Author: citibusinessnews
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Eurobond cash to hit Ghana’s account in a few weeks
Cash from yesterday’s 1 billion dollar Eurobond issue is expected to hit the Bank of Ghana’s (BoG) account in a few weeks. According to Finance Minister Seth Tekper ‘ once the processes are complete, the Bank of Ghana has an account which will take care of the proceeds as done in the past, i will…
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Miners to finalize Obuasi mine layoffs with Anglogold
Citi Business News has learnt that the Ghana Mine Workers Union will be finalizing discussions with the leadership of Anglogold Ashanti on some recent developments in the company in the next three days. The discussion is expected to exhaust negotiations on the planned retrenchment of almost all staff of AngloGold at its Obuasi concession in…
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Banking Awards postponed
The 13th edition of the Ghana Banking Awards originally slated for Saturday, September 13, 2014, has been postponed to Saturday, November 1, 2014. The Ghana Banking Awards are the most hotly contested awards in the Ghanaian banking industry and presently concentrates on the Universal Banks sub-sector. Organized by Corporate Initiative Ghana, a not-for-profit entity, the…
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Ghana issues third Eurobond
Ghana has successfully issued its third Eurobond. Government issued 1 billion dollars which was oversubscribed. The USD1 billion bond has a twelve (12) year maturity, with a coupon at a rate of 8.125%. The bond matures in 2026. The $1 billion Eurobond will be used to fund capital expenditure in the 2014 Budget. It will…
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Cocobod’s syndicated loan oversubscribed
Cocobod’s syndicated loan been oversubscribed by about 15percent. The cocoa industry regulator, COCOBOD indicates it requested for 1.6billion dollars, but received offers of up to about 1.84billion dollars. COCOBOD however accepted 1.7billion dollars from the partner banks to purchase cocoa beans for the 2014/2015 cocoa season. Finance Minister Seth Tekper early on in the year…
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Turkish firm to build emergency power ships for Ghana
Karpower International Limited a Turkish company is expected to build two emergency power ships for Ghana. The project will be pre-financed by Karpower and the cost would be paid on the amount of energy delivered to the system. The two mobile energy plants when delivered will add four hundred and fifty more megawatts of power…
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First Rand bank to begin operations in Ghana next year
Citi Business News has gathered South African Bank FirstRand Bank, will begin commercial operations in Ghana early next year. Citi Business News can confirm the bank has secured a provisional banking license from the Bank of Ghana to commence operations. FirstRand, is South Africa’s largest bank by earnings and market capitalization. This is not the…
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ANGLOGOLD to set up new company to run Ghana operations
Citi Business News has gathered ANGLOGOLD ASHANTI has begun moves to set up a new company to run its operations in Ghana. The new company will also run the mining giant’s other operations across the world except that of South Africa. The move which is subject to approval from regulators and shareholders is expected to…
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Newmont justifies reduction in job cuts
Newmont Ghana has justified the reduction in the number of job cuts expected to be undertaken this month. The mining giant reduced the number of job cuts from an earlier 600 to 472 people. The move forms part of a retrenchment and restructuring exercise it is undertaking to ensure its continuous survival. The move however…
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Teachers Fund likely to acquire ADB shares
The Teachers Fund has hinted to Citi Business News it is likely to acquire some shares in the Agricultural Development Bank (ADB) should it go public by the end of the year. ADB has announced it intends to list on the Ghana Stock Exchange (GSE) by year end. A successful listing of ADB, on the…