Author: citibusinessnews
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FPSO shut down will not lead to dumsor- Power Ministry
The Deputy Minister of Power, John Jinapor, has told Citi Business News that the current shut down of the FPSO Kwame Nkrumah for routine maintenance, will not lead to a load shedding exercise. His assertion follows that of the Ghana Grid Company (GRIDCo) which earlier assured the public that measures have been put in place to mitigate…
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Egypt’s Central Bank Raises Key Interest Rates By 1.5 Pct.
Cairo — Egypt’s central bank raised the key interest rates by 1.5 per cent (150 basis points) during its Monetary Policy Committee meeting on Thursday. This comes after the Central Bank of Egypt (CBE) devalued the Egyptian pound on Monday by 14.5 per cent, such that the Egyptian pound reached 8.85 against the dollar instead…
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Slowdown in Eurobond talk lifts Kenya credit prospects
Kenya’s prospects for a relatively cheaper Eurobond-type loan looks much greener compared to recent months, say analysts. They attribute this to a slowdown in heated talks on use of proceeds of the Sh250 billion between late 2015 and early this year. Kenya, in June 2014, issued a $2.75 billion sovereign bond on the Irish Stock…
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Cashew ban: Farmers welcome Ministry’s drawback on decision
The Cashew Industry Association of Ghana (CIAG) has welcomed the Ministry of Trade and Industry’s withdrawal of a partial ban on exportation of raw cashew nuts in the country. According to the Cashew Industry Association, the ban which sought to revamp a collapse of the cashew processing industry was the catalyst to collapsing the cashew…
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Ghana’s debt hits $25.6 billion
Data from the Bank of Ghana (BoG) reveal as at December 2015, Ghana’s total debt stood at $25.6 billion. According to the Bank of Ghana’s summary of macroeconomic and financial data released on March, 18. 2016 as at December 2015 Ghana’s public debt was 25.6 billion dollars and in cedi terms 97.2 billion cedis. [contextly_sidebar…
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UMB awards overall best WASSCE student
Universal Merchant Bank (UMB), has awarded a full scholarship to Jessica Ayeley Quaye, the overall best student at the 2015 WASSCE organized by the West African Examinations Council (WAEC). This was at the WAEC Distinction Awards to recognize the top performing students in the 2015 WASSCE. Some dignitaries present at the event included the Minister…
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Calls intensify for a reduction in policy rate
Players in the banking industry say they expect the Bank of Ghana to maintain or reduce its policy rate. [contextly_sidebar id=”6wCOzEq4Rvz6gPeR6EI3qoseoGBdfWs4″]The Governor of Bank of Ghana, Dr Henry Kofi Wampah will today announce whether or not it will maintain or increase the policy rate. The Bank of Ghana in its first monetary policy committee meeting…
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FPSO Shutdown: ‘Power supply under control’ – GRIDCo
The Ghana Grid Company (GRIDCo), has assured the public that measures have been put in place to mitigate the impact on power supply during the shutdown of the FPSO Kwame Nkrumah. [contextly_sidebar id=”7fmY5efjH5mTMiKTFHRCpoH45kfdwGlJ”]According to GRIDCo, the Volta River Authority (VRA) has purchased enough light crude oil to power some of the thermal plants within the…
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Access Bank shows signs of growth despite economic challenges
Despite challenging times faced by banks in the year 2015, Access Bank Ghana has expressed optimism in the sector as it records a Profit Before Tax of Ghs123 million, matching the same figure recorded in 2014. The result contained in the bank’s Financial Statement, is a reflection of the general industry outlook for 2015…
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Algeria: Gas Plant Hit By Rocket Attack
An Algerian gas plant jointly operated by foreign energy giants came under attack on Friday with rocket-propelled grenades, Algerian officials have said. The Army “scuttled this attempted terrorist attack and immediately surrounded the zone,” the ministry said in a statement. There were no reports of casualties or injuries from attack on the In Salah Gas…