Author: citibusinessnews
-
Empowering youth with financial literacy key to boosting capital market growth – Abena Amoah
Managing Director of the Ghana Stock Exchange, Abena Amoah has highlighted the need for stakeholders within the financial space to put in place policies to empower the youth with financial literacy skills According to Madam Abena Amoah, this will encourage them to develop interest in finance management and investment, a move which will support the…
-
Momo fraud: Don’t entertain conversations about your account – MTN warns
Mobile telecommunication network, MTN is calling on the public to be vigilant in order not to fall victim to mobile money fraud. In recent years, many subscribers have complained about how they have been defrauded. These scammers trick them (unsuspecting persons) into believing that they are officials of mobile telecom companies and end up defrauding…
-
Budget review: COPEC warns against introduction of new taxes on fuel
The Chamber of Petroleum Consumers (COPEC) has issued a strong warning to the government to refrain from plans to introduce new taxes on petroleum products in the mid-year budget review. The Finance Minister, Ken Ofori-Atta, is expected to present the Mid-year budget review to Parliament on July 25, 2023. COPEC says its sources have revealed…
-
Government seeks strategic investor to galvanize Integrated Aluminium Industry
The Volta Aluminum Company (VALCO) was established as a collaborative venture between the Government of Ghana and Kaiser and Reynolds of the United States of America. VALCO started operations in 1967, with ownership then vested in Kaiser Aluminum and Chemical Corporation (Kaiser) and Reynolds Metals Corporation (Reynolds). Kaiser owned 90% of the shareholdings and the…
-
Jubilee field producing over 100,000 bopd
Tullow Oil has announced that gross crude production on the Jubilee Field has surpassed 100,000 barrels per day for 2023. This was captured in an operational update to investors on July 17, 2023. According to Tullow Oil, this was after the recent start-up of the Jubilee South East (JSE) project well was brought on stream.…
-
Cocoa bills debt exchange an indication govt can’t pay its debts – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson, says COCOBOD’s invitation to holders of its short-term debt securities (cocoa bills) to exchange that for longer-term debt securities is simply an indication of the government’s inability to pay its debt. The financial analyst says the invitation is simply an extension of the recent domestic debt…
-
Tullow oil production at Jubilee south east surpasses 100,000 barrels
Tullow Oil has revealed that gross production from its Jubilee South East project has surpassed 100,000 oil-barrels a day after a second well was brought onstream. The oil-and-gas company said both wells at the project located offshore Ghana are performing in line with expectations and have increased production rates by around 50% compared with the…
-
Bank of Ghana gold reserve increases — Governor
Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has announced that the central bank has seen an increase in its gold reserves this year. He said by June 30, the BoG had added more than 7.70 tonnes of monetary gold to its gold reserves, of which the mining firms accounted for about 80…
-
Central Bank tightens sale of gold regime to address destructive artisanal mining
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said that the central bank, together with the Lands and Natural Resources Ministry, has introduced rigorous measures to curb environmentally destructive artisanal small-scale gold mining and its sale. Dr. Addison made the announcement at the opening of the 4th Ghana Mining Expo in Takoradi,…
-
Holders of COCOBOD cocoa bills invited for voluntary debt exchange
The Ghana Cocoa Board (COCOBOD) has extended an invitation to holders of its short-term debt securities (cocoa bills) to exchange that for longer-term debt securities. The exchange program being undertaken by COCOBOD is also with a longer-term principal maturity date. Participation in this invitation to exchange is however voluntary. Notwithstanding the invitation to exchange eligible…