Author: citibusinessnews
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Turkey to provide 30% of Ghana’s energy needs
About 30 percent of Ghana’s energy needs are expected to be provided by Turkish investors within the next few years. At least this is the assurance from the Turkish Ambassador to Ghana, Nesrin Bayazit. Ghana’s economic prospects, according to the ambassador present investors with an opportunity for growth. Ghana recently engaged a Turkish company, Karpower…
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SA’s rand firms on risk appetite but gains seen limited
South Africa’s rand strengthened against the U.S. dollar in early trade on Monday on renewed appetite for riskier assets as Chinese investors returned to markets after the Lunar New Year holiday. At 0645 GMT, the rand traded at 15.7900 versus the dollar, 0.54 percent firmer from Friday’s New York at 15.8750. “This morning initial indications…
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Nigeria in talks with oil majors to repay debt, invest in refineries
Nigeria is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has accumulated over years of mismanagement, the firm’s head told Reuters. Emmanuel Ibe Kachikwu, who is also the minister of state for petroleum, said he wanted…
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Political parties develop manifesto policies on Oil and Gas
Political parties have agreed on the need for an effective policy on efficient use of the country’s oil revenues. According to them, having a guiding principle will reduce instances of misappropriation, leading to the exploitation of Ghanaians. The consensus was disclosed at the launch of the political parties’ policy positions on oil and gas. Under the…
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Drought to cause low food production – Agric Ministry
The Ministry of Agriculture is expecting crop production to be severely affected this year, following the dry weather being witnessed across the country with no rainfall expected in the next few months. The Ghana Meteorological Service has already predicted a possible drought that could lead to severe food shortage this year, if appropriate steps are not adopted…
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Price of tomatoes fall again
The price of tomato has once again dropped marginally four times in a row. The prices has of the commodity has been dropping since the third week of January this year. Prices of tomoatoes dropped by 11 percent to end the second week of February at 6 cedis 90 pesewas per medium size tomato tin.…
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Evict trespassing ‘galamsey’ miners now – Chamber of Mines
Director responsible for public affairs and environment at the Ghana Chamber of Mines, Ahmed Nantogmah, has called for the immediate eviction of illegal miners trespassing on mining concessions. This follows the recent clashes between illegal miners and officials of Anglogold Ashanti (AGA) on their mining concession in Obuasi which led the tragic death of John Owusu, the…
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High non-performing loans to affect lending to private sector in 2016
The Chief Executive of Stanbic bank, Alhassan Andani, has indicated to Citi Business News lending to the private sector by most commercial banks this year, will be adversely affected due to the increase in non-performing loans. A report released by the Bank of Ghana late 2015, revealed that non performing loans accounted for by local…
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Royal Air Maroc introduces new flights within Africa
Royal Air Maroc is set to introduce a new Intra-Africa air service this year. The service, which will commence on the 15th of March, will fly three times a week from Accra to Freetown via Monrovia. Royal Air Maroc is a Moroccan airline with a dual passenger and freight transport. It was founded in June 1957…
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Exporters and importers threaten demo over tax stamp increase
The Exporters and Importers Association of Ghana are threatening to embark on a demonstration if government fails to withdraw the recent increase on tax stamp. The tax increment is to commence in March, 2016. A tax stamp is attached to certain products or documents and paid to government to indicate that a required tax has…