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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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ANGLOGOLD to set up new company to run Ghana operations

bycitibusinessnews
September 11, 2014
in Mining, Top Stories
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Citi Business News has gathered ANGLOGOLD ASHANTI has begun moves to set up a new company to run its operations in Ghana.

The new company will also run the mining giant’s other operations across the world except that of South Africa.

The move which is subject to approval from regulators and shareholders is expected to be executed next year.

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The new company when established will be listed on the London Stock Exchange.

It will also see an inward listing on the Johannesburg Stock Exchange and a listing of American Depository Receipts (ADR) on the New York Stock Exchange.

Under the new split Anglogold proper will have a 65% stake in the new company while existing shareholders will receive the remaining 35%.

The split when approved by shareholders and all regulators involved will see ANGLOGOLD ASHANTI’s  name and look switched to another in Ghana and all other operations it has across the world with the exception of that of South Africa.

However Citi Business News has learnt the name and look of the new company is yet to be decided on.

Citi Business News has also learnt top officials of the company including the CEO, are currently on  a road show to convince shareholders to buy into the new plan.

Anglogold Ashanti currently has a huge debt portfolio of over three billion dollars.

The restructuring of the company will lead to a rights issue which will see shareholders of the company inject some capital.

Anglogold Ashanti like many other mining companies has over the past three years recorded some loses due to a plunge in global gold prices among others.

The drop in revenue as well as some operational challenges this year pushed the mining giant to restructure its Obuasi mine in Ghana.

Executive Vice President Sustainability of the mining giant David Noko explains to  Citi Business News that  the proposed restructuring of Obuasi will continue under the new company that will be formed.

Meanwhile under the new split no major positions will be affected, however two board members of Anglogold would resign to join the new company when established.

 

By:  Vivian Kai Mensah/citifmonline.com/Ghana

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Financing agric sector alone not enough to grow it – GIRSAL CEO

Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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