Author: citibusinessnews
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Airline operators appeal for reduction in fuel tax
International airline operators are calling for a reduction in aviation fuel tax as they say the high cost is impacting on their businesses. [contextly_sidebar id=”XNPcPTvFsjibMMR2r154viCv5WWzwbfj”]According to them, not only has the situation increased their cost of operations, but it has also resulted in low patronage and reduced government revenue from the sale of aviation fuel.…
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Randgold pulls out of joint venture with AngloGold Ashanti
Moves to revamp the Obuasi gold mine appears to have hit a snag following the pullout of mining firm Randgold. [contextly_sidebar id=”SnXHEVDorgjpMzrB0xot1ZqlYuU2dE9i”]AngloGold Ashanti in September this year announced it had entered into a joint venture with Randgold Resources Limited to revamp the Obuasi mine to a world-class high-grade mine. But a few months down the…
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Expresso denies halting operations
Telecom operator Expresso has denied reports that it has shut down operations following its growing financial and operational challenges. [contextly_sidebar id=”RapANbE1tTzizfxCyHMBcHu2tUJbY6mV”]Expresso which has the lowest voice and data subscribers in the country has been faced with several challenges for some time now. Majority of Expresso’s challenges has been tied to its affiliation with Sudan and…
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NLC directs UNICOF to put intended strike on hold
The National Labour Commission (NLC) has directed the Union of Industry Commerce and Finance Workers (UNICOF) to put on hold moves to allow its members in Agricultural Development Bank (ADB) to embark on a sit down strike this Wednesday, 23rd December, 2015. [contextly_sidebar id=”JPzJUsyfrFloLZnLpinJbSBxzIYGsUE3″]UNICOF last week served notice its members in Agricultural Development Bank will embark…
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Banking stocks to recover next year after poor show on GSE
Stock market analysts are projecting that banking stocks on the Ghana Stock Exchange (GSE) will perform better next year (2016) than they did this year (2015). [contextly_sidebar id=”ZTqH2X6CLWvuSmgIYfY1f8vjy01cECAp”]All the banking stocks on the stock exchange with the exception of the Trust bank of Gambia recorded declines in their share prices this year as compared to…
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BoG to sanction banks over forex accounts
The Bank of Ghana (BoG) has threatened to sanction banks who deliberately misclassify foreign currency denominated accounts. [contextly_sidebar id=”GRkqKmJfPAmbz8nOnwB289MsAUFhZZLU”]According to the central bank’s Governor Dr Henry Kofi Wampah the misclassification of the accounts that is the Foreign Exchange Account (FEA) and Foreign Currency Account (FCA), have resulted in an increasing phenomenon of transfers of foreign…
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Fuel prices reduce marginally
Some Oil Marketing Companies (OMCs) have reduced prices of petroleum products at the pumps following a decline in the global market price of crude oil. [contextly_sidebar id=”oN63wqMylqE27EQYZOnvKRppNPjGmkoc”]Crude prices have been sinking on the global market for some time now, this morning it sank deeper across the world closing at its lowest level since February 2009…
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ADB workers to embark on strike over dismissed colleagues
The Union of Industry Commerce and Finance Workers (UNICOF) has served notice its members in Agricultural Development Bank (ADB) will embark on a sit down strike Wednesday 23rd, December, 2015. [contextly_sidebar id=”6F900xCkWrye5wDBKakzIgTPqc0lvgGB”]A strike notice Citi Business News has gathered has been served the National Labor Commission (NLC). According to UNICOF the strike is as a…
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Budget overrun looms following utility prices increase – PEF
The Private Enterprise Federation (PEF) has hinted of a possible budget overrun next year due to increased demands from labour following increased utility tariffs. [contextly_sidebar id=”ppeImIOfAxpOYJGlW8HbAf0v0nP7I3YL”]Prices of electricity and water have been increased by 59.2 and 67.2 percent respectively. Arguments in favour of the increase include the dollar exchange, generation mix, consumer and producer’s interest.…
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Adverts on re-branded buses could earn Ghana Ghc500,000 monthly
An Accra-based Advertiser, Casey Amese, has told Citi News that the state could have generated Ghc500,000 monthly if it had allowed the 116 Metro Mass Transit Buses to be re-branded with commercial advertisement. [contextly_sidebar id=”xjdPW9YZYuhKjth6GozMVpwavJ2dUCn6″]Mr. Amese also revealed that per the realistic industry charges for the quality of work that was done on the buses, the re-branding…