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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Diamond Cement to lay off 50 percent of staff

bycitibusinessnews
November 17, 2016
in Government, Local Economy, Top Stories
General Manager for Diamond Cement, Tati Ramarao

General Manager for Diamond Cement, Tati Ramarao

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Diamond Cement has served notice it will lay off fifty percent of its staff due to the inability of the company to sustain its operations.

According to the company, it is utilizing only 43% of its production capacity despite the 1000 direct and indirect staff strength.

“Just last month, I was compelled to sack 10 people from the marketing department in Tema because I couldn’t sustain the company’s operations. Since I am running at a loss, I cannot continue to keep the marketing staff in the company. Whatever decision that we decided to take has been and that is exactly what we will be doing,” General Manager for Diamond Cement, Tati Ramarao threatened.

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He added, “Actually we are so sorry with the decision to sack people home but we have no other option.”

Mr. Ramarao also chastised the Trade Ministry and government for what he described as their lack of commitment to solve the issue of unfair competition in the manufacturing space.

“We are suffering a lot even though we have written several letters to the Ministry of Trade. There have been promises but we have seen nothing from the state. There is neither implementation nor action at all; the situation is the same and the competition keeps getting worse,” he stressed.

The concerns by the local cement manufacturers have been intensified within the past few months as they fear the imminent collapse of their businesses.

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A recent decision by the Trade Ministry to allow Korean cement company, Fujian, to export 500 thousand tonnes of cement to Ghana was also met with stiff opposition by the local manufacturers.

The Ministry has since defended its decision citing the insufficient supply to meet demand.

Some consumer interest groups and the importers association have however insisted that the country allows the importation of foreign cement to control pricing and avoid monopoly in the sector.

–

By: Pius Amihere Eduku/King Norbert Akpabli/citibusinessnews.com/Ghana

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