Author: citibusinessnews
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New EU sanctions to hit Russian oil giants
New EU sanctions against Moscow due to be announced on Monday will likely limit access to financial markets by Russian oil companies Rosneft and Transneft plus the petroleum unit of gas giant Gazprom, diplomatic sources said. Since the three companies are more than 50-percent state-owned, they “meet the criteria” laid down in a tough new…
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IMF sees world growth at just over 3%
The head of the International Monetary Fund on Monday hinted that the global lender could downgrade its forecast for world economic growth this year when it releases new figures next month. “We are in the process of updating our forecasts. World growth should be just above three percent this year, between 3.0 and 3.5%,” Christine…
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Acute fuel shortage ends
Citi Business News checks at various fuel pump stations in the Greater Accra Region shows the acute shortage of fuel that hit some parts of the region last week has ended. Many fuel stations in the capital, as well some regions across the country were hit with an acute shortage of fuel last week. A…
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Kwesi Botchwey to lead IMF talks
A former Finance Minister Dr Kwesi Botchwey is expected to lead Ghana’s economic team that will enter into negotiations with the International Monetary Fund (IMF) on a bailout program. The talks are expected to take of next week Tuesday September 16,2014. Dr Botchwey was recently nominated by President Mahama as chairman of the National Development…
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SEC advocates for agric fund
The Securities and Exchange Commission (SEC) is advocating for an investment fund for the agric sector. SEC believes the initiative will address the long-standing challenges the industry faces in securing credit from financial institutions. Over the years there have been calls for government to incorporate policies aimed at improving the industry’s access to financial service…
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Kosmos sets up advisory council to support Ghana’s needs
Kosmos Energy Ghana HC, a wholly owned subsidiary of Kosmos Energy Ltd, announced today the creation of an independent advisory council to enhance the company’s ability to support Ghana’s needs as a developing economy. By listening to the advice and insights of respected business leaders, Kosmos is preparing to play a more active role in…
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Metso Minerals Ghana sued for contempt
Mining Services Giant, Metso Minerals Ghana has been slapped with a legal suit for contempt of court following the termination of appointment of its Former Managing Director and Finance and Administrative Director. Metso Minerals Ghana was hit with the suit after it went ahead to fire the two though the court ordered them not to…
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Ghanaian companies win $5.8 million oil contracts
Citi Business News has learnt that Ghanaian companies in the oil and gas sector have received 584, 221 ,448.1 dollars in contracts since Ghana started drilling oil in 2010. According to the Communications Consultant at the Energy Ministry, Edward Bawa ,”as at March this year(2014) this is the total value of service that has gone to…
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Damaged Nigerian gas pipeline pushes Ghana into load shedding mode
The Ministry of Energy and Petroleum has confirmed to Citi Business News that the current nationwide load shedding exercise is due to the damage to a major gas pipeline from Nigeria. This coupled with maintenance works on the country’s power plants , low levels of water in the Akosombo and Bui dams have compounded the…
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Fidelity bank,ProCredit merger sparks new ‘craze’ in banking industry
The banking sector is likely to be hit with a new ‘craze’ where universal banks will begin acquiring savings and loans companies as well as microfinance companies. Fidelity bank became the first Ghanaian bank to make the move early this week after announcing it had acquired ProCredit Savings and Loans company. The deal which is…