Author: citibusinessnews
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Energy minister directs TOR to ‘get back on track’
The Minister Energy and Petroleum, Emmanuel Armah Kofi Buah, has directed the Tema Oil refinery (TOR), to revert to its core mandate of refining crude oil to meet current demands. TOR, a state owned oil refinery has over the years been saddled with debts, and operational inefficiencies leading to low production capacity. Speaking at the inauguration…
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Accra Brewery supports Ga Traditional Council
Accra Brewery Limited (ABL) has donated GHC 20,000 and 50 cartons of ABL and Voltic Ghana products to the Ga Traditional Council to support the celebration of the 2014 Homowo Festival. According to the Managing Director of Accra Brewery Limited, Mr. Anthony Grendon, the gesture is one of many Corporate Social Responsibility (CSR) activities undertaken…
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Cocobod’s syndicated loan road show takes off
The Ghana Cocoa Board (Cocobod) has commenced the road show for its syndicated loan for this year in London. Cocobod, the regulator of the cocoa industry in Ghana is seeking to raise 1.6 billion dollars to purchase cocoa from farmers in the upcoming season. Last year Cocobod signed a 1.2 billion dollar syndicated loan from…
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Cement shortage to hit Ghana
Citi Business News has gathered the country may be hit with an acute shortage of cement soon. This is because the third largest supplier of cement in Ghana, Dangote cement has for some weeks suspended its imports to Ghana because of the fast depreciating cedi. Also, the second largest supplier of cement Diamond Cement is also…
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Glo introduces Medicare for subscribers
In order to bring critical, lifesaving information within the reach of its subscribers across the country, Glo Mobile has introduced a value-adding service, Medicare on its network. The SMS-based service, which was launched in Accra on Wednesday, is targeted at those who need useful information and tips on key medical and life-enhancing conditions on the…
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Ecobank appoints new group chairman
Ecobank Transnational Incorporated (ETI) has appointed Emmanuel Ikazoboh as the Group’s new Chairman. The decision was arrived yesterday at the Annual General Meeting (AGM) of ETI held at the Group headquarters in Lomé yesterday. Emmanuel Ikazoboh is an accountant with over 35 years experience in international business management and corporate advisory roles in both the…
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Adenta aviation hub to be converted into an industrial centre
Government is to go ahead with plans to convert the land for the proposed Adenta aviation hub into a light industrial area after smoking the peace pipe with land owners. The parcel of land which is in Adenta covers about 600 acres. It was acquired by government through the transport ministry in the 1960ties from…
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Moody downgrades GCB to B2
Moody’s Investors Service on Wednesday lowered the Ghana Commercial Bank’s global local-currency long-term deposit ratings to B2, from B1, and the foreign-currency deposit ratings to B3, from B2, saying outlook is negative. “The outlook on these ratings remains negative. Concurrently, the E+ standalone bank financial strength rating, which is equivalent to a B2 baseline credit…
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Stanbic Bank introduces Diaspora Mortgage
Stanbic Bank Ghana has launched a first of its-kind Diaspora Mortgage product which is specifically designed for Ghanaians living abroad. Home Loans Officer at Stanbic Bank, Ms Anna Owusu-Sekyere, said the Stanbic Diaspora Mortgage can be used for home completion, building of a new home, equity release and for buy-to-let purposes. The new product offers…