Author: citibusinessnews
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Egyptian president fires top auditor after alleging government corruption
President Abdel Fattah al-Sisi on Monday sacked Egypt’s top auditor, who had stirred controversy by publicly concluding that government corruption had cost the country billions of dollars. Hesham Geneina came under heavy fire from senior officials and pro-government media after he alleged widespread graft in newspaper interviews at the end of last year. Mr Sisi…
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Govt implores mining firms to halt layoff plans for 2016
Government has begun negotiations with mining companies in the country to halt any move to lay off workers this year over fallen gold prices. According to the Ministry of Lands and Natural Resources, government is putting in place measures to cushion mining companies from the price plunge. [contextly_sidebar id=”vv0dR0Dzzp9B4SYKapsGSTfoF1lhJd3v”]Most mining companies in Ghana last year,…
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Guinea and Burkina Faso to auction unused mining permits
Guinea and Burkina Faso are taking back hundreds of unused mining permits for re-auction, ministers said this week, as governments try to reignite interest in the sector amid a downturn. Permits awarded in recent years that are not being used for exploration or production should be made available to other companies, the two West African…
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Former BoG boss urges FNB to list on GSE
The immediate past governor of the Bank of Ghana Dr. Henry Kofi Wampah has called on South African lender First National Bank (FNB) to consider listing on the Ghana Stock Exchange (GSE). According to Dr. Henry Kofi Wampah that will help deepen participation in the capital market and allow Ghanaians accept the bank as a…
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KPMG cuts ties with Gupta business empire
KPMG has terminated its business relationship with the Gupta business empire due to the political storm surrounding the family’s friendship with President Jacob Zuma. KPMG was the auditor for all Gupta-owned and -controlled businesses and performed a variety of other services for the Guptas, who are allegedly at the heart of what is termed “state…
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MD of CAL Bank expresses optimism in banking sector
Managing Director of CAL Bank, Mr. Frank Adu Jnr has expressed optimism in the bank’s operation despite a general difficulty that hit the financial sector in 2015, resulting in a low output. Speaking at the bank’s Annual General Meeting held in Accra, Mr. Adu recalled that a number of challenges including the power crisis, depreciation…
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Algeria: Cereal Import Bill Down 25.28 Percent in January – February
The cereal import bill (wheat, maize, barley) decreased to $416.43 million in January and February 2016 against $557.36 m during the first two months of 2015, down 25.28%, Algerian Customs told APS. The decline also concerned the total imported volume, which hit nearly 1.97 million tons against 2.05 m t, (-3.94%), said that the Customs’…
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Tanzania: TFF in Trouble As Tra Seizes Its Five Vehicles Over Tax Debt
THE Tanzania Revenue Authority (TRA) has once again hit the Tanzania Football Federation (TFF) after it seized the federation’s five vehicles in connection to large outstanding tax arrears worth over 1.1 billion/- that TFF owes the authority. The TRA Director for Tax Payer Services and Education, Richard Kayombo confirmed yesterday in Dar es Salaam that…
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Sudan Government Launches Online Stock Market With Support From the AfDB
The Government of Sudan inaugurated an online trading system of its stock market on March 24, 2016 in the country’s capital, Khartoum – a landmark development in the Sudan’s financial history. Financed by the African Development Bank as part of its Public Financial and Macroeconomic Management (PFM) project, the e-trading system will be instrumental in…
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Zimbabwe mulls issuing treasury bills to compensate evicted white farmers
Zimbabwe’s government may issue treasury bills, along with imposing a land levy, to raise money to compensate evicted white farmers but the process will take a long time to settle, Finance Minister Patrick Chinamasa said on Thursday. President Robert Mugabe early this month agreed to major reforms, including compensation for white farmers, as part of…