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We want to meet Mahama – Importers and Exporters Association

Jul 22, 2014

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The Executive Secretary of the Importers and Exporters Association of Ghana says the group will only call off their intended strike if they meet the President, John Mahama. According to the executive secretary of the association, Samson Awingobit Asaki, the members of the association are not willing to meet any Minister because several meetings with Ministers have been…

Invest in Africa pushes for local mining investment

Jul 22, 2014

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citibusinessnews

in Business, Mining

Invest in Africa, an investment Consortium, is charging government to identify a number of local budding companies in the extractive industries to extend some support to them to become global giants. Ghana, for several decades, despite its gold mines and other resources cannot boast of indigenous global giants in the mining industry. Country Manager for Invest…

Visits to Ada resorts decline after Castro’s accident

Jul 22, 2014

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citibusinessnews

in Business, Local Economy

The disappearance of hiplife artiste, Theophilus Tagoe, aka Castro, and his female friend, Janet Bandu, at Azinzanya in Ada has caused a drop in the number of tourists who visit the Ada area. For instance, while the two main sites, Aqua Safari and Peace Hotel resorts, recorded about 500 visitors weekly before the incident occurred,…

CDB loan cut heightens fear of diplomatic row

Jul 22, 2014

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citibusinessnews

in Business, Top Stories

The decision by the government to cap the Chinese Development Bank (CDB) loan from US$3 billion to US$1.5 billion may ruffle some diplomatic feathers if not managed well, experts have warned. Research Coordinator of the University of Professional Studies, Accra (UPSA), Dr Joseph Tuffour, said although the decision to abandon the chase for the remaining…

Cocoa loan, bond unlikely to revive cedi

Jul 22, 2014

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citibusinessnews

in Business, Local Economy, Top Stories

As the central bank pins its hopes on the cocoa syndicated loan and Eurobond issuance to break the fall of the local currency, David Brocke, Director, Risk Assurance, of PwC, believes inflows from the two loans, estimated at US$3billion, will do little to assuage the pressure on the cedi. The cedi has depreciated by 27…

Local investors out-muscled in PPPs

Jul 22, 2014

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citibusinessnews

in Business, Local Economy, News, Top Stories

Local investors have had to play second-fiddle to their foreign counterparts in the financing of huge infrastructure projects under government’s Public Private Partnership programme. This is attributable to the inability of local investors to mobilise the huge funds required for these big-ticket transactions. Rashid Pelpuo, Minister of State responsible for government’s PPP initiatives, said in…

20 companies to close down in Tema by October – ICU

Jul 21, 2014

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citibusinessnews

in Business, Local Economy

More than 20 companies in the Tema Metropolis are due to close down by October due to the country’s economic decline, Solomon Kotei, General Secretary, Industrial and Commercial Workers Union (ICU), announced on Monday. According to him, “more than 20 companies in Tema are threatened to close down by the end of October if things…

SFO investigates price rigging in foreign exchange market

Jul 21, 2014

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citibusinessnews

in Banking And Finance, Business, News

The Serious Fraud Office (SFO) has launched a criminal investigation into allegations of price rigging in the £3tn-a-day foreign exchange market. The probe will look into allegations of “fraudulent conduct”, the director of the SFO said in a statement. Around 15 international agencies are investigating allegations of collusion and price manipulation. It is alleged that traders…

BoG to issue 3-year bond

Jul 21, 2014

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citibusinessnews

in Banking And Finance, Business

The Bank of Ghana (BoG) will next week issue a three-year bond to raise an amount of GHC 400 million. It will be the third bond issued this year. Government in March cancelled plans to issue a 5-year domestic bond worth 300 million cedis without providing any reasons. There were reports that government had put…

Over 10,000 subscribers ditch Expresso

Jul 21, 2014

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citibusinessnews

in Business, TECHNOLOGY

Ten thousand, eight hundred and eight, voice subscribers of Expresso ditched the network in the month of May, 2014. This is according to the May market share report of the National Communications Authority (NCA). The report also indicated that 287,000 voice subscribers were added to the existing 28.8 million, increasing it to 29.1million mobile voice…

Author: citibusinessnews