Author: citibusinessnews
-
EU denies placing ban on cereals and groundnuts from Ghana
The European Union (EU) has denied reports that it has placed a ban on cereals and groundnuts from Ghana. [contextly_sidebar id=”dvP6GfMedvbdCCsH8UFpgePZVCeZcsLp”]Earlier reports suggested that the EU had banned cereals and groundnuts Ghana from accessing their markets because they contain high levels of aflatoxin. But a press statement from the union denied the report. Aflatoxins are…
-
Bank of Ghana defends investments in T Bills
The Bank of Ghana has defended universal banks in the country following concerns about their investments in treasury bills. [contextly_sidebar id=”S1S1C478dLu2RU4Qhamu7xwt7RAZ9hD4″]The Institute of Statistical, Social and Economic Research (ISSER) lashed out at commercial banks for their heavy investments in T bills and called on them to be innovative in helping rope more people into the…
-
Zoobashop sues Courier Services Commission
Online retail shop, Zoobashop has sued the Courier Services Commission following a raid on its offices by the commission last week. [contextly_sidebar id=”1jMOZebxjvU8XukOZ6CSaQxHFW26RSDZ”]Citi Business News has learnt management of Zoobashop filed the suit last week and has since served the commission. However according to the Courier Services Commission the raid was part of measures by…
-
Ghana to ban non sea worthy vessels
Ghana will soon ban non sea worthy vessels that operate on the country’s territorial waters following the adoption of ‘FlagState Implementation’ which allows for a mandatory audit of all vessels operating in the region. [contextly_sidebar id=”3YMW8JcfSs6P0DNv79MhilzK8AfZwZAK”]The move is parts of efforts by the Ghana Maritime Authority and the International Maritime Organization (IMO) through the IMO…
-
Stabilization fund & Eurobond cash to nurse Ghana’s debts
Government in a bid to drastically reduce Ghana’s growing debt levels has settled on a number of measures it believes will deal with the matter. [contextly_sidebar id=”sf68yH3nQwijMWwBpSbo2fa6a0JAWSMw”]According to figures from the Bank of Ghana, the country’s current total public sector debt stock stood at 88.2 billion cedis at the end of March 2015, representing 65.3…
-
Tullow justifies dismissal of Ghanaian workers
Tullow oil PLC has justified the dismissal of close to 70 of their workers in Ghana despite revelations that their operational cost for drilling a barrel of crude stands at 10 dollars. [contextly_sidebar id=”NNpStwXKuTwsKYLtNe1hFaZxzNmo3QYK”]The lead operator of the jubilee field, Tullow Oil Ghana blamed the decision to lay off the workers on the plunge in…
-
Republic bank dismisses retrenchment reports
HFC Bank has denied any plans to soon embark on a massive retrenchment exercise. [contextly_sidebar id=”Tg4rt9ArFo0remYP3j7nYIGhN54uGhzt”]According to the bank it will not undertake any rationalization exercise but rather will invest in building the capacity of staff. There are reports that the bank will lay off staff of HFC bank especially staff members who were linked…
-
Dollar hits 4 cedis
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. [contextly_sidebar id=”MJ7lLz3V5IBQvWIgQuZIQoFdfRowsrMP”]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.…
-
South African miners accused over black ownership rules
South Africa’s government and the mining industry are at loggerheads over rules about black ownership and investment in the sector. It is claimed miners are too slow to meet rules that at least 26% of company shares should be under black ownership. But the Chamber of Mines told the BBC the confusion was due to…
-
OPEC unlikely to cut output
The Organisation of the Petroleum Exporting Countries (OPEC) is unlikely to implement a production cut at its next meeting in June, a senior Iranian official said on Monday. Asked if OPEC would cut output at the upcoming June 5 meeting, Iran’s Deputy Oil Minister Rokneddin Javadi told Reuters: “I don’t think so.” Iran, along with…