Category: Business
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Gov’t, MiDA break grounds for new bulk power supply point
Government has challenged the contractors on the Pokuase Bulk Supply Point Project not to default on the 2021 deadline for the completion of the project. The project is part of the 498.2 million dollar Ghana Power Compact funded by the United States Government through its agency, the Millennium Challenge Corporation (MCC). The Ghana Power Compact…
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Public sector pensioners decry meager SSNIT benefits
As Ghana joins the rest of the world to mark International Labour Day on May 1, 2019, some pensioners retiring from the public sector want the managers of the Social Security and National Insurance Trust (SSNIT) to modify their operations to improve the living conditions of beneficiaries. The pensioners tell Citi Business News the meager…
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Electronic procurement system to save Ghana 100 million dollars annually
Government is expected to save up to US$100 million annually following the introduction of an electronic platform for procurement services within the public sector. Some experts have indicated that procurement breaches constitute about 90% of corruption cases in the country. In order to control this, the government has launched a digital platform for the tendering…
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MTN pays 17 million cedis as interests on mobile money
MTN Ghana has commenced payment of 17.1 million cedis to 10,630, 175 customers as interest earned for the first quarter of 2019. The payments commenced on Sunday [April 28, 2019]. A statement from MTN to Citi Business News said the 2019 first quarter payments brings to over 156.2 million cedis in interest paid to Mobile…
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Economist lauds BOG’s directives on forex importation and exportation
A financial economist Dr. Lord Mensah has welcomed the Bank of Ghana’s(BoG) directives on the importation and exportation of foreign currency in and out of Ghana. The Central Bank in a notice to the general public has warned of serious repercussions for any person arriving in or departing from Ghana with undeclared amounts in excess…
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Funds of 5 collapsed investment companies safe–SEC
The Securities and Exchange Commission (SEC) has assured customers of five collapsed fund management firms that their investments are safe. Last week, the S.E.C revoked the licenses of the companies for breaching rules guiding their operations. The companies include; Georgetown Capital Partners Limited, Equity Capital Limited, Index Analytics Limited, DM Capital limited and Oxygen Advisory…
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BOG warns public of export and import of foreign currencies
The Bank of Ghana(BoG) has warned of severe consequences for persons who flout its rules concerning the importation and exportation of foreign currencies. In an announcement to the public, the central bank stated that it has powers under the Foreign Exchange Act, 2006 (ACT 723) to make rules governing the importation of foreign exchange and…
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$95m spent between 2013, 2016 without drilling a single oil well – Amin Adam
The Energy Ministry says none of the 13 petroleum contracts signed between 2013 and 2016 for oil exploration was operationalized. The Ministry says the said companies which were contracted by the former government to drill 14 wells spent only $95 million instead of the $890million they were supposed to have spent as stated in the…
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Railway Workers Union calls for salary review
The Ghana Railway Workers Union is calling on the management to review the salary structure of its members. The call comes ahead of workers day celebrations on 1st May. The workers tell Citi Business News their constant calls have not yielded positive result as management has not been responsive to their plea. Among other things, the railway…
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Producer Price of cocoa cannot be increased now–COCOBOD to Minority
The Ghana Cocoa Board has chastised the minority for calling for an increase in the producer price of cocoa, saying COCOBOD has been vindicated for taking steps to maintain the producer price at GHC 7,600 per tonne despite cocoa prices’ bad performance on the international market in recent years. The comments follow a recent call…