Author: citibusinessnews
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UT Life cedes 80 % stake to Leapfrog Investments
Specialist investor company, Leaprog Investments has acquired majority stake in UT Life Insurance Company Ltd (UT Life). Leaprog Investments has acquired 80 percent stake in the insurance company. This brings to three, the number of direct investments by Leapfrog in Ghana and the second in the Life Insurance sector to be taken over by Leapfrog…
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Kenya’s Nairobi ranked Africa’s top FDI destination
Kenya’s capital, Nairobi, is attracting huge investment and industry experts are saying the government has been responding positively to make sure the trend is sustained. According to a recent report by investment monitoring platform, FDI Markets ranked Nairobi as Africa’s top foreign direct investment destination as it saw inflows surging by 37 per cent in…
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SA’s private sector activity still negative – PMI
Johannesburg – Activity in South Africa’s private sector remained in decline at the start of 2016, a survey showed on Wednesday, with employment, new orders and output all falling since December. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, edged up to 49.6 in January from 49.1 a month before, but remained below…
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Nigeria in ‘exploratory talks’ with World Bank, not asking for emergency loans: Minister
Nigeria has held exploratory talks with the World Bank to borrow in order to help fund a record budget in 2016 but has not applied for any emergency loans, Finance Minister Kemi Adeosun said on Sunday. Africa’s top oil producer is planning to borrow as much as $5 billion to help fund a budget deficit…
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HFC bank MD moves up in Republic bank Group
The President and CEO of Republic Financial Holdings Limited -Trinidad and Tobago, David Dulal-Whiteway, has announced the promotion of Mr. Robert Le Hunte to the Executive Director level of the Republic Bank Group effective 11th February, 2016. Mr. Robert Le Hunte will continue to perform his existing role as Managing Director of HFC Bank Ghana Ltd.…
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Govt to borrow ȼ6 billion from money market in February
Government has announced it intends to borrow 6,030 billion cedis in February from the money markets through bonds, treasury bills and notes. In all 3 billion cedis will be sought through 91-Day Treasury Bills. While 2.1 billion cedis in 182-Day Treasury Bills will be sought as well, with an average weekly sum of 422 million…
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Ghana must eliminate tax exemptions- IMF
Government may be forced to eliminate tax exemptions in its tax laws as the International Monetary Fund (IMF) intensifies pressure on it to do so. There have been several calls aimed at getting government to repeal the regime by several stakeholders. Per Ghana’s tax exemption regime, foreign companies who operate in some regions of the…
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GUTA to resist common external tariffs, other taxes
The Ghana Union of Traders Association (GUTA) has threatened to hit the streets, following the adoption and introduction of the ECOWAS Common External Tariffs (CET). According to GUTA, the new law is unfair. GUTA’s threats follow the implementation of the Common External Tariff, which took effect on Monday, February 1, 2016. CET is to harmonize…
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AMERI power plant begins commercial operations
The AMERI power plant has began full commercial operations. The power plant which commenced operations yesterday is expected to add some 250 MegaWatts of power to the national grid. The plant was initially expected to be commissioned on September 2015 but suffered a temporary setback as civil works on the compacted platform for the plant…
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Govt must protect poultry farmers in CET implementation-GAWU
Government has been advised to apply administrative measures to protect local poultry producers when applying the new Economic Community of West African States (ECOWAS) Common External Tariff (CET). The General Secretary of the General Agricultural Workers Union (GAWU), Mr. Edward Kareweh, told Citi Business News that additional steps must be taken to make Ghana’s tariff regime conform to what have…