Author: citibusinessnews
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GNPC to finalize $700m loan deal in May
The Ghana National Petroleum Corporation (GNPC) has told Citi Business News it is likely to finalize its move to borrow cash to finance its operations in three weeks. [contextly_sidebar id=”mwn0rZdARiHbhkU8xHfDXRbt3HNktwCS”]The state owned oil company last year announced its intention to borrow 700 million dollars to fund some of its operations. Its move to contract the…
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Africa’s first integrated city, Petronia city, goes global
Petronia City Development, a self-sustaining, master-planned, integrated city being created in the Western Region of Ghana has taken a step further to communicate to the world its resolve to building a New Africa. In an International communications campaign which launches this week on the CNN International network and digital platforms, Petronia City is seeking to raise…
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Nestle appoints first Ghanaian and woman MD
Nestle Ghana has appointed Freda Duplan as its new Managing Director (MD). [contextly_sidebar id=”ICvkWCnI3SAYtJ5nWTEyb7xcJlr1hsly”]She becomes the first Ghanaian and woman to be appointed to that position in the history of the company in Ghana. She takes over from Moataz El Hout. Freda Duplan’s appointment took effect from the first of April, 2015. Freda Duplan joined…
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NCA rectifies telcos January market share blunder
The National Communications Authority (NCA) says it has rectified the January 2015 voice and data market share figures after it turned out the figures published were incorrect. [contextly_sidebar id=”KP3pkfOeJXbkpRnJ8xVcyQ1IsNHFerdH”]The figures which were published on the NCA’s website placed Glo ahead of the other networks in data subscription for the month of January. It also placed…
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Republic bank’s mandatory offer to HFC shareholders to end May 7
Republic bank has announced that its mandatory offer to shareholders of HFC bank closes on Thursday May 7, 2015. [contextly_sidebar id=”zcr0C7jxRECYwVJ52ISwuefkijMTc3AW”]This is 30 working days from the submission by Republic Bank to HFC Bank of the Offer document on Tuesday 24 March, 2015. According to Republic bank shares may be tendered during the Offer Period…
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Tullow pays $313.5m in taxes to Ghana
Tullow has announced it paid government of Ghana a total of 313.5 million dollars in taxes in 2014. [contextly_sidebar id=”X7KXBZbb4bU2HOZrJDKPyUI9lTL4CIwK”]The cash comprises both direct and indirect taxes. Of the 313.5 million dollars 115 million dollars went into income tax, 43.5 million dollars went into withholding tax, while 4.6 million dollars and 3.8 million dollars went…
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Newmont, mine workers union head to NLA over failed negotiations
Newmont Ghana and the Ghana Mineworkers Union (GMWU) are heading to the National Labour Commission after negotiations between the two over conditions of service and collective agreements failed. [contextly_sidebar id=”H273a8FV61UYnZY75SiplWIKDSpbYCtv”]The two last month announced they had resumed negotiations on their salary and collective agreements after earlier negotiations came to a halt. Prior to that announcement…
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Bidding process to select main contractor for Atuabo Free Port ends
Atuabo Free Port (AFP) and the China Harbor Engineering Company (CHEC) have signed a construction agreement establishing China Harbor Engineering Company (CHEC) as the main contractor of the free port project. [contextly_sidebar id=”2q0pchk3Sz1P9EuCyp6FxLZbRzoKVQ21″]AFP is to develop and operate a free port in Atuabo in the Elembelle district of the Western region of Ghana. The deep…
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IFS blames Terkper for Ghana’s 2.7 billion oil loss
The Institute of Fiscal Studies (IFS) says the Minister of Finance must be held solely responsible for the 2.7billion cedis loss in forgone oil revenue to Ghana due to the fall in crude price on the world market. [contextly_sidebar id=”M9bAa4gZQiK1r2n6nr9EKd4G4TpglsE0″]This is after the think tank rejected claims by the Minister of finance Seth Terkper that…
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Ghana will slip at first IMF review -IFS
The Executive Director of the Institute Of Fiscal Studies (IFS) Professor Newman Kusi is projecting Ghana will slip at the first review of the International Monetary Fund extended credit facility program in November this year. [contextly_sidebar id=”DEBgLM84dCxS1aiiyBnFTLi70xntjkdB”]According to Professor Kusi , Ghana cannot meet some of the conditionalities under the program. Among other things, he…