Author: citibusinessnews
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MTN denies scratch card price increment
Telecom giant MTN has denied increasing the wholesale price of its scratch cards. Retailers of MTN scratch cards on 5th January, 2015 began increasing the retail price of the cards. According to them the move followed the increase of the wholesale price of the cards by the telecom giant. Some vendors told Citi Business News…
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Gold prices to increase this year-Minerals Commission
The price of gold is expected to increase this year on the global market. This is according to the Minerals Commission. The price of gold has been declining on the world market for over three years. The decline hit hard Ghana’s revenue base which relies heavily on gold proceeds. The plunge in gold prices also…
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10 Biggest corporate movements in 2014: Part 1
Corporate Ghana every year witnesses some interesting movements be it resignations, dismissals or what have you. These movements usually make or break the companies or institutions. In 2013 for example the banking industry witnessed the appointment of four women as bank managers of four banks in the country. The move solidified Ghana’s slow but growing…
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SIC life dissociates itself from SIC fraud scandal
SIC Life Company Limited has assured its clients that the integrity of their policies and investments are intact. This follows panic withdrawals and termination of policies after reports that two directors of the State Insurance Company have stolen huge sums of money from the state insurer. The two the Deputy Managing Director in charge of…
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Global Credit affirms Ecobank at AA-
Ecobank Ghana‘s credit rating has been affirmed at AA-(GH) and A1+(GH) in the long term and short term respectively; with a Stable Outlook. The current ratings are valid until December 2015 and reflect the bank’s established domestic franchise value, resilient financial performance, risk appropriate capitalization and adequate loan loss reserve, according to the Global Credit…
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Consumer groups demand reduction in fuel prices
Some consumer groups have joined calls for the National Petroleum Authority (NPA) to immediately reduce prices of petroleum products. This comes a few days after the Trades Union Congress (TUC) made similar demands. The price of crude oil on the world market has hit a five-year low; currently selling at around 60 dollars per barrel.…
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Opec won’t cut production – Saudi Arabia
Opec will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia has said. “Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant,” the kingdom’s Oil Minister Ali al-Naimi said…
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America breaks silence on Ghana –IMF deal
The United States of America (USA) has projected that Ghana will be better positioned economically next year, especially when the International Monetary Fund (IMF) program takes off. Ghana’s economic challenges have been enormous this year. The cedi has depreciated by more than 30 percent this year alone against the dollar, coupled with a high budget…
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Dannex rules out layoffs in Starwin acquisition
Workers of Starwin will have their jobs intact following the acquisition of their company by local pharmaceutical giant Dannex. This is according to Dannex which is now the majority shareholder of the company with 71.33 percent stake. Prior to becoming the majority shareholder of Starwin, Dannex owned 2.69 percent shares in the company. In its…
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MTN leads data pack
Telecom giant, MTN led the pack of telcos in gaining data subscribers in the month of October. MTN made about 135,000 new subscribers shooting its base by about 1.7%. This shot up its market share marginally to 51% representing a little below 8million subscribers. This is contained in the market share report from the National…