Author: citibusinessnews
-
Nigerian naira holds steady on oil firms’ dollar sales
Nigeria’s naira slipped on Wednesday 10th December, 2014 then held its ground in early trades against the dollar, after two international oil companies sold the greenback to fund their local operations, dealers said. The unit was trading at 183.23 naira to the dollar at 0836 GMT, after it opened at 183.20, down 0.3 percent from…
-
Service providers reject interconnect clearing house
The Ghana Internet Services Providers Association (GISPA), the Ghana Telecommunications Chamber and the Wireless Application Services Providers of Ghana (WASPAG), have petitioned parliament over the National Communications Authority (NCA)’s move to implement the interconnect clearing house next year. The interconnect clearing house is expected to provide a common, independent mechanism for the billing and settlement…
-
Cedi case ruling slated for 15th December
The Supreme court will next week Monday the 15th of December, 2014 rule on the case filed against the Bank of Ghana by private legal practitioner, Dr John Ephraim Baiden over the depreciation of the cedi. Dr Ephraim Baiden dragged the bank of Ghana to court on accusation that the central bank had failed in…
-
Supreme court to rule on onward investment case next week
The Supreme Court will on Thursday 18th December, 2014 rule on a suit for funds of some aggrieved customers of Onward investments to be paid them. Citi Business News gathers the aggrieved customers headed to court after the Bank of Ghana closed down Onward investment in 2012 because they had no licence to operate. According…
-
ECOBANK breaks silence on murdered staff
Ecobank Ghana Limited has expressed confidence in the Ghana Police Service to arrest and prosecute those who murdered the Abrepo Main Branch Manager of Ecobank in Kumasi last week. The 39 year old pastor of the Light House Chapel International was killed in his house in what is suspected to be an armed robbery attack.…
-
NCA denies increase in communication tariffs
The National Communications Authority (NCA) has denied reports that telecommunication tariffs in Ghana will be increased next year. The response from the regulator follows reports that the interconnect charges between telcos would go up BY about 50% from January 2015. The Interconnection Rate is the charge which one telecommunications operator charges the other for terminating…
-
Government to borrow over 3 billion cedis from domestic market
Government is expected to borrow about 3.2 billion cedis from the domestic market in December, 2014. This is expected to be one of the highest amounts borrowed this year. The last time government borrowed a similar amount was in September,2014. Last month government is reported to have borrowed about 700million less from the domestic…
-
Food supplier to US troops fined for fraud
The US government on Monday 8th December,2014 fined Supreme Group, one of the largest suppliers to US troops in Afghanistan, $434m for fraudulently overcharging the government for food and water. The group, headquartered in Amsterdam and owned by American billionaire Stephen Orenstein, pleaded guilty to criminal charges and agreed to pay large fines as well…
-
Oil producers face ‘huge liabilities’
Saudi Arabia’s top climate negotiator said on Monday that growing pressure to phase out fossil fuels does not help the UN climate negotiations and that a new climate deal should help oil producers diversify their economies. As UN climate change negotiations enter their second week in Lima, chief Saudi Arabian negotiator Khalid AbuLeif said a…
-
Ghana -IMF deal will be finalized by first quarter of 2015- Gatsi
Economist Dr. John Gatsi says he is optimistic government will conclude discussions with the International Monetary Fund (IMF) before close of the first quarter of 2015. This comes after Fitch Ratings Agency said Ghana and the IMF probably won’t come to an agreement on aid until April next year. Minister of Finance Seth Terkper has…