Author: citibusinessnews
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Users of petroleum products to be slapped with new levy
President John Dramani Mahama has hinted another levy will soon be slapped on petroleum products. The levy which will be called the mitigation levy will be introduced if crude oil price on the world market continues to fall and when government fully pays debt owed the Bulk oil distribution companies (BDCs). According to President Mahama,…
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MPs to appeal dismissed GNPC $700m loan injunction application
The three Members of Parliament, seeking to stop the Ghana National Petroleum Corporation (GNPC) from securing a $700 million dollar loan would appeal the dismissal of their injunction application by an Accra fast track high court, before close of week. This is according to one of the applicants, MP for Abuakwa South Constituency Samuel Atta…
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GNPC wins court case filed by MPs
The commercial division of an Accra Fast Track High court has dismissed an injunction application brought before it by three Members of Parliament, seeking to stop the Ghana National Petroleum Corporation (GNPC) from securing a $700 million dollar loan. According to the MPs; Dr. Mathew Opoku Prempeh, Dr. Anthony Akoto Osei and Samuel Atta Akyea,…
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Cedi will perform better in 2015-Ecobank boss
The cedi’s fortune for 2015 will be much better than 2014. According to Ecobank Transnational Incorporated (ETI) ‘s boss Albert Essien the cedi will perform much better than it did last year and will not experience the losing streak it did in 2014. ‘I don’t think that it will slide as fast and as much…
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Allegations of corruption in free fertilizer distribution false-COCOBOD
COCOBOD has denied reports that some of its officials are involved in massive corruption in the distribution of fertilizer to farmers in the Wassa Amenfi West District in the Western Region. COCOBOD’s Head of Public Relations, Noah Amenyah who dismissed the allegation told Citi Business News ‘ Wassa Amenfi area about three months ago brought…
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Mechanical Lloyd best stock in December 2014
Mechanical Lloyd emerged the best performing stock on the Ghana Stock Exchange in the month of December last year. The BMW dealer led 9 other gainers having increased in value by 12% in December. Its share price was up by 3 pesewas from 25 pesewas to 28pesewas. 5 of the 10 gainers in December were…
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MODEC to sack more workers this year
More workers of MODEC Ghana, operators of FPSO Kwame Nkrumah on the Jubilee oil field, would be laid off in 2015, following notice of a retrenchment exercise by the company. Management of the company had already terminated the appointment of 22 workers at its catering department explaning that “there was the need to outsource…
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Brisk business activities yet to pick up in Accra
Business activities at the Central Business Districts in Accra are yet to pick up days after a break from the Christmas festivities. The usually busy area is currently experiencing a slow takeoff in business activities. Traders and shop owners who spoke to Citi Business News said they were expecting an increase in sales by the…
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HFC to hold EGM on bank’s fate
Indigenous bank, HFC will on the 20th of January, 2015 hold an Extraordinary General Meeting (EGM). Though the announcement of the EGM does not include the matters to be discussed, Citi Business News gathers it is to deal primarily with the issues of the mandatory takeover by the Republic bank of Trinidad and Tobago. The…
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17.5% VAT on financial services reintroduced
Citi Business News can confirm that all 28 universal banks in Ghana have commenced charging the 17.5% Value Added Tax (VAT) on some financial services effective January 5th,2014. The Minister of Finance Seth Terkper announced in the 2015 budget that government will implement the remaining VAT measures for fee based financial services this year. The…