Author: citibusinessnews

in Banking And Finance, Business, Top Stories

The Minority in Parliament has suspended initial attempts to sue management of the Agricultural Development Bank (adb) over their Initial Public Offer (IPO) without Parliamentary approval. [contextly_sidebar id=”xENJ4eGNO17LDItCjX2PGFl4GUtJnesy”]About 3 weeks ago, the Efutu Member of Parliament (MP), Alex Afenyo-Markin, acting as lawyer for the Minority New Patriotic Party (NPP), wrote to the management of adb…

Tigo picks up three awards at 5th Ghana Telecom Awards

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in Business, News, TECHNOLOGY, Top Stories

Tigo Ghana at the 5th Ghana Telecom Awards held over the weekend picked up 3 awards: Innovative product of the Year for Tigo Music, CSR Company of the Year, and the CEO, Roshi Motman, was acknowledged as one of the female trail blazers in the telecom industry. Dedicating the award to her team, Roshi Motman,…

Agreement ends Nigerian fuel impasse

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in Business, Oil And Gas, Top Stories

A major fuel strike which left domestic airlines grounded, gas stations dry, and banks closing early has been resolved. [contextly_sidebar id=”XRzmgEglSDOXF6cgMd007f4t3MneoDJp”]Fuel wholesalers had stopped distributing petroleum, claiming the government owed them $1 billion. Government officials said the wholesalers had been fully paid. Peter Akpatason, recent president of the Nigeria Union of Petroleum and Natural Gas…

Nigeria fuel shortages hit telecom, banking & aviation industry

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in Banking And Finance, Business, TECHNOLOGY, Top Stories, Transport

Chronic fuel shortages in Nigeria brought phone firms, banks and flights to a standstill on Monday, May 26,2015 just four days before Muhammadu Buhari’s inauguration as president of Africa’s biggest economy and top oil exporter. [contextly_sidebar id=”qIoXJ5YrYa5mQiDnWX3VDMxixszPRU2p”]Besides airlines, which could not obtain aviation fuel, phone companies such MTN and domestic banks ground to a halt…

New IFC/Ecobank facility to finance SMEs

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in Banking And Finance, Business, News

IFC, a member of the World Bank Group, and Ecobank Transnational Incorporated, parent company of the Ecobank Group and leading pan-African full-service banking group, today announced the launch of a $110 million risk-sharing facility that will increase access to finance for small and medium sized enterprises in fragile and conflict-affected states in West and Central…

Infograph: Performance of the cedi against the dollar [2015]

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in Banking And Finance, Top Stories

Despite moves by government to save the cedi from further fall, it appears the local currency is still struggling to keep its head above the water. The dollar last week hit four cedis at forex bureaus across the country after rallying between 3 cedis 80 and 3 cedi 90 peswes for some weeks now. It…

Foreign currency shortage hits Accra

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in Banking And Finance, Business, News

Citi Business News has gathered an acute shortage of major foreign currencies including the dollar, British pound and Euro has hit forex bureaus in Accra. [contextly_sidebar id=”g4v7hIIltZgsMf8lSARYI2gaI9saHVOF”]Most forex bureau Citi Business News visited in the capital say they are having difficulties getting the three currencies. The trend they say has been going on for about…

GCB to lay-off 500 workers

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in Banking And Finance, Business, Top Stories

The GCB Bank Limited has confirmed to Citi Business News that between three and five hundred of its workers will be laid off in the coming months. [contextly_sidebar id=”vQfoxM3QPkSYKBxZHGnlojLikoL47B2g”]According to the bank the layoff is part of a restructuring exercise to make the bank competitive. Earlier reports suggested that management of GCB Bank was considering…

Mazda and Mitsubishi recall cars over Takata airbags

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