Author: Pius Amihere Eduku
-
adb’s profit after tax drops by 36% in 2020 1st quarter
The Agricultural Development Bank’s (ADB) profit after tax for the first quarter of 2020; dropped by 36%. It recorded 13.3 million cedis for the first three months of the year, down from the 20.82 million cedis recorded in the same period in 2019. An analysis of the first quarter performance of ADB by Citi Business…
-
Passion Air to consider Government’s support to sustain operations
Domestic Airline operator, Passion Air, says it will consider seeking assistance from the government’s stimulus package to strenghten its operations amidst the economic impact caused by the coronavirus pandemic. The Sales and Marketing Manager for Passion Air, Samuel Razak Tachie, in an interview with Citi Business News said support from Government should ease the burden…
-
MTN’s profit grows by 62% to record GH¢350m in 2020 1st quarter
MTN recorded profit after tax of about 350 million cedis for the first three months of 2020; representing 62 percent growth over the 2019 figure of 215 million cedis. This means between January and March 2020, the telecommunication company recorded about 134 million cedis more in profit after tax. For the first three months of…
-
Domestic airlines reduce passengers by 50% to enforce social distancing
Domestic airline operators have been forced to reduce their airline passenger numbers by about fifty percent in a bid to abide by the social distancing protocols as part of measures to control the spread of the coronavirus disease. The decision follows the resumption of domestic flights after about a month of inactivity due to the…
-
Francis Boateng named as new TOR MD
President Akufo-Addo has nominated Mr. Francis Boateng as the new Managing Director for the Tema Oil Refinery according to Citi News sources. He replaces the immediate MD, Kweku Asante Berko, who resigned over allegations of his involvement in a bribery scandal by the Securities and Exchange Commission in the U.S.A. TOR has been without a…
-
Domestic airlines to resume operations from today
Domestic airline operators are to resume flights from Accra to various destinations, startng this Friday, [May 1, 2020]. It follows the completion of a disinfection exercise carried out at the various airports in Accra, Tamale, Kumasi and Takoradi. A statement from the Ghana Civil Aviation Authority (GCAA) to Citi Business News said the Authority, together…
-
Fuel prices to drop between 3 to 5% at pumps from today – IES
Consumers of petroleum products should be paying lower prices for fuel they purchase at the various pumps, for the next two weeks which is the first pricing window in May. Energy think tank, Institute of Energy Security, told Citi Business News its analysis shows a reduction of between 3 to 5% for the period spanning Friday…
-
GCB Bank’s profit increases by 40% to reach GH¢92m in 2020 1st quarter
GCB Bank recorded profit after tax of 92.4 million cedis for the first quarter of 2020; representing a growth of 40%. This was contained in the bank’s published financial results for the period. For the period spanning January to March 2020, GCB Bank’s profit before tax increased by about 34% to record 122.4 million cedis.…
-
Supreme Court dismisses application challenging the merger of Dannex, Ayrton and Starwin
The Supreme Court has unanimously dismissed an application to quash an order of the High Court, which confirmed the merger of Dannex Limited, Ayrton Drug Manufacturing Limited and Starwin Products Limited. In November 2019, the High Court in Accra granted an Order confirming the merger of Dannex Limited, Ayrton Drug Manufacturing Limited and Starwin Products…
-
Investment remains highest share of banks’ assets despite slow growth in February
A new report released by the Bank of Ghana(BoG) on the country’s banking sector performance shows that the largest component of assets of banks, that is investments, recorded a growth of 7.2% as at February 2020. This is lower compared to the 33.3% growth recorded in the same period in 2019. According to the Bank…