Category: Business
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420 workers of UT, Capital banks lost their jobs after GCB takeover — GCB MD
GCB Bank has told Citi Business News a total of 420 workers lost their jobs after it took over the defunct UT and Capital banks two years ago. This was after the workers did not meet the requirements set by the bank. The disclosure was made when the company took its turn at the Facts…
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GOIL commits US$25 million in Exxonmobil deal
GOIL has revealed said it is going to cost the company about US$25 million in the next five years as the local partner in Exxonmobil’s Deep Water Cape Three Points’ oil exploration programme. According to Goil, this will be done through its wholly-owned subsidiary, GOIL Offshore Company Ltd. Speaking at GOIL’s 50th Annual General Meeting…
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Kweku Awotwi elevated to Executive Vice President of Tullow plc
Tullow Oil Plc has appointed Kweku Andoh Awotwi, Managing Director of Tullow Ghana Limited (TGL), to the position of Executive Vice President following a reorganization exercise. The Tullow Ghana’s business, previously under its West Africa’s business, is now a standalone entity under the new Group structure. The company said the move reflects the materiality and…
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Chamber of Mines releases names of gov’t reps on boards of mining firms
The Ghana Chamber of Mines has provided the names of the government’s representatives on the Boards of some mining companies cited for depriving the state of revenue in the form of dividends. The list however falls short of two of the companies that have been identified as not paying dividends to the state. The representatives…
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Tullow Ghana pays first dividend in four years
Tullow Plc has announced the payment of US$67 million as dividend to its shareholders for the year 2018 — the first time in four years. The company also announced a new dividend policy which will allow it to pay dividend of US$100 million annually to shareholders. Chief Executive of Tullow Group, Paul Mcdade said the…
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Goil gets shareholders approval for 5% stake in ExxonMobil
Shareholders of Goil have given approval for the company to own a five percent stake in the operations of Exxon Mobil in Ghana. The decision was arrived at following majority acceptance of the arrangement at Goil’s Annual General Meeting on Thursday, May 23, 2019. Addressing shareholders at the AGM, board of Directors which was very…
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Minings firms deny US$14 million gov’t dividends rip-off
The Ghana Chamber of Mines has refuted claims that some of its members pocketed US$14 million supposed to be paid to the government as dividends payments between 2013 and 2016. An investigation by an anti-corruption institution, iWatch Africa, had revealed that some six mining companies operating in the country defaulted in paying dividends to the…
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Find out why Exxonmobil, BP pulled out of bidding rounds–ACEP demands
The Africa Center for Energy Policy (ACEP) has charged the Ministry of Energy to undertake some serious introspection to find out why big companies like ExxonMobil and British Petroleum, (BP) pulled out of the competitive bidding process for the 3 oil blocks put on offer by the Government. Out of the 14 companies that were…
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Editorial: Transparency, accountability in extractives non-negotiable
Despite having numerous legal provisions and industry reports all aimed at deepening transparency in the oil and gas sector, these are yet to lead to any meaningful accountability. It does appear that not much has been done to demand accountability in the oil and gas sector. Ghana, since the discovery and commercial production of oil,…
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Cal Bank adopts agency banking for expansion
CAL Bank has disclosed its new strategy to resort to agency banking to meet the changing phase of banking in Ghana. As a result, the bank says it will reduce the construction of brick and mortar structures which should help in optimizing cost while improving on its service delivery. The Managing Director of Cal Bank,…