Author: citibusinessnews
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Gov’t must decide fate of ADB boss -Joe Debrah
Corporate and investment lawyer, Joe Aboagye Debrah has told Citi Business News government must take a decision on whether to keep the MD of ADB or fire him as calls for his dismissal intensifies. The Union Of Industry and Finance Workers (UNICOF) which is championing his removal and the dissolution of the bank’s board told…
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Over 20 hotels to shut down over ‘dumsor’
The Ghana Tourism Authority (GTA) fears the likely shut down of hotels in the country due to the ongoing power crisis will have dire consequences on the country’s revenue. [contextly_sidebar id=”LRdhiWQBDP0TTBxOI3I6gzCdqNn6Da26″]The Hotels Association of Ghana has warned close to twenty hotels are likely to shut down within the next six months if the current power…
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Mining firms commence plans to list on GSE
Chief Executive of the Chamber of Mines, Suleiman Koney has confirmed to Citi Business News plans by a number of mining firms to list on the Ghana Stock Exchange within a couple of years. [contextly_sidebar id=”2KzkhABHrCXRHdVg542mDzQc92P9agI7″]Moves to get mining firms to list on the local bourse are yet to be realized due to some challenges…
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Cocobod pulls out of HFC bank
Cocobod, Ghana’s regulator for the cocoa industry has pulled out of HFC bank. [contextly_sidebar id=”EQ59OmXArsb4k6ilYCiJArIhrKtDhAsd”]Cocobod was one of four large institutional shareholders of HFC bank. The others are Social Security and National Insurance Trust (SSNIT), Ghana Union Assurance company and SIC. Cocobod stake Prior to Cocobod’s pullout it owned about 5.57 percent stake in the…
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Ecobank Ghana board chair passes on
The Board Chairman of Ecobank Ghana Lionel Van Lare Dosoo has passed on. [contextly_sidebar id=”mBNTIESfa18Z001w14NH7C5lTseOzSnC”]Lare Dosoo who was the bank’s board chairman since 2010 reportedly died on Saturday. The news of his death was announced by the Executive Director of Ecobank in charge of legal and Human Resource, Morgan Aseidu at the 25th anniversary dinner…
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Access bank launches high interest bearing account
As part of efforts to encourage more people to save, Access Bank Ghana has unveiled a new savings product known as, “Goal” account. [contextly_sidebar id=”MobL23Rad5km8lNBwWELSL3lQkW73Wwv”]The “Goal” account is modeled with features that help individuals to save towards a specific project or item they desire to purchase. Individuals can choose to save towards their wedding, higher…
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AngloGold swings to profit
AngloGold Ashanti the world’s fourth-biggest gold producer, swung to a profit in the first quarter as production beat the company’s guidance and costs fell. [contextly_sidebar id=”czJMJjjPcAUL3kBj99FZQgzVqP6uX5nU”]Adjusted headline earnings were $35m in the three months to March 31, compared with a loss of $117m in the previous quarter, the company said in a statement published on…
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Republic bank secures over 57 percent stake in HFC bank
Republic bank has secured more than enough shares to gain controlling interest in local bank HFC. [contextly_sidebar id=”h5e1MhdAfHW0tQCHr2U9u4fdiYip9DZ1″]Republic bank was seeking to gain at least 51 percent stake in HFC bank. However Citi Business News has learnt Republic bank now owns about 57 percent stake in HFC bank. Sale of shares Sources familiar with the…
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Business confidence in first quarter of 2015 worsens
Business confidence in the country continues to worsen. [contextly_sidebar id=”ctRUsp8JrCjXSdSZrWHbUO1NqiYl58Sx”]This is according to the Association of Ghana Industries (AGI). According the AGI’s business barometer indicator business confidence took a nose dive in the first quarter of 2015. The business barometer shows the state of business index with 100 as the base index. It is calculated…
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ExxonMobil to begin operations in Ghana
Citi Business News can confirm oil giant ExxonMobil is to begin operations in Ghana. [contextly_sidebar id=”GtVIZ9gVkvfud9dEMpArbafrHONJ0ByH”]According to state owned oil firm, Ghana National Petroleum Corporation (GNPC,) ExxonMobil has signed a Memorandum of Understanding (MOU) with it to purchase an oil block close to the Hess and Jubilee fields. GNPC’s CEO Alex Mould told Citi Business…