Category: Business
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Stanbic MD backs BoG’s request for updates on collapsed banks
Managing Director of Stanbic Bank, Alhassan Andani has backed the Central Bank’s decision to compel receivers of the seven collapsed banks to present a quarterly update. Mr. Andani is hopeful this will ensure discipline within the banking space. His comments come at the Central Bank’s frustration over the slow pace of work by receivers of…
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Minority opposes IMF’s calls to reduce producer price of cocoa
The Minority in Parliament has called on the government to ignore calls from the International Monetary Fund (IMF) to reduce the producer price of cocoa from the current GH¢7,600 per tonne. According to the IMF, it has become critical for government to reduce the producer price of cocoa to ensure that the Ghana Cocoa Board…
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US Exim supports Ghana’s 1 district, 1 factory with $300m facility
The Export-Import bank of the United States and the Ghana Export-Import Bank have signed an agreement to finance the export of US produced goods and services for Ghana’s “one district, one factory ” program. The 300 million dollar loan facility from the US Exim bank will be given to qualified Ghanaian Small and Medium sized…
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Fidelity bank records GH¢164m in profits for 2018
Fidelity bank posted a profit after tax of 164 million cedis in 2018. This is 82 percent higher compared to the previous year’s performance. Within the period, the bank also worked to reduce its exposure to impairment by 17 percent. The management attributed the development to its strengthened credit risk policies. Speaking to Citi Business…
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PDS cuts power supply over routine maintenance
Power supply to some parts of Accra will be interrupted over the next three days. This follows routine maintenance works by the Power Distribution Services Company (PDS) on some of its supply stations. The exercise which started on Thursday [April 25, 2019] will end on Sunday [April 28, 2019]. On the first day, the areas…
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Tullow Oil shuts down TEN FPSO for maintenance
Tullow Oil has announced a twelve day shutdown of the Floating Production Storage and Offshore (FPSO) operating on the TEN oilfields in the Western region. The exercise commenced on Monday (April 22, 2019) and it is to end on Thursday (May 2, 2019). A statement from Tullow to Citi Business News said the move is…
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Govt officials signing bad energy contracts to be prosecuted
A new Energy Sector Reform Document yet to be approved by cabinet will allow for the punishing of officials who sign bad contracts in the energy sector. This, according to the Energy Sector Reform Committee will help reduce debts in the sector. Also in the document are recommendations to ensure that the energy sector debt…
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GIPC challenges BoG, insists its FDI figures published are correct
The Ghana Investment Promotion Center (GIPC) has described the recent calls for an interrogation of its Foreign Direct Investment (FDI) figures as very unfortunate. This comes after some stakeholders including Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey as well as the Head of Research at the…
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Gold worth billions smuggled out of Africa–Report
Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond – a Reuters analysis has found. Customs data shows that the UAE imported $15.1 billion worth of gold from Africa…
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NEDCo loses 54.1 million dollars in Power Compact Two funds
The Northern Electricity Distribution Company (NEDCo) has lost an opportunity to benefit from a 54.1 million dollars fund under the Millennium Power Compact Two programme. The fund was expected to be used for NEDCo’s Financial and Operational Turnaround Project to make the electricity distribution company effective in the north. A press statement from the Ministry…