Author: citibusinessnews
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Prez Mahama orders Tekper to review oil revenue projections
President John Mahama has instructed finance minister Seth Tekper to review government’s oil revenue projections for 2015. According to Seth Tekper ‘ his Excellency has directed and we are doing an analysis which will go to cabinet and cabinet will take a decision on the impact on the crude oil prices and if necessary we…
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Global energy sector reels from oil price slump
Slumping oil prices are sending shock waves through the global energy industry, sparking the cancellation of projects and job losses, particularly at North Sea operations. British oil giant BP revealed Thursday it was shedding 200 staff jobs and 100 contractors in its North Sea activities, one month after taking a $1.0bn restructuring charge to combat…
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Inflation rate for 2014 ends at 17%
The year 2014 ended with inflation remaining rather stable. December inflation was at 17%, same as recorded in the month of November. Monthly inflation rate inched up marginally to 1%, up from 0.9% recorded in November. The food group inflation was up from 0.6% to 0.8%. The Non-food group inflation however marginally declined from 24.1%…
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HFC calls off EGM
HFC bank has called of its Extraordinary General Meeting (EGM). The EGM which was requisitioned by the Social Security and National Insurance Trust (SSNIT) was scheduled to come off on the 20th of January, 2015. [contextly_sidebar id=”c7uc5KWmMjrqCDL0WYi3rx8xnRKmVR4F”]The EGM was to remove and replace two non-executive independent directors, Mrs. Muriel Edusei and Mr. Francis Koranteng from…
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Economy grew by 5.1% in third quarter of 2014
Year on year Gross Domestic Product (GDP) for the 3rd quarter of 2014 grew by 5.1%. The GDP measures an aggregation of the value goods and services created over a period. Services sector continued to be the biggest contributor contributing about 48%. This was followed by Industry contributing about 28% while agric contributed the least…
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Airline share prices up in November
Worldwide airline share prices rose 14% in November, supported by continued decline in the price of crude oil and jet fuel, according to the latest report from the International Air Transport Association (Iata). Crude oil prices are down 36% since the mid-year peak, reflecting appreciation of the US dollar as well as continued growth in…
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Tullow writes off billions due to oil price fall
Africa focused oil and gas explorer Tullow Oil has written off $2.3bn in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time, the company said on Thursday, 15th January, 2015. The London-listed company, which is working to contain costs amid a dramatic fall…
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2015 Budget cannot diversify economy-PEF
The Private Enterprise Federation (PEF) has questioned the capacity of the 2015 Budget to help diversify the economy and promote exports. This is despite government’s plan in the 2015 budget to set up an Export-Import (EXIM) Bank to position Ghana as an export led economy. [contextly_sidebar id=”Fwoexc27725A7qkltXCgcULLEEU2Ixc4″]According to PEF the cost and availability of utilities,…
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Economists react to moves to withdraw subventions to State agencies
The Head of Finance Department of the University Of Ghana Business School Dr. Godfred Bokpin is demanding for a comprehensive plan to ensure the viability of government’s plan to withdraw subventions to some State agencies. “I do not see anything wrong with taking off some of these institutions provided the right exit strategies have been…
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Metro Mass board dissolved
The board of the Metro Mass Transit Limited (MMTL) has been dissolved. A statement signed by the chief of staff Prosper Bani said the Managing Director of the company Noble John Appiah and his deputy John Awuku Dzuazah have also been asked to step aside for investigations to commence into the operations of the company.…