Author: citibusinessnews
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ADB justifies extension of IPO
The Agricultural Development Bank (ADB) has attributed the extension of its Initial Public Offer (IPO) to its quest to allow more retail patronage of its shares. The sale of the bank’s IPO was initially scheduled to end on February 26, however, a statement released by the bank indicated an extension to March 24, 2016. The…
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Low data on Kenya mineral deposits keeps investors away- Analysts
Lack of extensive data on mineral deposits has curtailed investment in Kenya and other Common Market for East and Southern Africa (Comesa) countries targeting to grow their wealth from mining, analysts said. Dr Tim Griffin, deputy director-general in the Western Australian department of Mines and Petroleum, said uncertainty over the accurate mineral capacity has kept…
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Barclays exit of Africa to do with regulations – Bob Diamond
Barclays’ re-evaluation of its African strategy, and possible scaling back of its operations, has more to do with regulation in the UK than it has to do with its vision for Africa, according to Bob Diamond, former Barclays boss and co-founder of Atlas Mara. “Barclays is in a difficult position. This has absolutely nothing to…
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Cement production hits 6.3m tonnes on rising demand
Cement production last year crossed the six million tonne mark for the first time as manufacturers upped capacity to capture demand from a construction boom driven by infrastructure projects and real estate. Data from the Kenya National Bureau of Statistics shows that cement manufacturers produced 6.3 million tonnes, up from 5.8 million tonnes produced in…
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Barclays exit of Africa to do with regulations – Bob Diamond
Barclays’ re-evaluation of its African strategy, and possible scaling back of its operations, has more to do with regulation in the UK than it has to do with its vision for Africa, according to Bob Diamond, former Barclays boss and co-founder of Atlas Mara. “Barclays is in a difficult position. This has absolutely nothing to…
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SA’s January trade balance swings to deficit
SA’s trade balance swung from a surplus in December to a steep deficit in January, with the rand bucking the trend and closing stronger at the release of the data. While the large R17.9 billion trade deficit in January — in contrast to December’s surplus of R7.6 billion — would have been expected to cause…
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3 day strike: Business districts in Accra grind to a halt
Most business districts in Accra today February 29, 2016 grinded to a halt after business operators begun a three day strike against tax hikes in the country. The business operators – the Joint Private Business Consultative Forum, comprising Members of the Ghana Union of Traders Association (GUTA), Importers and Exporters Association of Ghana, Food and…
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Barclays Africa downplays effect of exit of Barclays PLC
Barclays Africa has downplayed any possible effect on its operations following plans by Barclays PLC to leave Africa. UK-based Barclays PLC is expected to announce tomorrow, its plans to exit Africa. Barclays PLC, which owns 62.3% of Barclays Africa, yesterday said it continues to evaluate its strategic options in relation to its shareholding in Barclays…
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Investing in Ghana
Investing in Ghana Ghana’s wealth of resources, democratic political system and dynamic economy, makes it undoubtedly one of Africa’s leading lights. Gaining the world’s confidence with a peaceful political transition and a grounded and firm commitment to democracy has helped in expediting Ghana’s growth in foreign direct investment (FDI) in recent years. Ghana has attracted…
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DKM saga: BoG cannot be fully blamed – Nana Otuo Acheampong
Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong, has told Citi Business News the Bank of Ghana cannot be faulted for the latest scandal that has hit the Microfinance sector. His comments follow what President Mahama referred to as a lack of efficient supervision on the part of the…