Author: citibusinessnews
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IMF cuts Nigeria growth forecast again amid oil slump
The International Monetary Fund (IMF) said on Thursday that it has again cut its growth forecast for Nigeria as the oil exporter faces “substantial challenges” from low crude prices. In its annual review of Nigeria’s economic situation, the IMF said that gross domestic product growth would slow to 2.3 percent in 2016 from an estimated…
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Dr Wampah’s fall from grace
Since outgoing Bank of Ghana Governor Dr Henry Kofi Wampah’s decision not to seek a second term in office and indeed cut short his first and only one, was made public on Tuesday, the abrupt end to his career as central bank chieftain has dominated the attention of the financial media as well as the…
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FNB Bank formally opens in Ghana; focuses on SMEs
Small and Medium Enterprises (SMEs) in Ghana will now have increased access to credit for their projects with the coming of yet another universal commercial bank, First National Bank (FNB). [contextly_sidebar id=”l3PFOK076YSPzHK3nmgAG58vScrdiuXV”]According to the Chairman of FNB Bank Ghana, Michael Larbie, the bank will provide an excellent product offering, especially in the digital space (online…
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CAL Bank MD hits back at Wampah’s critics
The Managing Director of CAL Bank, Mr. Frank Adu Jnr has hit hard at critics of outgoing governor of the Bank of Ghana, Dr. Henry Kofi Wampah, describing the criticisms as unfounded. According to him, Dr. Wampah has undergone a lot of difficult moments to work on stabilizing some macroeconomic indicators in the country. “It…
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Govt grants GoldFields Ghana tax and royalty concessions
Government has granted tax and royalty concessions to mining firm Gold Fields Ghana Limited. This is part of the stability agreement reached after three year talks with the government to ease its tax burden on Gold Fields. [contextly_sidebar id=”t3qixLWwR58074GmWnhUe6YoRY9OQte3″]The mining industry, is currently reeling under threats of increased resource rent tax and excessive demands to…
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First National bank launched in Ghana ( Photos)
After obtaining a Universal Banking license from the Bank of Ghana in 2015, First National Bank Ghana has officially launched the bank today in Accra. The bank operates in numerous countries across the continent including Tanzania, Mozambique, Botswana, Namibia , Zambia Lesotho , Swaziland and South Africa. First National Bank is poised to offer…
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Wampah expresses gratitude to financial sector as he bids farewell
Outgoing governor of the Bank of Ghana Dr Henry Kofi Wampah has expressed gratitude to the financial sector for their support during his tenure. The governor who is bowing out today from his position for early retirement also thanked the finance minister Seth Tekper for his support. [contextly_sidebar id=”Hz36GP6HGIzuTHTQFKlDg1RhKTsS62GN”]Dr Henry Wampah was due to retire…
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Demand for Synthetics Affects Cotton Prices
Cotton farmers in Zimbabwe should brace for lower producer prices for the crop in the coming marketing season compared to the previous one as demand for synthetic fibres continues to increase, an official has said. Synthetic fibres are the result of extensive research by scientists to improve on naturally occurring animal and plant fibres. In…
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‘Market Fires – 600 Killed, 11,000 Shops Destroyed in Six Years’
Six hundred persons were killed, 49 major markets burnt and over 10, 000 shops destroyed from the 1 December 2010 Minna Niger State shopping complex till the 26 March 2016 Birnin Kebbi Central Market fire incidents, the National Association of Nigerian Traders (NANTS) has said. President of the association, Barrister Kenneth Ukaoha said in Abuja…
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Kenya Airways to Send Home 600 Workers
Kenya Airways (KQ) will send home 600 employees in its rationalisation plan starting May 2016. The move, which is part of the struggling airline’s “Operation Pride” turnaround programme, is hoped to fly it to profitability. The move is likely to arouse backlash from the aviation workers’ unions, one of which has been at loggerheads with…