Category: Business
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Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 billion charge
Oilfield services giant Schlumberger NV (SLB.N) on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by…
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COVID-19: Smock Weavers in Bolgatanga lament low patronage
Ghana’s textile industry has been an important source of livelihood for many despite the challenges it has faced in recent years. But the traditional textiles sub-sector in particular, which produces Kente and the smock, has gained very little attention from the government. Amidst the economic impact caused by the novel coronavirus pandemic, smock weavers at…
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Ghana’s debt stock rises to GHS255.7 billion
Ghana’s debt stock has risen to GHS255.7 billion, as of June 2020. Some GHS50 billion has been added to the debt stock in the last 12 months. Provisional figures from the Finance Minister, Ken Ofori-Atta, indicated that the current debt stock is 66.36 percent of GDP. “The increase was mainly as a result of a Eurobond issuance…
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North East Region: Philanthropist supports farmers with grains to sustain them in lean season
It is that time of the year for farmers, the lean season; which is the period of planting and harvesting in parts of the country. That has ushered some vulnerable households into hunger and starvation in parts of the North East Region where families face a tough time meeting their daily food needs. Some are…
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Use of electronic payment channels records 81% growth in 2020 1st half – GhIPSS
Latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS) show that patronage of electronic payment channels that go through the GhIPSS platform, increased by 81 percent in the first half of this year compared to the same period last year. According to GhIPSS, the total volume of transactions spanning January to June 2020,…
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![Mortgages in Ghana – The myths and the facts [Article]](https://citibusinessnews.com/wp-content/uploads/2020/07/1-7.jpg)
Mortgages in Ghana – The myths and the facts [Article]
If you are renting now, buying a home could be a better financial decision. Of course, that depends on several factors such as; where you live, how much you pay now as rent, an available fit-for-purpose house you can afford, current mortgage interest rates and your aspirations. Taking your first steps towards home ownership –…
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ADB customers can now self-register for the bank’s USSD service
Customers of Agricultural Development Bank (ADB) can now seamlessly self-register for the Bank’s *767# USSD service without visiting any branch of the Bank. This service allows customers to link their mobile money wallet to their bank accounts, check account balance, view mini statements, transfer Funds (account to wallet, wallet to account, inter-bank transfers, intra-bank transfers),…
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BoG’s Monetary Policy Committee begins 3-Day meeting today to assess economy
The Monetary Policy Committee of the Bank of Ghana is scheduled to begin it’s regular meetings from Wednesday through to Friday, July, 24. The 95th meeting of the MPC is to review developments in the economy and take certain critical decisions. The meeting will also come out with the Monetary Policy Rate which is of…
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Over 90% percent of foreign retailers have no permit to trade – GUTA
The Ghana Union of Traders Association, GUTA, says it will keep pushing to ensure that foreigners without the requisite documents to trade, are forced out of Ghana’s retail space. According to GUTA, majority of the over 600 shops they had locked up, have been forcibly reopened by the foreign retailers particularly Nigerians, against the orders…
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Silver Star Auto Ltd. launches new dealership for Citroën brand of vehicles
Leading automobile dealer, Silver Star Auto, has launched its new dealership in Accra for Citroën brand of vehicles. Speaking to citibusinessnews.com, the Executive Director of the company, Nouhad Kalmoni, said the new facility will showcase top of the range vehicles such as the new Citroën Cactus SUV, Aircross SUV, Citroën Jumper and Citroën Berlingo Van,…