Category: Business
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CSOs must monitor activities of Upstream Petroleum Chamber—IES
The Institute of Energy Security (IES) has urged civil society groups to closely monitor the activities of the newly formed Upstream Petroleum Chamber. The formation of the chamber is to promote upstream oil and gas exploration in the country. Some of the companies that are part of the chamber include Tullow Oil Ghana, Kosmos Energy…
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UMB announces departure of CEO
After four years of dedicated and growth oriented service to the Bank, the Board of UMB announce the departure of their CEO, Mr. John Awuah. John Awuah joined UMB and has over the years initiated and championed successful strategies with the private sector as well as partnered the public sector on initiatives for the development…
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Govt to issue US$403m bond for 5 undercapitalized banks
Government will issue a 403 million dollar bond this month to finance the five undercapitalized banks under the Ghana Amalgamated Trust (GAT), a report by Bloomberg has indicated. Government through the Ministry of Finance created the Ghana Amalgamated Trust, as special purpose vehicle to help five banks which were undercapitalized to meet the 400 million cedis…
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World bank modernizes Ghana post in 2 phases
The World Bank has slashed by half funds it allocated to Ghana Post for the modernization of 50 post offices under the e-transform project. Slashing of the money from 3.5 million dollars to 1.7 million dollars according to the Communications Ministry, was due to a decision made by the bank to modernize Ghana post in…
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Value of Mobile Money transactions grow significantly—BoG report
The latest figures released by the Bank of Ghana (BoG) indicate that the value of mobile money transactions grew significantly in 2018. The data also showed an increase in the number of transactions Ghanaians made on the mobile money platform last year. According to the data, the total value of mobile money transaction from 2017…
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Petroleum Commission sanctions 15 companies for flouting local content law
The Petroleum Commission has revealed to Citi Business News that it has for the past two years sanctioned about 15 companies in the Petroleum Upstream sector for violating the local Content Law. Chief Executive of the Commission, Egbert Faibille who revealed this said the companies were sanctioned after several discussions to ensure those companies complied…
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Six fund managers exit investment market
The Securities and Exchange Commission (SEC) has cautioned the public against doing business with some six fund management companies who have voluntarily ceased their operations. The companies cited various reasons for the decision. As a result, the regulator says they are not supposed to engage the public in that capacity henceforth. The fund management companies…
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IES predicts fuel price increase by 2 pesewas for a litre
The Institute for Energy Security (IES) is predicting a substantial rise in fuel prices at the pumps. Consumers are expected to pay 2 pesewas more for every litre of fuel purchased at the pump. The news comes after more than six Pricing-windows of continuous fuel price declines and stability. IES attributes the increase to a…
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U.K. Floats Open-Ended Irish Veto to Break Brexit Impasse
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Goldfields improves productivity with contract mining – Chamber of Mines
The Ghana Chamber of Mines has disclosed to Citi Business News that the change in operations by Goldfields has led to increased productivity at the company’s Tarkwa mine. Goldfields, in 2018 announced a major shift in its mining operations from owner to contract mining sparkling a lot of controversy from labour unions over job losses.…