decision to Citi Business News ...

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ADB’s trading on stock market to stagger as Belstar et al exit

John Mensah - MD, ADB Bank

Trading in shares of ADB Bank on the Ghana Stock Exchange is expected to slow down from today [July 17, 2018]. It follows the Bank of Ghana’s annulment of the shares held in ADB by four investors. The central bank has described as questionable, the processes of acquiring shares by the affected shareholders which it says could jeopardize the future ...

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BoG annuls acquisition of adb shares by Belstar & 3 others

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The Bank of Ghana(BoG) has annulled the acquisition of shares in ADB Bank limited held by four investors. The investors are Belstar Capital, Starmount Development Company Limited, SIC Financial Services and EDC Investments Limited. A statement from the Bank of Ghana on the matter said that the order is pursuant to section 55 of the Banks and Specialised Deposit-Taking Institutions ...

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Fuel prices to reach GH¢4.99 cedis per litre

FUEL-STATION

Consumers should be paying an additional 15 pesewas per litre on fuel they purchase at major fuel pumps from today till the end of this month [July]. This will be the case barring any last minute intervention by the National Petroleum Authority (NPA) to cushion consumers from high prices. The institute of Energy Security (IES) has predicted that fuel prices ...

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‘Black market’ trade impeding cedi’s stability [Audio]

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Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing streak against major trading currencies. ...

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BoG sets ground rules for mergers & acquisitions

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Banks seeking to acquire other banks or merging to become a bigger entity may start heaving a sigh of relief as the Bank of Ghana discloses guidelines to facilitate any such process. The move also forms part of the means by the commercial banks to meet the new minimum capital requirement by the Bank of Ghana, by December 2018. The ...

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$400m boost for innovation: Disbursements to start this year

Officials at the AGM of the Science Granting Councils Initiative in Accra

Innovators and researchers in science and technology should be receiving at least four hundred million dollars to support their work by the end of 2018. This is according to the Minister of Business Development, Dr. Mohammed Ibrahim Awal. He tells Citi Business News the move forms part of efforts to use technology to solve major challenges confronting the country. The ...

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Citi Business News