Author: citibusinessnews
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AfDB debunks Bawumia’s claims over Ghana’s debt standing
The African Development Bank Group (AfDB) has denied reports that it has sanctioned Ghana over its failure to pay debts owed the bank. [contextly_sidebar id=”4nH7ztHWGUZV33j0AhRKsaHvE7eIjR9g”]The New Patriotic Party’s (NPP) 2016 vice presidential candidate, Dr. Mahamudu Bawumia speaking at the Distinguished Speaker Series at the Central University College on the topic: “IMF Bailout, Will the Anchor…
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Moody’s downgrades Tullow
Ratings agency Moody’s has downgraded oil giant Tullow. [contextly_sidebar id=”JbIff3ZziC4jxBCISsFZv8SKk0Il0x97″]Moody’s downgraded the corporate family rating and probability of default rating for Tullow to B1 from Ba3. The ratings on its $650m 2020 and $650m 2022 senior notes were downgraded to B3 from B2. Ghana’s recent downgrade by the rating agency as well as its current…
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Australia ready to join China-led bank
Australia is “well and truly” disposed to join the China-led Asian Infrastructure Investment Bank (AIIB), Prime Minister Tony Abbott said on Wednesday, but wants to know how much power Bejing would hold in the institution before a formal decision. Fairfax Media citing government sources, reported the federal cabinet has approved Australia signing a “memorandum of…
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China tops EU list of most dangerous goods
China remained the country producing most of the dangerous consumer products found in the European Union, an official said Monday, for a 12th year in a row. Vera Jourova, the EU’s new commissioner for consumer issues, said it was “surprising how high a number of harmful products come to the European market from China.” “The…
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Fly 540 staff drag airline to court over unpaid severance package
Workers of domestic airline operator Fly 540 have threatened to hit the courts this week over unpaid severance package owned them. [contextly_sidebar id=”87uxoMNWzOeo6r00Alb1xk1t50gHAUkB”]Citi Business News has gathered the workers have already hurled the airline to the National Labor Commission over the matter. Fly 540 laid off dozens of workers from the airline including flight attendants,…
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Govt’s incessant borrowing threatens banking industry’s stability – Bawumia
Economist and the New Patriotic Party’s Vice Presidential Candidate Dr. Mahamadu Bawumia has warned that Ghana’s banking industry would suffer a major blow if government continues its borrowing spree. [contextly_sidebar id=”WLPAB9DxmFu8V3YWhIvVF08rOnUwyihh”]According to Dr. Mahamadu Bawumia despite being described as a generally stable sector the banking industry is still vulnerable and government’s huge borrowing as well…
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Cedi’s troubles will end this month – Mona Quartey
The Ministry of Finance has downplayed fears that the cedi’s current woes may deepen in the coming days. [contextly_sidebar id=”YVZfORop9jZrdBLy42nfIfR1Sre7Inra”]The cedi over the past weeks has been struggling to stay afloat against major foreign currencies like the dollar, euro and pound. For weeks the cedi has been depreciating significantly against the dollar, euro and pound…
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BoG likely to receive 220 million cedis for its stake in ADB
The Bank of Ghana (BoG) is likely to receive about 220 million cedis for its stake in Agricultural Development Bank (ADB) if ADB’s Initial Public Offer (IPO) on the Ghana Stock Exchange (GSE) is successful. [contextly_sidebar id=”1R28zp1wEItAkI3u0ddNvw3g9gTWagy8″]ADB which is hoping to raise a total of about 420 million cedis from the IPO is expected to…
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Republic bank makes giant stride in HFC takeover bid
Republic bank has officially notified HFC bank over moves to take over the bank. [contextly_sidebar id=”6bZfPqV3w9xBmFAfMfojjFE92anHQa7E”]The notification, Citi Business News has learnt, was made yesterday March, 23rd, 2015. The Securities and Exchange Commission (SEC) gave Republic Bank the green light to go-ahead to make the move to all shareholders of the HFC Bank under the…
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Govt downplays impact of Moody’s downgrade
The Ministry of Finance has downplayed fears that investors may shy away from investing in Ghana following the recent downgrade of the country by credit rating agency Moody’s. [contextly_sidebar id=”Ec9umDAhi1bP9HSsC7FsCPH852SvAkKp”]According to a deputy Finance Minister Mona Quartey Moody’s downgrade of Ghana will not deter investors from coming to invest in the country. ‘It is one…