Category: Business
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Former workers of Consolidated Bank given Provident Fund, Pension contribution
Former workers of the five consolidated banks, Unibank, Beige, Royal, Construction and Sovereign banks may be heaving a sigh of relief as Citi Business News has gathered the workers can now access their tier 3 pension contributions, and Provident Funds. The Provident Fund is money the workers voluntarily contributed personally to a scheme which was…
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Key tourist sites to receive facelift—Ghana Tourism Authority
The Ghana Tourism Authority (GTA) has announced that key tourist sites in the country will receive a face lift within the short to medium term this year. The announcement comes at a time the CNN has ranked Ghana forth out of nineteen countries as top destinations in the world to visit this year. For years,…
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Ghana Airport Company MD sacked
The Managing Director of the Ghana Airport Company Limited, Mr. John Dekyem Attafuah, has been sacked from his position with immediate effect. According to sources, the dismissal letter dated 16th January 2019, was signed by the Aviation Minister, Joseph Kofi Adda, and addressed to the Board Chairman. Mr. John Dekyem Attafuah has been directed to…
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SEC, EOCO collaborate to investigate Menzgold
The Securities and Exchange Commission (SEC) has told Citi Business News, it is working with the Economic and Organized Crime Office (EOCO) and the Attorney General to speed up investigations into the operations of Menzgold. It follows the dismissal of a suit filed against the SEC and Bank of Ghana by gold dealership firm, Menzgold…
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Cedi depreciates by 11% against the dollar over one year period
The cedi has depreciated by 11 percent between January 2018 and the same period this year [2019]. The local currency is now trading at 4 cedis 91 pesewas to a dollar on the interbank foreign exchange market. This is also remarkable as some currency analysts have predicted that the cedi could hit 5 cedis to…
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Improve system at ports to boost revenue—Importers Association
Importers and Exporters in Ghana have urged the Ghana Revenue Authority (GRA) to improve its systems at the ports to help the Finance Ministry meet its revenue target. According to the importers, even though government introduced some new measures at the ports –the policies failed to yield full results since its implementation faced many challenges.…
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Springfield Group recognized by London Stock Exchange Group
Ghanaian energy giant, Springfield Group’s contribution towards the development of Ghana and Africa’s energy requirements continues to be recognized. Springfield was recognized and listed by the London Stock Exchange Group (LSEG), along with a handful of others, in LSEG’s Companies to Inspire Africa in 2019 Report launched in London yesterday. The selection was made from…
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“I was asked to resign from office by Finance Minister”—Former Deputy BoG Governor
Former Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama has rejected assertions that he resigned from the Bank of Ghana (BoG) due to his involvement in embattled gold dealership firm Menzgold. Dr. Asiama in reaction to an alleged statement made by a Vice Chairman of the NPP, Omarie Wadie that Dr. Asiama…
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Tullow records 1.8 billion dollars in revenue for 2018
Tullow Oil’s 2018 revenue reached 1.8 billion dollars, according to its January Trading Statement released on Wednesday, January 16, 2018. The oil company also recorded additional proceeds of 0.2 billion dollars from Corporate Business Interruption insurance. Again, the Trading Statement said that Tullow’s net debt at the end of 2018 is estimated at 3.1 billion…
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EOCO delaying arrest of cryptocurrency scam operators—Victims allege
Victims of cryptocurrency scam, Global Coin Community Help are accusing government of dragging its feet in addressing their grievances. According to them, although their issue is similar to that of Menzgold, government has failed to bring the perpetrators to book, several months after their deposits amounting to 135 million cedis got locked up in crypto-currency…