Author: citibusinessnews
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No cause for alarm in declining FDIs – GIPC
The Ghana Investment Promotion Centre (GIPC) has cited the country’s severe power crisis for the major part of 2014, as the reason for the increased value of Foreign Direct Investments (FDI) compared to that recorded in 2015. Total FDI for both years showed a decline from about 3.4 billion dollars in 2014 to about 2.3…
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Petroleum Ministry opposes listing GNPC,TOR on GSE
The Petroleum Ministry has objected to suggestions that government lists the Ghana National Petroleum Corporation (GNPC) and the Tema Oil Refinery (TOR) on the Ghana Stock Exchange (GSE). The Ministry argues that government’s continuous support to those state institutions is to make them viable. Civil society groups including the Extractive Industries Transparency Initiative have made…
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New ADB MD to turn bank’s fortunes around – Bankers
Bankers have welcomed the appointment of the former Managing Director (MD) of Zenith Bank, Daniel Asiedu, as the new MD of Agricultural Development Bank (ADB). Daniel Asiedu who recently retired from Zenith Bank after being at the helm of affairs for 6 years, having been appointed MD of that bank in 2010, takes over from Stephen…
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Scrapping tax exemptions inimical to local businesses – Ken Thompson
As the government comes under intense pressure from the International Monetary Fund (IMF) and donor partners to scrap tax exemptions from the country’s tax laws, there is growing concern of a negative impact of the decision on local business which some say could collapse Ghanaian owned companies. Chief Executive Officer of Dalex Finance and Leasing…
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14 Facts about new ADB boss Daniel Asiedu
Industry watchers in Ghana’s banking sector probably did not see this one coming; that after resigning from Zenith Bank, Daniel Asiedu would head to Agricultural Development Bank (adb) which has seen so much controversy in the last few months. Industry rumours even said he had decided to go into full time preaching of the gospel.…
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Daniel Asiedu appointed new MD of ADB
In a rather interesting turn of events the former MD of Zenith Bank, Daniel Asiedu, has been appointed as the new managing director of Agricultural Development Bank (ADB). Daniel Asiedu’s appointment takes effect on March, 1st,2016. Daniel Asiedu retired from Zenith Bank a few days back after being at the helm of affairs for…
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Foreign direct investments into Ghana decrease
Foreign Direct Investments into Ghana declined by 31 percent between 2014 and 2015. The total FDI of about 3.4 billion dollars recorded in 2014 declined to 2.3 billion dollars in 2015. Also, total number of projects declined from 185 to 170 for the same period. Figures released by the Ghana Investment Promotion Centre (GIPC) however…
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Jubilee field FPSO still operational despite turret issue – Tullow
Oil giant Tullow says oil production and gas export at the jubilee field is continuing as normal despite a potential issue identified with the turret area of the Jubilee Floating Production Storage and Offtake vessel (FPSO) Kwame Nkrumah. According to Tullow, following a recent inspection of the turret area of the Jubilee Floating Production Storage…
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Price of imported rice decline in third week of February
For the third week of February, imported rice recorded the highest drop of twenty percent. A five kilogram bag of imported rice is now selling at 21 cedis 90 pesewas. This was followed by local rice which lost five percent to close the week at 6 cedis 80 pesewas per medium size tin. Groundnut and…
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Air traffic services will not be interrupted at KIA- GCAA
The Ghana Civil Aviation Authority (GCAA) says the authority will continue to provide normal uninterrupted air traffic services to the Kotoka International Airport (KIA) despite the brawl between the Air Navigation Wing of the authority and the Ghana Airports Company Limited (GACL). According to the GCAA, the current operational impasse between its Air Navigation Wing…