Author: citibusinessnews
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PPI hits 48.3%
Producer Price Inflation (PPI) for the month of August hit a record high of 48.3%, the highest rate ever recorded in Ghana. The producer price inflation rate measures the average change over time in the prices received by domestic producers for their production of goods and services. The August rate of 48.3% increased from a…
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ECG must comply with load shedding time table-GCCI
The Ghana Chamber of Commerce and Industry (GCCI) is demanding that the Electricity Company of Ghana (ECG) complies fully with its load shedding time table to allow for programmed production. Industries in the last two weeks have expressed concerns with the rise in production cost following the current power crisis. According to the Chamber it…
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Energy Minister defends emergency power badge contract
Energy and Petroleum Minister Emmanuel Buah has defended government’s move to go in for emergency power barges, despite calls by stakeholders that other alternatives should be pursued. The ministry weeks ago announced government had entered into a contract with a Turkish company, Karpower International Limited, to provide two power barges which will contribute about 450…
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Revised forex rules did not flop-BoG
The Governor of the Bank of Ghana (BoG) has dismissed assertions that the new and revised foreign exchange rules introduced in February this year and scrapped recently was a policy flop. The central bank on August 8 announced it had scrapped a number of the foreign exchange rules it introduced on the 4th of February…
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Eurobond will raise enough revenue – Tekper
Finance Minister Seth Tekper has assured all projects that will be funded by the last Eurobond will be able to raise enough revenue to cover the bond and its interest. Ghana successfully issued a 1 billion dollar Eurobond a few weeks ago at a coupon rate of 8.125%. 250 million dollars of the 1 billion…
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NIC to sanction landlords
The National Insurance Commission (NIC) says it will from the month of October arrest and prosecute owners of private commercial buildings who fail to insure their buildings. Sections 183 & 184 of the Insurance Act 724 makes it compulsory for private commercial buildings, including those under construction to be insured. Deputy Commissioner of Insurance Simon…
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Air France suspends flights to Sierra Leone
Air France has also suspended flights to Sierra Leone at the request of the French government. The decision comes after the airline’s staff signed a petition calling on their employer to avoid Ebola-hit countries for their own safety. Unions representing employees called on the airline to halt its flights to and from West African countries…
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Industries must be excluded from load shedding exercise – AGI
The Association of Ghana Industries (AGI) is demanding that the Electricity Company of Ghana (ECG) excludes industries and businesses from the ongoing load shedding exercise. Industries have expressed worry over the rise in production cost due to the power crisis facing the country. The ECG is to soon provide a time table for the load…
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BA to continue with flight ban to Liberia
Citi Business News has learnt that British Airways (BA) will continue to suspend flights to Liberia and Sierra Leone till the end of the year. BA had earlier announced it had suspended flights to and from Liberia and Sierra Leone due to the Ebola outbreak hammering on issues of health, safety of its customers, crew…
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Tension at Merchant Bank over redundancy exercise
Tension seems to be growing among staff of Universal Merchant bank following the bank’s move to embark on a voluntary redundancy exercise. Citi Business News has learnt management of the bank have served staff, with letters requesting anyone who wishes to voluntarily resign, to do so before Monday, the 22nd of September, 2014. Citi Business…