Author: citibusinessnews
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Supreme court adjourns BoG case
The Supreme Court has granted an application filed by the Attorney General for extension of time to allow them file their statement of case in the suit against them and the Bank of Ghana for allowing the cedi to depreciate so much this year. Private legal practitioner, Dr Ephraim Baiden dragged the bank of Ghana…
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AngloGold sacks over 4,000 workers
Citi Business News has gathered AngloGold Ashanti Ghana has finally laid off 4,300 of its workers as part of cost-saving measures. This comes after the company announced the planned retrenchment in May this year. The move is part of measures being undertaken by the mining company to make the Obuasi mine profitable. AngloGold Ashanti budgeted…
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Importers and exporters battle destination inspection companies
The Ghana Importers and Exporters Association has accused destination inspection companies of pushing for the implementation of the Ghana Conformity Assessment Programme (G-CAP) by the Ghana Standards Authority (GSA). According to the Importers and Exporters Association who have kicked against the G – CAP, the destination inspection companies are using the implementation of the G…
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Interconnect clearing house implementation will cripple businesses-WASPAG
The Wireless Application Services Providers of Ghana (WASPAG) has warned that the creation of the interconnect clearing house would collapse Ghanaian companies operating in the Telecom sector. According to the President of WASPAG Ishmael Yamson “In the telecom space, Ghanaian companies are only involved in valued added services and internet services. Everything else has been…
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Failure to notify us over GNGC takeover smacks of disrespect – Botchwey
As the turf war between the Ghana National Gas Company (GNGC) and the Energy ministry continues, board chairman of the GNGC has told Citi FM failure of authorities to notify the company over the takeover smacks of disrespect and dishonesty. ‘The fact is incontrovertible and am making a point that such a fundamental decision…
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Gold set for biggest weekly rise
Gold prices steadied on Friday,12th December,2014 on track for their biggest weekly rise since June, as the dollar retreated and sliding oil prices hurt risk appetite, prompting another drop in stocks. Gold was up 3% this week. Weakness in stocks has prompted some investors to buy the metal as an alternative asset, while a drop…
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Oil hits lowest in more than 5 years
Brent crude oil slipped on Friday 12th December, 2014 to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook. Brentwais down 8% this week, 45% below its June peak above $115 per barrel. The Organisation of the Petroleum Exporting Countries (Opec),…
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Kumasi airport commences night flights next week
The Kumasi Airport will begin night operations next week. The move follows the completion of renovation works and the installation of an airfield ground lighting system at the airport. The airport is currently only open to traffic for 12 hours daily, from 6am to 6pm local time, due to the absence of a ground lighting…
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We will meet our target-COCOBOD
Ghana COCOBOD is confident production levels of cocoa for this cocoa season will not fall below last seasons. The comments follows reports that Ghana could record a decline in its yields because most of the trees are over-aged. Ghana exceeded its cocoa target yield of 850,000 metric tonnes to produce 896,000 metric tonnes last season.…
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Inflation hits 17 percent
Year on year inflation for the month of November increased to 17% from 16.9% recorded in October. This is the highest rate recorded since 2010. The monthly inflation rate however declined from 2.7% to 0.9%. The non-food group recorded a marginal increase in inflation rate from 24% to 24.1% in November. This was mainly driven…