Author: citibusinessnews
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‘Use qualified accountants to check waste in assemblies’-ICAG
As public outcry rages on the waste of funds captured in the 2014 Auditor Generals’ Report, government has been advised to employ the services of qualified accountants from recognized institutions to help curb misappropriation of funds recorded by Metropolitan, Municipal, and District Assemblies (MMDAs) across the country. In the 2014 Auditor Generals’ Report, most account…
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Trade Minister defends ban on cashew exportation
The Minister of Trade and Industry, Ekow Spio-Garbrah has defended his ministry’s decision to ban exportation of cashew nuts in the country. According to him, local cashew processing companies have collapsed due to the exportation of the product to other countries. He reiterated that the directive seeks to boost the level of employment in the…
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End invasion of Anglogold’s concessions: Minerals Commission to Small Scale miners
The Minerals Commission is appealing to Artisanal and Small Scale Mining members who continue to occupy AngloGold Ashanti’s Obuasi concession to end their invasion. [contextly_sidebar id=”fFXVBG0nkwiQb0y85QXIah4l8onHzy8S”]This comes after AngloGold Ashanti Ghana Limited successfully completed the process of surrendering 60% of the Obuasi concession to government. AngloGold Ashanti continues to complain about an invasion of its…
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AfDB Approves Loan for Rwanda’s First Regional Hydropower Public-Private Partnership Project
The African Development Bank Group announced on 16 March a US$ 24 million loan to support Rwanda’s contribution to the development of the Multinational Ruzizi III Hydropower Project. The project is a joint initiative of the three Great Lakes Region countries – Burundi, Democratic Republic of Congo and Rwanda – and will increase electricity trading…
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SA sees biggest fight-back yet against state capture
Cape Town – The admission by Deputy Finance Minister Mcebisi Jonas that he was offered the position of finance minster by a member of the Gupta family opens the deep wounds and fissures surrounding leadership and governance in South Africa. This is the most direct admission to date of an apparent ‘state capture’ of government…
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Zimbabwe expects IMF loan in third quarter
Zimbabwe expects a loan from the International Monetary Fund (IMF) in the third quarter of this year, the first since 1999, after paying off foreign lenders by the end of June, the central bank governor said on Wednesday. Zimbabwean President Robert Mugabe’s government last week agreed to major reforms including compensation for evicted white farmers…
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Caught in Employment Scam, CBN Explains ‘Secret Recruitment’
The Central Bank of Nigeria has said it opted for a secret process of hiring new staff in the past two years because the bank was doing “targeted recruitment”. The apex bank is at the centre of a recruitment scandal exposed by two newspapers. A news report published Wednesday by Daily Trust, said the CBN…
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Proposed restructuring of Mozambique bond ‘tantamount to default’
Mozambique’s credit rating was cut by Standard & Poor’s (S&P) and Moody’s Investors Service because a proposed restructuring of about $700m of bonds issued by a state-owned tuna-fishing firm could be tantamount to a default, the rating agencies say. S&P lowered the country’s rating by one notch to CC, 10 levels below investment grade, the…
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Moroccan Bank Raises Stake in Boa Kenya
Morocco’s BMCE Bank has increased its shareholding in Kenya’s Bank of Africa (BOA) to 72.7 per cent and acquired a Sh1.4bn office block in Nairobi’s Westlands to house its regional headquarters. Incoming BOA’s Managing Director Ronald Marambii said the move was aimed at raising capital to meet customer financial needs across Kenya and around Africa…
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Egypt’s Stock Exchange Rockets By 14 Pct After Pound Devaluation
Egypt’s main stock index climbed 3.6 per cent on Thursday, closing off the week with a surge of 14 per cent. The bourse’s upsurge throughout the week was triggered by investor optimism following the devaluation of the Egyptian pound on Monday by 112 piastres, to reach 8.85 against the dollar instead of 7.73. The move…