Author: citibusinessnews
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Vodafone holds on to recovery drive
Vodafone in the month of October maintained its recovery drive beating competition to emerge as the fastest growing telco in terms of subscribers in Ghana. It gained about 260,000 new subscribers, the highest in the month. This is contained in the market share report from the National Communications Authority (NCA) for the month of October…
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Work starts on components for Ghana’s second FPSO
A new fabrication facility for the oil sector has opened at Sekondi in the Western Region. The yard has been built by Tullow Oil to fabricate components for the TEN Project, Ghana’s next major oil development, on land leased from the Ghana Navy. Work at the site has started on the fabrication of nine anchor…
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NDC congress pushes hotel rates up by 50%
Some hotels in Kumasi in the Ashanti region have increased their rates by 50% in reaction to the high demand for accommodation due to the upcoming National Delegates Congress of the NDC. “The average rate is 80 Ghana cedis but to be honest because of the congress , it has been increased …to 120 Ghana…
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Brent crude steady below $60 a barrel
Brent crude held below $60 a barrel, near a five-and-a-half year low, on Friday 19th December, 2014 as a global oversupply of oil showed little sign of receding, even as companies cut upstream investments next year. Oil prices were on track for a fourth straight week of declines after Opec members last month decided…
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Price of fuel to remain unchanged till next year
Price of petroleum products in Ghana will not be reduced until mid February next year. This is according to the National Petroleum Authority (NPA). A number of stakeholders have bemoaned the refusal of the NPA to reduce the price of fuel even though crude oil on the world market has fallen by over 40%. The…
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6 companies named most valuable brands in Ghana
Vodafone Ghana, Daily Graphic, Toyota Ghana, Melcom and Total Petroleum Ghana have been ranked the top 6 most valuable brands in Ghana for 2014. The 6 were awarded at the 3rd edition of the Top Brands Awards on 18th December,2014. The Top Brands Awards seeks to place Ghana’s brands on the global branding map. Other…
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Ecobank boss calls for mergers and acquisitions of banks in Ghana
Chief Executive officer of the Ecobank group is pushing for more consolidations among banks in Ghana. The renowned banker, Albert Essien says scale is all that matters in banking and does not believe in market niches as some schools of thought propose. He made these comments at the 14th MTN Business World Breakfast Meeting under…
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Dannex acquires majority stake in Starwin
Local pharmaceutical giant Dannex has acquired majority stake in Starwin Products Limited. The acquisition which was made through a rights issue makes Dannex the biggest shareholder of the company with 71.33 percent shares translating to 185,317,279 shares. 333,359,264 ordinary shares of no par value at GHS 0.03 per share in a ratio of 4.49 new…
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PIAC receives cash from Gov’t, but still not enough
The Public Interest and Accountability Committee (PIAC) has received extra 125,000 cedis as part of its budgetary allocation for 2014. This brings total payments to the watchdog institution to 250,000 cedis for the year representing allocations to the first and second quarters. But the Ministry of Finance is still in arrears of 250,000 cedis which…
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Suit against airlines over disability discrimination is shocking-AWA
Africa World Airlines (AWA) has expressed shock at being hurled to court by the Ghana Society of the Physically Disabled (GSPD) over discrimination against persons with disabilities. The GSPD has dragged three local airlines Antrak Air, Starbow Airlines and Africa World Airlines to court for discriminating against persons with disabilities by way of refusing to…