Author: citibusinessnews
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Damaged turret forces Tullow to revise operations on FPSO
Oil production giant, Tullow Ghana says it is working to resolve a technical challenge associated with the turret bearing of the FPSO Kwame Nkrumah. [contextly_sidebar id=”h1PsYprxy98xI0g7i041c6c0MbGhNtJp”]According to Tullow, the turret bearing is damaged making it unable to perform as originally designed. A statement issued by the company however says oil production and gas export can…
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Anglogold Ashanti appoints new MD
AngloGold Ashanti (Ghana) Limited, has appointed Eric Asubonteng as the Managing Director and General Manager of the Obuasi Mine. [contextly_sidebar id=”ZeBgQbYJUyjgUAgIEBuOsiGA3rbtYHPg”]He takes over from Mark Morcombe, former Senior Vice President and Managing Director of AngloGold Ashanti (Ghana) Limited who is leaving the company. Until this appointment, Eric Asubonteng was the Head of Operations and Corporate Affairs…
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Govt to issue GH¢ 4.9 billion in debt securities
Government will borrow GH¢4.9 billion through treasury bills, notes and bonds this April,2016. Of this amount 2 billion cedis will be borrowed through 91-Day T/Bill, 1.7 billion cedis through 182-Day T/Bill, 270 million cedis in 1-Year Note, 450 million cedis in 2- year note and 500 million cedis in 3 year fixed rate bond.…
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Dumsor likely to return soon – Power Ministry
The Deputy Minister of Power, John Jinapor has hinted of a likely load shedding within the next two weeks following the extension of maintenance works on the FPSO Kwame Nkrumah. [contextly_sidebar id=”yEeRIIQO2gbIcfeweQbA3vYdVrYkhkDv”]Operators of the vessel shut it down for maintenance works which was initially scheduled to be completed on Tuesday, April 5, 2016. This was…
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SA could look abroad to finance deficit
SA may tap international capital markets for the first time in almost two years to finance a widening budget deficit after a bond rally reduced borrowing costs. The government picked Citigroup, Rand Merchant Bank and Standard Bank as joint lead managers and Investec as a co-manager for a call with investors yesterday, according to a…
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SA tourists skip Zim due to weak rand – Minister
Zimbabwe’s tourism industry is investigating ways to solve the dollar challenge brought by the depreciation of the rand, according to Walter Mzembi, Zimbabwe’s minister of tourism and hospitality. One of the main challenges for tourism in the Sub-Sahara Africa (SSA) region is currency behaviours, Mzembi told Fin24 at the global summit of the World Travel…
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Exports from Ghana to EU to stop if…
Ghana’s delay in signing a substantive Economic Partnership Agreement (EPA) with the European Union (EU) has got exporters worried as a 20.5 percent tariff increment looms. Government has until October 1, this year to sign unto the agreement even though its intentions are unclear, sending mixed signals to exporters who fear higher taxes would be…
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UK battles Kenyan authorities over use of ‘Chickengate’ funds
The British government has sharply differed with Kenyan authorities over the planned repatriation and use of money recovered from the so-called Chickengate scandal. UK authorities have rejected assertions that they ‘dictated’ how the £349,057.39 (Sh50.05 million at current exchange rates) would be used, putting Kenya’s Ethics and Anti-Corruption Authority (EACC) chief executive Halakhe Waqo ,…
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Angola beefs up currency controls to cope with FX shortage
Angola’s central bank has cut the amount of hard currency travellers can take abroad under new rules to cope with a decline in foreign exchange reserves. Under the rules made public late on Thursday, the bank cut the sum that can be taken abroad to $10,000 from $15,000. Hit by a collapse in the price…
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Galaxy Capital launches new fund
Galaxy Capital has launched a new Fund which seeks to make investing easier. According to the company, the move forms part of its quest to meet the diverse needs of individuals. Speaking at the launch, the CEO of Galaxy Capital, Samuel Bright-Kaitoo stated that the new fund is open to all and does not require…