Author: citibusinessnews
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FTSE 100 surges on UK election outcome
Shares on the London stock market have risen sharply, led by banks and property firms. The FTSE 100 gained more than 1.4% in early trading, as investors digested UK election results suggesting David Cameron will remain as prime minister. Meanwhile, the pound jumped nearly 2% to $1.55 against the dollar, before pulling back. Relief rally…
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Power barges will not end “dumsor” -Power Minister
The Minister of Power Dr. Kwabena Donkor has charged the media not to wrongly convince Ghanaians that the planned importation of the 2 power barges is the main solution to the power crisis. [contextly_sidebar id=”lXMNeytR92QPGkzU9AHhLzFYELQME8lY”]This comes seven days after a failed promise by the minister to deliver the barges for the country in April, 2015.…
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GNPC to finalize $400 million ENI loan
The Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould, has revealed that the state-run oil giant will soon be in the international market to finalize the transaction covering a $400 million dollar loan that will support new capital investments. [contextly_sidebar id=”cxbXTLf4gugodEaG2VLDHsF0tZ2VV7Ye”]GNPC’s intention to seek foreign cash for its operations without first obtaining…
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Bank of Ghana to investigate ADB
Citi Business News has gathered the Bank of Ghana is to set up a committee to look into allegations of financial malfeasance raised against the Managing Director (MD) and board members of Agricultural Development Bank (ADB). [contextly_sidebar id=”VnsMJFMTynpxZh8s6yDlQ3HVvgHbwlZl”]The bank’s MD and board members have been accused by the Union of Industry, Commerce and Finance Workers…
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Single free trade zone for Africa in 2016
Twenty six African states including Ghana are working towards the removal of trade barriers for a single trade zone for the continent by 2016. [contextly_sidebar id=”o1OotqHPmDVOMJ9EvWfGywQcf9BNrqTu”]A final meeting to approve the Africa Free Trade Zone (AFTZ) treaty is scheduled for June, after which citizens of member states would travel and trade without visa. A former…
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Ghana’s exports to Italy on the rise
Ghana’s total export to Italy in 2013 amounted to $751 million dominated by petroleum oils, cocoa beans and tuna, Dr Ekwow Spio-Garbrah, Minister of Trade and Industry has said. He said while the country ran a large trade deficit with Italy from 2000 to 2010, the trend reversed in 2011 with Ghana reporting a significant…
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Ghana’s Central Securities Depository to get new platform
In anticipation of the introduction of more capital market products to Ghana’s markets, the Central Securities Depository (CSD) Limited is moving to install a new CSD platform with expanded functionalities by October. [contextly_sidebar id=”ee8EfWZCmtBgU9HpM3JX1YZnwjcTc58c”]An agreement to that effect had been signed with Millennium Information Technologies of Sri Lanka, a member of the London Stock Exchange…
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ADB IPO suspended
Majority shareholder of Agricultural Development Bank (ADB) that is government has directed the bank to put on hold its planned Initial Public Offering (IPO). [contextly_sidebar id=”yTAfH02LGXyuAg3xGV5z228OSkV8xrWh”]The directive was communicated by the labour and employment minister Haruna Iddrisu after a joint meeting with all parties involved in the raging saga of the bank. Fears over a…
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20% tax on smart phones still operational despite its abolishment
Citi Business News has learnt government is failing to enforce the 2015 budget plan to scrap the 20% tax on the importation of smart phones into the country, five months after it was announced. [contextly_sidebar id=”BRo92CrDz7werRj8gMNpVHvCMLuSoSRf”]The Minister of Finance Seth Terkper confirmed in the 2015 budget, plans to remove the import duties as part of…
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Govt must ban importation of soap, tooth pick & bicycles -Appiah Minkah
Industrialist Nana Appiah Minkah has charged government to ban the importation of some products into the country to protect Ghana’s young manufacturing industry. [contextly_sidebar id=”W4zjHxAlysuPB66hPO1QPvbjWROzPr4v”]According to him, Nigeria is doing something similar, with the country currently banning close to 350 products from accessing their market. Vegetable oil, soaps, tooth pick, bicycles, among others have all…