Category: Business
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Gold Coast Holdings discontinues sale of SF products
Gold Coast Holdings is discontinuing the sale of its structured Finance (SF) products effective 22nd October 2018. This follows a directive by the industry regulator, the Securities and Exchange Commission (SEC) directing all SF related products which guaranteed return on investments to no longer be offered by Fund Managers across the country and such positions…
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Energy Commercial Bank extends IPO
Energy Commercial Bank Limited has extended its Initial Public Offer (IPO) that was expected to end on Friday 2nd November, 2018 to 16th November, 2018. This follows approval for extention by the Securities and Exchange Commission. Anita Arthur looks at the implication of the extension on the banks move to raise money from the bourse.…
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GRA revokes licenses of some freight forwarders for under declaration
The Ghana Revenue Authority (GRA) has revoked the licenses of some freight forwarders for falsifying the port of loading from India to other countries. According to the Customs Division of the GRA, the companies under declared the values presented to Customs for duty and tax purposes. The actions of the companies are said to have…
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Monitor tax incentives for foreign companies–IFS to gov’t
Government will continue to fall short of its revenue from tax collection, if waivers and tax incentives to foreign companies are not strictly monitored. This is according to the Institute of Fiscal Studies (IFS). According to the institute such, incentives and waivers are often abused by foreign companies if not properly monitored. The Ghana Revenue…
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MD of Fidelity Bank Jim Baiden retires
The Managing Director of Fidelity Bank Mr.Jim Baiden has announced his retirement from the bank. Confirming his retirement to Citi Business News, Mr. Baiden stated that he officially retired from Fidelity Bank on Friday October 26 2018. Mr. Baiden has been in the banking industry for about three decades. According to the bank’s website, Jim…
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Dr. Nduom to retire from Groupe Nduom in December
The founder and owner of Groupe Nduom, Dr. Papa Kwesi Nduom has resigned as the Chairman of some of the companies under Groupe Nduom. This is a move taken ahead of a decision to retire by end of December this year. According to the Head of Corporate Affairs of Group Nduom, Frank Owusu Ofori, Dr.…
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![Ghana’s flower industry seeing major boost [video report]](https://citibusinessnews.com/wp-content/uploads/2018/10/flowers-1.jpg)
Ghana’s flower industry seeing major boost [video report]
Flowers form an essential part of human life. Perhaps its cultivation and relevance date back to when life started on earth. In this contemporary era, the business of buying and selling flowers especially in Ghana has been without some setbacks. Checks by Citi Business News show that the demand for flowers is growing among some…
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thyssenkrupp enhances new terminal at KIA with advanced mobility solutions
In a defining gesture of the leadership’s focus on enhancing the country’s infrastructure, the Kotoka International airport Terminal 3 marks a milestone with its facilities on par with the best in the world. Further strengthening the horizon of urban mobility and transport for the country, Terminal 3 has several impressive features that serve as a…
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No need for panic withdrawals—BoG urges public
The Bank of Ghana(BoG) has urged the public to refrain from panic withdrawals. The central bank has been chastised by some players including Chairman of Groupe Nduom, Papa Kwasi Nduom for failing to educate the public on recent reforms it is undertaking to clean up the banking sector, leading to panic withdrawals from banks. The…
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TOR gets new steam boiler to ensure uninterrupted operation
The Tema Oil Refinery has taken delivery of a new 120 ton per hour steam boiler which is expected to assist in the power generation activities of the refinery. ‘Boiler 8’ as it is referred to by authorities at TOR arrived on the premises of the refinery over the weekend. The new boiler comes on…