Author: citibusinessnews
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Fitch warns govt on budget overruns in election year
Government’s expectation of attaining fiscal overruns of 5.3 percent ahead of an election year could face challenges as credit rating agency, Fitch, predicts a rise of 6.3 percent. The agency in its latest release maintained that fiscal challenges would increase inflationary and financing pressures, causing a decline in commodity prices that would negatively impact growth…
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Airport security beefed up over terror threats
The Ghana Airport Company Limited (GACL) has announced the introduction of additional security measures at the Kotoka International Airport (KIA) in the wake of recent terror attacks in the West African sub-region. The Company said it will begin the screening of all passengers before they enter the departure halls. [contextly_sidebar id=”AmZGstxmMi3YfqDCDHAW6CgofrYkn3Mh”]A statement from the Management…
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Nigerian parliament probes whether MTN fine can be reduced
ABUJA — Nigeria’s parliament has launched a probe into whether the telecoms regulator can reduce a fine slapped on MTN for missing a deadline to disconnect unregistered SIM card users, a lawmaker said on Thursday. The move might complicate efforts by Africa’s biggest cell phone operator to reduce the fine, which had originally amounted to…
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Karpower defends fuel contract with GNPC
Karpower Company limited has defended its contract with the Ghana National Petroleum Corporation (GNPC) to supply fuel for the Karpower emergency power ships. According to Karpower, GNPC got the contract on merit after a rigorous selecting process. [contextly_sidebar id=”Mlb4KML6v2TluQlDl1nh6MjS8FYZYfcJ”]Questions have been raised over GNPC’s involvement in the supply of fuel to Karpower Company Limited. Karpower,…
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Zimbabwe says companies must sell shares to blacks by April 1
Zimbabwe will shut down foreign-owned companies on April 1 if they don’t comply with a law that requires them to sell or cede 51% of their shares to black Zimbabweans, Indigenisation Minister Patrick Zhuwao said. “Comply by that date or close shop, comply by that date or face the full wrath of the law,” Zhuwao…
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Moody’s sees infrastructure projects keeping debt ratios right
Dividend from Kenya’s infrastructure projects will help keep the country’s debt sustainable, ratings agency Moody’s has said. The World Bank last week cautioned that Kenya’s borrowing from China for infrastructure projects risks straining the economy on huge repayment burden, noting that the loans from the Asian economic giant — some non-concessional — have been growing…
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How this Ghanaian turned the moringa plant into a business
(FORBES AFRICA) When Ben Ajofu was diagnosed with hypertension at the age of 35, doctors told him he would be on medication for the rest of his life. Ajofu proved them wrong; within three to six months of taking moringa, he realised his blood pressure had lowered. “I didn’t really want to take medication at…
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Egyptair passenger plane hijacked, forced to Cyprus – Reuters News
An Egyptair domestic flight from Alexandria to Cairo was hijacked on Tuesday and landed in Cyprus, Egyptian officials and Cyprus state radio said. The Cyprus Broadcasting Corporation reported that 55 passengers were on board and a crew of seven. At least one man was thought to be armed. The hijacking occurred in Cyprus’s flight information region…
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U.S. to press Nigeria on foreign exchange rate flexibility
The United States said on Monday it would press Nigeria in talks this week to adopt a more flexible foreign exchange rate to boost growth and investment in Africa’s largest economy. U.S. Assistant Secretary of State for Africa, Linda Thomas-Greenfield, told an audience at the U.S. Institute of Peace that Nigeria should ensure that the…
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Zuma woos Dubai businessmen
Cape Town – South Africa has put in place laws and policies to help businesses thrive in the country, President Jacob Zuma told the United Arab Emirates business community on his official visit to the Gulf state. South Africa is open for business – thriving business, he told the business community in a prepared speech…