Author: citibusinessnews
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World bank admits Chinese bank pressure
A World Bank Group executive admitted on Sunday the bank is under pressure to reform as more countries are joining a new China-backed investment bank. [contextly_sidebar id=”36iZoP23iIgX0LK0xk6KNRXV5aqJWawn”]”We are getting a strong push to change quickly,” Cyril Muller, vice president of the World Bank Group, said at the annual Boao Forum for Asia. Muller also gave…
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Tullow defies Petroleum Ministry’s directive on layoffs
Citi Business News has learnt Tullow Ghana Limited, has defied the directive by the Petroleum Ministry not to lay off core technical staff. [contextly_sidebar id=”85sHDSUsGblf1LzTqb8DnGx2utmsyZlw”]According to the General Transport, Petroleum and Chemical Workers Union (GTPCWU) Tullow has laid-off more than 30 workers including core technical staff. GTPCWU, which is the umbrella union of workers in…
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Dumsor to be ‘tightened’ temporarily
The current load shedding exercise is expected to be aggravated in a couple of days as the country’s major thermal plants shut down, sources close to the producers have told Citi News. [contextly_sidebar id=”0Em9vs66Fq5TBkNE1CiHO7PTUqDTWN9W”] The plants have been shut down because there is no gas from Nigeria to keep them running. The gas pressure through the West African…
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IMF can’t save Ghana’s economy-Cal bankMD
The International Monetary Fund (IMF)’s program with Ghana cannot turn the country’s ailing economy around. [contextly_sidebar id=”14eqViKyqBHNRcxlTjgPRlidj95gYuQq”]This is according to the Managing Director of Cal Bank Frank Adu Junior. Ghana has currently reached staff level agreement with the IMF awaiting final executive board approval in early April. Ghana is expected to receive about 940 million…
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Ghana opens defence against Ivory Coast in oil dispute
Ghana’s legal team has opened its defense at the International Tribunal of the law of the Sea (ITLOS) after Ivory Coast sued Ghana, seeking to stop Tullow Oil and its partners from exploring oil over a disputed oil block. [contextly_sidebar id=”9cTsYdvypynGj6QB6WY60Hj6Nb0z9VTT”]The dispute involves ownership of portions of the country’s second biggest oil field the Tweneboa-Enyenra-Ntomme…
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5 year bond oversubscribed despite fears of a possible snob by investors
Government’s 5 year domestic bond issued yesterday March, 26, 2015 by the Bank of Ghana was highly patronized by investors despite fears they may ditch the bond over recent comments by former deputy governor of the bank of Ghana Dr Bawumia on the economy. [contextly_sidebar id=”fPCPJgKUwZR8lfAnBdkpASekm7knmvJT”]A deputy finance minister Cassiel Ato Forson yesterday told Citi…
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Govt suspends ASHI indefinitely
Government has indefinitely suspended the Advance Shipment Information System (ASHI). [contextly_sidebar id=”pxjrtCpKV6BoE4ColTLgybBBFLcnSYYE”]Implementation of the ASHI was postponed to the 2nd of April,2014, after stakeholders including Ghana Union of Traders Association (GUTA) and Ghana Chamber of Commerce & Industry (GCCI) among others threatened to hit the streets over its implementation. ASHI is an electronic platform, which…
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HFC bank MD warns shareholders against selling shares
The Managing Director of HFC bank Asare Akuffo has advised shareholders of bank against selling their shares, in his first public comments since the Securities and Exchange Commission gave Republic bank the green light to make a mandatory takeover offer to buy-up additional shares in the Bank. [contextly_sidebar id=”8OhjOatDNtlvTavIpYpeT9NkD7toDLLn”]After close to a year of board…
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MTN adjudged overall best taxpayer for 2014
Scancom Ltd (MTN Ghana), the leading telecommunications service provider in Ghana, has been adjudged the Overall Best Taxpayer, Large Taxpayer Office for 2014 by the Ghana Revenue Authority (GRA). [contextly_sidebar id=”4xbDtHAAfcLT1dZJbqbeo11uN4zn0JDO”]The GRA praised MTN for being the most compliant in filing of returns and making payments by statutory due dates and recognised the company for…
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Investors to snob Ghana’s 5 year bond over ‘Bawumianomics’
Government fears investors may shy away from the 5 year domestic bond it intends to issue today March, 26, 2015. [contextly_sidebar id=”waYZv7ttqV4DHOdFquuSe6n7XEqGHJNg”]According to a deputy finance minister Cassiel Ato Forson investors may not patronize the bond due to the recent analysis of the economy by a former Deputy Governor of the Bank of Ghana Dr…