Author: citibusinessnews
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Ghana Trade Fair Company denies eviction reports
The Ghana Trade Fair Company Limited has refuted claims it is ejecting occupants of the facility to allow a takeover by investors. Information available to Citi Business News indicated that notices have been issued alerting shop owners at the Trade Fair centre to leave the premises by close of next week citing the takeover by…
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Ghana’s inflation at 6-year high
Inflation rate for January 2016 has hit a record high of 19 percent, showing a monthly change rate of 4.6%. This is the highest the country has recorded in six years, after a similar rate of 19.6% in August 2009. The new rate means that the general price level went up by 4.6% between December 2015…
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HFC trains selected staff in credit and risk analysis
HFC Bank has selected a number of Relationship and Branch Managers of various HFC Bank branches who are currently undergoing a five-day intensive credit training program. This program forms part of the bank’s efforts to equip its staff and develop the required skill set of the bank . This five day training program is being facilitated…
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Mine workers urge intensified ‘fight’ against illegal miners
The Ghana Mine Workers Union (GMWU) has condemned the clashes between illegal miners and officials of Anglogold Ashanti which lead to the death of the company’s communications specialist, John Owusu. The union contends that such acts of indiscipline should not be condoned as it fears it may escalate in the near future if not checked. The Mine…
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Parliament approves withdrawal of 1% interest tax
Parliament on Wednesday February 6, 2016, approved the Income Tax Amendment Bill. The new Act, when signed by the President into law, will remove a recently imposed 1 percent tax on interests earned by investors, and also cut withholding tax from 15 percent to 7.5 percent. A blistering wave of sustained public anger forced the Mahama-government to…
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Business confidence drops in 4th quarter of 2015-AGI
The fourth quarter Business Barometer report released by the Association of Ghana Industries (AGI) has shown that business confidence dropped for the 4th quarter of 2015. According to the report, business confidence among corporate leaders for the fourth quarter of 2015 reduced by 4.17 basis points. It dropped from 97.29 points in the third…
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Terkper touts government’s achievements
Finance Minister, Mr. Seth Terkper has insisted that the fiscal performance of the government has resulted in an end to queues at fuel stations, as well as resolved issues of ghost names from government’s public payroll system. Speaking on the Citi Breakfast Show, Mr. Terkper maintained that Ghana has also reduced its budget deficit significantly…
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Zenith bank Ghana MD to retire from the bank
Citi Business News has gathered Managing Director and CEO of Zenith bank Ghana Daniel Asiedu is retiring from the bank. Citi Business News can confirm his retirement takes effect at the end of this month. It’s unclear who will be taking over the position after his exit. Sources familiar with the matter say Daniel Asiedu…
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Terkper defends TOR debt recovery levy, others on petroleum sector
Finance Minister, Seth Terkper has defended the continuous imposition of levies on the energy sector as part of efforts to address major financial challenges facing some State Owned Enterprises (SOEs) within the sector. According to him, the levies will provide revenue to offset the about 1.2 billion cedis debt owed by institutions including the ECG,…
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Ghana’s economy has made a turnaround – Terkper
Finance Minister Seth Terkper says Ghana’s economy has made a turnaround, commencing a movement from its challenging times. The country has been faced with a lot of challenges for some time now including high debt levels, depreciating currency, high inflation and power challenges among others. The challenges pushed the country into a three year program…