Author: citibusinessnews
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SSNIT files counter motion over HFC bank EGM
The Social Security and National Insurance Trust (SSNIT), has filed a counter motion to the stay of execution application filed by HFC Bank to suspend the much anticipated Emergency General Meeting (EGM). [contextly_sidebar id=”uDFmH7jNdatw2rQqjUHgWeVMIVzuQCGo”]A late move by HFC last Tuesday got an Accra High Court to cause the EGM to be suspended for the second…
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Workers must prioritize personal savings – GRA Boss
The Commissioner General of the Ghana Revenue Authority (GRA), George Blankson is challenging workers in the public and private sectors to prioritize personal savings as a future investment. He is also advocating for employees to take advantage of the services by accredited credit unions to provide a financial safety net. The GRA Commissioner was speaking…
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BoG inviting bids for GH¢ 630 million bond
The Bank of Ghana (BoG) is inviting bids for the issuance of a GH¢ 630 million government of Ghana 3-year fixed rate bond on February 19. [contextly_sidebar id=”DT42BzhHbcVmNqzhneeTVO6r7DAx5O3L”]According to the prospectus, the purpose of the bond is to rollover maturities, restructure government debt and also for liquidity management. The 3-year Fixed Rate Bond shall be…
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PPI for December 2014 dropped by 3.4%
Producer Price Inflation (PPI) for industry for the month of December 2014 declined by 3.4%. The PPI is now 34.2%. The PPI rate measures the average change in the prices received by domestic producers for their production of goods and services. [contextly_sidebar id=”pFl2y98SBRGXHzRojKZPBd0cBZpyFNOk”]The rate of inflation in the petroleum sector has seen some decrease from…
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AGI to hold a 3-day seminar with Power Minister
The Association of Ghana Industries (AGI) will be meeting the Power Ministry over the weekend to review the ongoing load-shedding exercise. [contextly_sidebar id=”7EELjrDxCg7QKHDMTUm2SJgh2wLRryzE”]The three-day conference follows complaints by the Association on the failure of the Electricity Company of Ghana (ECG) to strictly adhere to the load-shedding time table. On December 1, 2014, ECG extended the…
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Italian company to generate hydro power in Volta Region
The Paramount Chief of Asogli, Togbe Afede XIV in partnership with renewable energy experts from Italy have began exploring the prospects of generating electricity from the water bodies in the Volta Region. Togbe Afede who is also the co-founder of of the Sunon Asogli Power Plant, a power generating company said, the move is to boost the current energy capacity…
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Ghana to sign major energy deal with GE
Ghana will today sign a deal with American energy giant, General Electric (G.E) for the production of the single largest power source in the history of the country. The Ghana 1000 megawatt project, which is a gas powered thermal plant is expected to be completed over the next five years. [contextly_sidebar id=”gHiJJMUhappBCumZoDs6aozJbWo7IQNf”]The $1 billion project…
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Ministry of Lands seeking amendment to mining law
The Ministry of Lands and Natural Resources is seeking to amend the existing mining law governing natural resource in the country. [contextly_sidebar id=”GJYqYfaTGRqWQfbYm4M9iTsL7JIolN6X”]In view of this, the bill has already been sent to Parliament and has gone through first reading. Once passed, the law will criminalize activities of illegal small scale mining leading to arrest…
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Qatar Airways to boost trade volumes in Ghana – GCAA
The Ghana Civil Aviation Authority (GCAA) is optimistic of an increase in trade volumes between Ghana and the Gulf States as Doha based Qatar Airways plans to commence its operations in Ghana. [contextly_sidebar id=”YjKc5bpSbHwDvMWAkDr9aCAOpm2sXrEU”]The airline has concluded its discussions with authorities but it is yet to finalize their flight schedule ahead of their first flight…
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SIC directed to submit report on credit guarantee
The National Insurance Commission (NIC) has told Citi Business News, the State Insurance Company (SIC) has been directed to submit a comprehensive report on a credit guarantee underwritten by SIC. [contextly_sidebar id=”UQ1BXrzGkyrFjVCPOhXGKNYuvmsYov1z”]According to the NIC, it had advised insurance companies not to underwrite credit guarantees because that is the preserve of the Banking sector. Financial problems…