Author: citibusinessnews
-
Aker Energy’s investment key to the Ghanaian economy – Akufo-Addo
President Akufo-Addo has announced that Norwegian oil firm, Aker Energy, is set to make some huge investment in Ghana in the coming months. The company recently entered into a Letter of Intent with Yinson Holdings Berhad to award a bare-boat charter and an operations and maintenance contract for a floating, production, storage and offloading (FPSO)…
-
Reduction in number of indigenous banks unhealthy for economy – IEA
The Institute of Economic Affairs (IEA), an economic policy think tank, has said the result of the financial sector clean-up carried out by the Bank of Ghana which saw a reduction in the number of indigenous banks, has left the country’s financial sector in an unhealthy position. Banks operating in Ghana reduced from 35 to…
-
Mobile voice subscription rises above 41 million due to multiple SIM use – NCA
The total number of mobile voice subscriptions in the country for the month of January 2020, has gone beyond 41 million, the telecoms regulator has revealed. The National Communications Authority (NCA) in its latest industry information said the four mobile network operators account for about 41.4 million subscriptions. This figure represents over 133 percent penetration…
-
Takoradi Port expansion: Dredging works begin on $500m multi-purpose Atlantic Terminal
Dredging Works have begun on the 500 million-dollar Multi-Purpose Atlantic Terminal expected to pave way for the Takoradi Habour to increase its annual container capacity from the current 50 thousand to one million twenty-foot-equivalent units of containers. The integrated container and multi-purpose Atlantic Terminal Services is a build-operate-transfer project between IBISTEK, an indigenous firm and…
-
Banks and other financial institutions to be trained on agricultural credit risk management
Banks and other financial institutions in the country will soon be trained with the requisite practical knowledge and skills needed to enable them increase financial access to agriculture and agribusiness organizations. The program, spearheaded by the Ghana Incentive-based Risk System for Agricultural Lending (GIRSAL) with assistance from the National Banking College will also build the…
-
Payment for customers of collapsed Microfinance and S&Ls delays again
Checks by Citi Business News at a number of Consolidated Bank Ghana branches on Monday, February 24, 2020, did not indicate that payment for customers of defunct microcredit, microfinance and savings and loans companies, was taking place as expected. Following President Akufo-Addo’s assurance of payment from 24th February, during the state of the nation address,…
-
Customers of collapsed Fund Managers accuse gov’t of neglecting them
Customers of defunct fund management companies have expressed worry about government’s seeming lack of concern in the recovery of their locked up funds. President Akufo-Addo in the State of the Nation Address last week assured customers of defunct Savings and Loans and Microfinance Companies including DKM customers, that they will be paid their funds in…
-
Nigeria’s border will be reopened upon ECOWAS’ recommendation – Prez. Buhari
The President of Nigeria, Muhammadu Buhari, has appealed to neighbouring countries in the West African sub-region to exercise restraint over the continuous closure of Nigeria’s border with Benin which has affected countries such as Ghana. He says the borders will only be reopened upon recommendations from the Economic Community of West African States (ECOWAS). His…
-
NPA will not shield culprits in illegal fuel trade – Tampuli
The Chief Executive Officer of the National Petroleum Authority, NPA, Hassan Tampuli, says his outfit will not spare groups or individuals found to be engaging in illegal fuel trade. Mr. Tampuli, speaking at the launch of the second phase of the Petroleum Product Marking Scheme said the Authority will be tough with its mandate to…
-
GOIL’s 0.2 percent fuel price reduction unacceptable – Alex Mould
Former Chief Executive of the National Petroleum Authority, Alex Mould has described as scandalous the recent fuel price reduction by Ghana Oil Company Ltd (GOIL) According to Mr. Mould, GOIL’s percentage price drop is insignificant as the price of oil on the international market has fallen drastically. “Oil prices down 7.5%, cedi appreciates from 5.7…