Author: citibusinessnews

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Societe Generale (SG) Ghana has denied reports that the bank is involved in money laundering. [contextly_sidebar id=”YT3pw5f8MCepSt8HCRqCAVnwSqX13pr1″]There are media reports that five commercial banks in the country including Societe Generale have been indicted in a report by Ernst and Young for transferring hundreds of millions of foreign exchange in dollars, Euro and Pounds Sterling between…

Court throws out ADB’s IPO motion

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Citi Business News has gathered an Accra High Court on Friday July 24,2015 threw out a motion filed by the Agricultural Development Bank (ADB) seeking to overturn the injunction placed on the bank’s Initial Public Offering (IPO). [contextly_sidebar id=”KeTJvw5JC1e003eoCDgXnFYsQ4WnmMlT”]The Industry of Commerce and Finance Workers earlier secured an interim injunction order from an Accra High…

NLC directs GTPCWU to negotiate exit package for sacked MODEC workers

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in Business, Oil And Gas, Top Stories

Citi Business News has gathered that the National Labour Commission (NLC) has directed the General Transport, Petroleum and Chemical Workers Union (GTPCWU) to commence negotiating severance packages for the 19 sacked Ghanaian MODEC workers on the FPSO Kwame Nkrumah. [contextly_sidebar id=”uvIt9nTfq6Ncv3WQJTxlY4kOj4VZ2xUl”]The NLC gave the directive after MODEC refused to reinstate the workers despite an MOU…

Marginal depreciation of cedi won’t last long-currency analyst

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The high demand for the US dollar in the past weeks has led to the cedi experiencing a marginal depreciation despite assurances from government that the cedi’s appreciation will be sustained. [contextly_sidebar id=”oUKBp6VdsijsvlOlFOO58I9NPUDP4k9I”]The Finance Minister during the midyear budget review expressed confidence that the coming in of the 1.5 billion cocoa syndicated loan, 2nd tranche…

Vodafone cements its ‘M2M’ position in Ghana

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in Business, News, TECHNOLOGY, Top Stories

Vodafone Ghana is consolidating its leadership in the ‘Machine-2-Machine’ technology space in Ghana. The concept, which has been touted as the new frontier of global telecommunications, is transforming the world of work and economic development across the globe. Currently about 21- million Vodafone M2M SIMs are connecting assets in various industries in the world. Recently…

ECOWAS Bank to focus on economic growth

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The ECOWAS Bank for Investment and Development (EBID) has promised to grow the economies and create jobs in the sub-region. The EBID President, Bashir Ifo said everything will be done to lift the people out of poverty and transform their economic situation. Evidence of this, he said could be seen from the bank’s assistance in…

GNPC expands the search for more oil fields

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in Oil And Gas, Top Stories

The Ghana National Petroleum Corporation (GNPC) has stepped up the search for more oilfields as it begins work on the Volta Basin Project. The project seeks to confirm the presence of petrochemicals in the Voltaian Basin that stretches across Volta, Northern, Ashanti, Brong-Ahafo and Eastern regions. It is being jointly spearheaded by the GNPC and…

Oil Palm farmers supports 10% import tax

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in Local Economy, Top Stories

The Oil Palm Smallholders and Outgrowers’ Association, has urged government to go ahead with the imposition of a 10 percent adjustment tax on crude palm oil (CPO) imports into the country. The Association said the call on government by some importers and few multinationals for the suspension of the tax amounted to economic sabotage. “The…

Ruling of SIC/ Ivory finance case adjourned to October 19

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