Author: citibusinessnews
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Appolonia commissions 26 MW power station
A leading urban and local communities land developer with mixed-use urban development, Appolonia, has commissioned its first power substation, which will serve the first 4,000 residents at the project site. The Power station in the next 15 years is expected to serve some 90,000 individuals including commercial areas at Appolonia, such as retail, schools and health facilities. The…
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Petroleum workers threaten strike over wage disparity
The Ghana Transport, Petroleum and Chemical Workers Union is threatening a nationwide strike if government fails to sanction Multinational companies that flout the country’s labour laws. [contextly_sidebar id=”7XKdOXAbymGZ4H6XJAFfRgTBACknB5fg”]The Union is accusing the expatriates of unfair treatment particularly regarding salaries and other conditions of work. The issue of unfair treatment and wage disparity between Ghanaian workers…
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Co-op Bank earnings jump 46pc to Sh11.7bn
Cooperative Bank of Kenya Thursday announced a 46.2 per cent rise in profit after tax of 11.7 billion for the year 2015 compared to Sh8.01 billion recorded in 2014. The bank’s group managing director Gideon Muriuki attributed the performance to the lender’s improving operational efficiencies, reduced operating costs and improved customer delivery platforms. The group…
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New rent law: Rent control likely to set rent charges
The Rent Control Department has hinted to Citi Business News that the department may set rent charges with the introduction of the new rent law. According to the department, the move is to check the over exploitation of prospective tenants by owners of properties. A bill, seeking a revision of the current rent law, ACT…
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Bad loans on books of banks hits 4.2 billion cedis
Bad loans on the books of banks in Ghana increased to 4.52 billion cedis in 2015. This is a 14.9 percent increase in the figure reported in 2014. [contextly_sidebar id=”gXE8ZGAwuVhDtAjIFSEoYq6e6kHfO8rz”]According to the Bank of Ghana’s financial stability report released in January 2016 banks loan quality generally deteriorated in 2015 with an increase in the non–performing…
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Goil promises shareholders good financial result ahead of AGM
Goil Ghana Limited has promised its shareholders good financial outturn ahead of the company’s Annual General Meeting (AGM). In 2014, Goil made a profit after tax of GHS 20,165,593 and paid its shareholders a dividend of Gh¢0.020 per share, amounting to GH¢5,044,469.76 for the year 2014. Speaking to Citi Business News at the outdooring of…
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Goil outdoors “Professor” Azumah Nelson as brand ambassador
Goil Ghana Limited has outdoored boxing legend “Professor” Azumah Nelson as a brand ambassador for the company. A ceremony which was held in Accra to announce the decision brought together Board Members of the company and some sports enthusiasts. Speaking to Citi Business News in an interview, the Managing Director of Goil Ghana, Mr. Patrick…
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Microfinance: a necessary evil?
In view of the Central Bank of Ghana’s war on the microfinance sector and public outcry on the industry in some parts of the country, the popularity of microfinance space as a means of financial intermediation for the informal sector has waned. This would be avoided if the operators were more professional and conducted their…
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Banks lose enthusiasm for lending
Faced with tightened monetary conditions imposed by the Bank of Ghana, a rising incidence of Non Performing Loans (NPL)s on their books, sluggish growth in availability of funding and high offered interest rates on risk free government securitized debt, Ghana’s universal banks are losing their enthusiasm for granting new loans. The result is slower growth…
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GCB introduces loan facilities to support SME financing
SMEs seeking funding for their business operations could do so as the bank rolls out its new product called the “GCB SME Loan”. The bank says the move is to meet the funding needs of SMEs which has been cited as a major constraint to the growth of the SME subsector even though they make…