Category: Business
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Cylinder Recirculation Model not abandoned—Hassan Tampuli
The National Petroleum Authority (NPA) has started meetings with stakeholders in the LPG value chain this week to deliberate on possible timelines for the implementation of the Cylinder Recirculation Model. Already, the National Petroleum Authority has said that it is ready to begin the implementation of the Cylinder Recirculation Model of LPG distribution in the…
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OmniBank, Sahel Sahara bank complete merger; now OmniBSIC
OmniBank Ghana Limited and Sahel Sahara Bank Ghana limited (BSIC) have merged into a new entity named Omnibsic. The two entities thus will effective today (4th March) operate under the merged name Omnibsic. The merger was necessitated in their bid to meet the meet the Bank of Ghana’s new minimum capital requirement of 400 million…
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Cedi depreciation tilting towards EIU predictions
As the cedi continues to show some weakness against the dollar, there are calls from observers to halt the rate of depreciation the currency to stabilize prices. The local currency since the beginning of the year has seen over 8.6 percent depreciation, causing currency analysts to question measures put in place to stabilize the cedi.…
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Importers advocate use of Chinese Yuan to reduce FX pressures
The Business Community is pushing for an immediate introduction of the Chinese Yuan as a major trading currency in Ghana to reduce pressures on the Foreign Exchange (FX) market. This, according to business owners especially importers, will reduce the pressure on the dollar which accounts for the free fall of the cedi. China is Ghana’s…
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FBN Ghana working with EXIM bank to invest in agric–CEO
FBN Bank Ghana Limited, has disclosed that it is working in close collaboration with the EXIM Bank to support businesses interested in entering the agricultural sector. According to the bank, it will use its experience of supporting such businesses from Nigeria to do same in Ghana. A number of banks in the country have over…
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Prices of fuel exceed 5 cedis per litre mark—IES
Consumers should brace themselves to pay more for fuel at the various pumps as the price exceeds 5 cedis per litre. This is according to the Institute of Energy Security (IES). The IES says the increment in price of fuel is occasioned by the 6.33% rise in average Brent crude price, as well as a…
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Airlines to pay $5 more for using KIA Terminal 3 counters
Effective today [March 1,2019], Airline companies using the Terminal Three facility at the Kotoka International Airport will pay 5 dollars per hour for using the counters at the facility. The new fee which is known as the Check-in Counter fee, was disclosed in a letter which was sent by the Ghana Airport Company to the…
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Defunct Heritage bank workers asked to go home
The Receiver of defunct Heritage Bank, Vish Ashiagbor has directed that all branches of the bank across the country should cease operations except the Tema Community 1, and Suame – Kumasi branches. A letter by Vish Ashiagbor sighted by Citi Business News said “Consolidated Bank Ghana will cease to operate the former branches of Heritage…
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Good news for defunct DKM customers yet to receive funds
The Registrar-General, the Official Liquidator for defunct Diamond Microfinance Limited, DKM, has asked depositors to collect their payments from selected GCB Bank branches by May 31, 2019 or forfeit their monies. In a public notice, the Liquidator said depositors who filed cases in court against DKM and wish to withdraw the case can also do…
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GCAA issues first certificate for commercial drone services
The Ghana Civil Aviation Authority(GCAA) has issued the first certificate for the operation of commercial drone services in the country. SKT Aeroshutter the company which was awarded the permit will operate in the agricultural, mining and construction sectors. Drone services are quite common in Ghana but for only recreational services such as of videoing. Commercial…