Author: citibusinessnews
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Ghana leads search for vessel carrying stolen crude
Ghana’s Navy is leading an international force in search of a vessel suspected to be carrying stolen cargo from the ship hijacked by Nigerian Pirates. [contextly_sidebar id=”lh27XyJDwHjzgjeMijZ8ELNocYQ6tZnF”]Ghanaian Security Services believe that the pirates managed to transfer the ship’s cargo into another vessel prior to their arrest. Eight Nigerian pirates were arrested on Sunday by the Eastern…
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Blame human ‘vultures’ for ghost names not Controller – Former Minister
A former Deputy Minister for Finance under the Kufuor administration, Professor Gyan Baffour has come to the defense of the Controller and Accountant General over the ghost names in the public payroll system. [contextly_sidebar id=”3fDtMyqahyMomen0qZJ1wqnN2ivwoPc6″]He said that some public sector workers are like “vultures” extracting money from government through dubious means. According to him, due…
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IMF cuts global growth forecast
The International Monetary Fund (IMF) has lowered its forecast for global economic growth for this year and next. The IMF now expects growth of 3.5% this year, compared with the previous estimate of 3.8% which it made in October. The growth forecast for 2016 has also been cut, to 3.7%. The downgrade to the forecasts…
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Ghanaian businesses are relocating – MP alleges
Ghanaian businesses according to the Member of Parliament (MP) for the Akyem Abuakwa North Constituency, J. B. Danquah-Adu, are reportedly relocating to Cote D’Ivoire and other West African countries due to the unfavourable business conditions in Ghana. [contextly_sidebar id=”Zm8PTz9qeyWD1GIhvF9BV4Va8PpP4jEE”]Speaking on the Point Blank segment of Eyewitness News, the frustrated MP said citizens are “being suppressed…
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Ecobank to appeal $15m ruling
Ecobank Transnational Corporation (ETI) has served notice it will appeal against the decisions by the Commercial Court of Abidjan directing the company to pay $15 million in damages to former Chief Executive Thierry Tanoh. [contextly_sidebar id=”DbUbdoH13UFENeOt78qzhwwod7gJjyu6″]The Commercial Court of Abidjan ruled on 15th January 2015 that Dr Daniel Matjila, a director of ETI and Chief…
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Ivory Finance authorised to access SIC bank accounts
The financial problems with Ghana’s largest insurer, SIC is likely to worsen after Ivory Finance, secured a court order, empowering them access SIC’s accounts and take out all monies owed them. [contextly_sidebar id=”tEEatNGGiD2JAeysJIGdYTxnQCtVovVB”]According to Citi Business News sources, SIC guaranteed an Italconstruct International Limited project but the company has since been unable to pay its lenders, thus,…
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South Africa’s Hollard takes over Met Insurance
IVM Intersurer, which owns a significant stake in Hollard Insurance, has bought majority shares in Ghana’s Met Insurance. This adds to the list of investments and acquisitions by South African companies in Ghana’s insurance sector. [contextly_sidebar id=”aNImPtSq1bNJpElnvOKrYy0z4WW9xepy”]The Hollard Insurance Group (comprising the Hollard Insurance Company and Hollard Life Assurance Company) is South Africa’s largest privately-owned insurance…
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Gov’t can sustain Single Spine Structure – Terkper
Government has said it can sustain the payment of salaries under the Single Spine Salary Structure (SSSS) despite the numerous challenges that has characterized its implementation. The new salary structure, which was introduced in 2010 was aimed at motivating public service workers to improve service delivery and productivity. Government has over the years complained about…
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Ecobank ordered to pay $15M to former chief Tanoh
An Ivory Coast commercial court has ordered Ecobank Transnational Inc (ETI) to pay $15 million in damages to former chief executive Thierry Tanoh, who was dismissed last year amid allegations of poor governance, his lawyer said on Friday. The board of Ecobank had removed Tanoh last March and replaced him with his then deputy Albert…
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Gaming Commission withdraws suit against NLA & 7 banks
Citi Business News can confirm that the Gaming Commission has withdrawn a suit against the National Lottery Authority (NLA), seven banks and Vivo Energy Ghana limited challenging their roles in running ‘games of chance’ in the country. The Gaming Commission questioned the capacity of the NLA to grant license or permit to the other parties…