Author: citibusinessnews

in Business

Foreign investment in China fell in May to its lowest level in 16 months, partly due to slowing growth. The government says China attracted $8.6bn (£5.1bn) in foreign direct investment (FDI) in May. That is a 6.7% fall from the same period last year and marks China’s weakest FDI report since January 2013. Economists say…

BoG turns to Yuan to save troubled ¢edi

Jun 17, 2014

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in Business, Local Economy, Top Stories

The Bank of Ghana (BoG) is pushing for the use of the Chinese Yuan as the alternative foreign trading currency to the United States dollar. It has consequently made the Yuan available to commercial banks as the alternative settlement currency to businesses who want to trade in the Chinese currency. The Head of Financial Stability…

Legal battle between HFC & Republic bank commences

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The legal tussle between HFC bank and Republic bank of Trinidad and Tobago over moves by the latter to take over the former today commenced at a commercial court in Accra. HFC bank wants the court to place an interlocutory injunction on the takeover. It believes there was a breach of procedure in the execution…

GUTA welcome reviewed forex rules

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The Ghana Union of Traders’ Association (GUTA) has welcomed the review of the foreign exchange rules introduced by the bank of Ghana in February this year to help save the cedi from further fall against the dollar and other major foreign currencies. GUTA has expressed delight with the 50,000 dollar increase in the threshold for…

SEC to monitor HFC bank shares on GSE

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The Securities and Exchange Commission (SEC) says it is currently monitoring the performance of HFC Bank shares on the Ghana Stock Exchange (GSE). This follows the change in the price share of the stock, from 1 cedi 47 peswes to 1 cedi 60 pesewas, 13 pesewas increase, after only 100 shares were traded on the…

Chinese Currency, Yuan now available in Ghana

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The Bank of Ghana has announced that the Chinese currency, the Yuan Renminbi is now available for traders who would want to use it for business transactions. The move to introduce the Yuan in Ghana follows the high demand for US dollars by traders who transact business with their Chinese counterparts. This however according to…

NPA maintains prices of petroleum products

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in Business, Oil And Gas

Users of Petroleum products have again been spared of an increase in the prices of fuel. The National Petroleum Authority in its latest review of the prices of the petroleum products maintained the last rates. The review takes effect from today. Petrol is still going for 2 cedi 73pesewas per litre, diesel 2 cedis 68…

Crew aboard hijacked oil vessel sacked

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in Business, Oil And Gas, Top Stories

Three crew members who were working on the Marine 711 vessel which was attacked by pirates on June 4, 2014 off the coast of Ghana have been sacked by their employers, World Marine Company. According to a handwritten letter handed to the sailors, they were accused of failing to discharge their duties, hence the decision…

SSNIT pays questionable GH¢2.4million to Vanef

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