Author: citibusinessnews
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MODEC workers likely to strike again over ‘good behavior contract’
There seems to be renewed tension between management of MODEC, operators of the FPSO Kwame Nkrumah and Ghanaian workers of the company, days after they called off their strike. This follows the refusal of the workers to sign onto an undertaking to be of good behavior before they are allowed back onto the rig. The…
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Airtel dumps Expresso as cash war deepens
Telecom operator Expresso suffered yet another blow this morning after Airtel cut services to it for failing to pay monies it owes it. This is the second time within two weeks a telecom operator has cut ties with Expresso for failing to pay monies it owes under the Interconnect Agreement. Telecom giant MTN on the …
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We will not reduce fuel prices-NPA
Prices of petroleum products will not be reduced in the next price review by the National Petroleum Authority (NPA). According to the NPA, which undertakes the price review every two weeks, it will not review downwards the prices, despite a drop in the price of crude oil on the world market. Crude oil prices hit…
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MTN-Expresso cash war; port to other networks, NCA advises
The National Communications Authority (NCA) has advised customers of Expresso to port to other networks as the feud between Expresso and MTN deepens. MTN on the first of November this year blocked calls from Expresso to MTN after Expresso failed to settle its debts. The National Communications Authority in a statement on the matter said…
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Juapong Textiles seeks cash from govt
Juapong Textiles Limited wants government to as a matter of urgency intervene and inject fresh capital to save the company from collapsing. According to management of the textile manufacturer the new capital will be used to replace outmoded equipment, purchase raw materials and spare parts among others in order to get the factory to optimize its full…
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ECOWAS slammed over delay in adoption of single currency
Some analysts have slammed the Economic Community of West African States (ECOWAS) for its frequent postponement of the deadline for the adoption of a single currency . The new deadline for ECOWAS for the adoption of a common currency is 2020. The Head of ECOWAS national unit of Ghana, Bonaventure Adjavor, disclosed this in Nigeria during…
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NCA wades into MTN-Expresso cash brawl
The National Communications Authority (NCA) has begun moves to solve the current cash fight between telcom giant MTN and Kasapa. Tension between the two telecom operators became public knowledge last week after MTN announced, its customers will not receive calls from Kasapa effective, first of November this year, due to uncontrollable circumstances. it’s unclear when…
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GAX to see first listing next week
The Ghana Alternative Exchange (GAX,) barring any last minute changes, could see its first listing by November 14th, 2014. Citi Business News gathers financial institution IZWE Loans ltd will float its corporate bonds on the alternative market. A number of companies since the launch of the GAX last year were tipped to list but for…
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Compel telcos to list on GSE- BoG
The Bank of Ghana (BoG) is calling for a policy which will compel telecom operators in the country to list on the Ghana Stock Exchange (GSE). First Deputy Governor of the BoG Millison Narh believes this will help address and reduce forex market pressures in the country. The World Bank last year expressed worry over…
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Ghana to place age cap on aircrafts
Citi Business News has learnt that the ministry of transport is likely to approve the introduction of a new policy that places a cap on the age of limit of aircrafts that operate in Ghana. The Ghana Civil Aviation Authority (GCAA) early this week hinted to Citi Business News it was considering placing a cap…