Author: citibusinessnews
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PEF jabs ECG over load shedding exercise
The Private Enterprise Federation(PEF) has questioned the level of consultation by the Electricity Company of Ghana(ECG) with industry leading to the release of a load shedding timetable for the industrial sector. Industries are expected to be without power two days in a week , while the mining industry will lose 25% of power. The ECG…
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Surfline to expand operations next year
Ghana’s first 4G LTE network , Surfline is expected to announce the expansion of its operations to other parts of the country by the end of the first quarter of 2015. The more than four month old company is operating only in Accra and Tema. The expansion move is part of demands by the regulator,…
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Qatar Airways to commence operations in Ghana
Qatar Airways is to begin operations in Ghana. The move will see the airline fly daily to Ghana, starting from the first of January 2015. This confirmation was given to President John Mahama when the Group Chief Executive Officer of Qatar Airways, Mr. Akbar Al-Baker called on the President during his 3 day state visit…
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Ghana’s pension industry has huge potential -Metropolitan Insurance
Metropolitan Group of Companies says Ghana’s pension fund management sector has huge potential. According to the financial services company it expects to play a key role in the sector. The company has three subsidiaries including Health and Life Insurance as well as a Pension management and administration. Currently some 12 labour unions and government are…
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Gbevlo Lartey appointed CEO of Expresso
Citi Business News has learnt former National Security Coordinator, Colonel Larry Gbevlo-Lartey (retired) has been appointed as the acting CEO of Expresso. The former national security coordinator was given the nod after majority shareholders of Expresso, Sudatel gave him the power of attorney to run the telecommunications company. Sources familiar with the matter tell Citi…
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AGI awaits feasibility report to set up bank
The Association of Ghana Industries (AGI) has told Citi Business News it is awaiting a feasibility report to set up the AGI Industrial Development Bank. The association in January,2014 announced it will set up a bank for Small and Medium Scale Enterprises(SME)s. According to the association its members cannot continue to bear the high interest…
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Bank promotions are not unlawful-NLA
The National Lottery Authority (NLA) has dismissed reports that some banks are operating unlawful games of chance referred to as promotions. The assertion follows a law suit filed by the Gaming Commission against the National Lottery Authority, six banks and an oil company for operating what the Commission calls unlawful games of chance. But the…
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GNGC to increase gas production by close of year
Businesses and individuals may see some improvement in power supply in the coming days. This follows moves by the Ghana National Gas Company (GNGC) to produce the full complement of gas required at the Aboadze thermal plant to generate some 550megawatts of electricity by the close of December,2014. According to a statement from GNGC ”…
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Naira crisis, cedi not immune -currency analysts warn
Currency analysts have warned that the cedi may suffer some level of depreciation if oil prices on the global market continue to fall. The warning follows the continuous depreciation of Nigeria’s currency the Naira against major foreign currencies including the dollar and British pound for some weeks now. Decline in oil prices The naira’s depreciation…
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Nigeria’s naira falls to record low
Nigeria’s naira touched a new record low of 183.05 against the dollar on Monday, December 1st,2014 driven by concerns over a sustained low oil price and expectations foreign investors would demand more dollars to pull out of local assets, dealers said. The currency was trading down 2.4 percent from Friday’s closing level. The central bank…