Category: Business
-
#CitiBizFestival: Economic Outlook comes off on Thursday
The climax of the Citi Business Festival, the Economic Outlook, will come off at the Bank of Ghana (BoG) Auditorium at the Economics Department of the University of Ghana. The event, scheduled for this Thursday at 10am, will have a panel that will include Finance Minister, Ken Ofori-Atta, former Finance Minister, Seth Terkper, and the…
-
TOR shuts down again over crude oil shortage
The Tema Oil Refinery (TOR), has shut down again following a shortage of crude oil at the facility. The refinery, which has the capacity to refine about 45,000 barrels of crude oil a day, has been operating below capacity for some time now. Confirming the shutdown to Citi News, the Executive Director of the Institute…
-
PIAC accuses GNPC, GRA of ‘hijacking’ Ghana’s oil cash
The 2017 Annual Report published by the Public Interest and Accountability Committee (PIAC), has indicted two state institutions, the Ghana Revenue Authority (GRA), and the Ghana National Petroleum Commission (GNPC) for hijacking monies realized from Ghana’s oil sector. According to PIAC, instead of releasing the monies to the Ghana Petroleum Holding Funds as stated by law,…
-
Veep to make or unmake GRA’s new cargo tracking policy
The proposed implementation of the Cargo Tracking Notes (CTN) system at the ports by the GRA may suffer another setback unless the office of the Vice President moves in to avert any such issue. The GRA has directed that from July 1, all imports into Ghana must bear the unique CTN numbers before they can…
-
BEIGE Bank nears GH¢400m minimum capital
The BEIGE Bank has announced that it will be able to meet the new minimum capital requirement for banks before the December 2018 deadline. The bank, in a statement to Citi Business News said that its current financial position shows that it is about 100 million cedis shy of the 400 million cedis minimum capital.…
-
Ghana needs a regulator to check Fintechs—Archie Hesse
The CEO of the Ghana Interbank Payment and Settlement Systems (GhIPSS) Archie Hesse, says the creation of a separate regulator for technology companies in Ghana would be critical to the success of Ghana’s Fintech industry. According to him, just as there is the Bank of Ghana regulates the financial players in the country, a special…
-
Tourism Ministry to focus on agribusiness
The Tourism Ministry is set to focus on agribusiness as one of the key drivers of growth of the Tourism industry. The move is to increase the sector’s contribution to GDP from the 6.2 percent recorded in 2017. Government has over the years used other tools including art and culture, as major drivers of growth…
-
Banks, telcos panic over social media companies offering financial services
Some financial observers in Ghana are beginning to panic over the possible participation of social media companies in the financial service space. According to the Mobile Financial Services Manager at Vodafone Ghana, Carl Ashie, the financial strength and influence of social media giants like Facebook and Whatsapp make them a credible threat to current providers of financial services across…
-
$259m tax waiver: AngloGold moves to revamp Obuasi mine
AngloGold Ashanti has welcomed the tax waiver granted by Parliament paving the way for it to redevelop its Obuasi mine. The mining company believes the move will lead to increased production from the mine site for at least the next twenty years. Parliament, on Thursday, granted 259 million dollars in tax waivers to Anglogold Ashanti…
-
OPEC to increase oil production by 1 million barrels from July
The Organization of Petroleum Exporting Countries, OPEC, has agreed to raise oil production by around 1 million barrels per day from July 2018. The decision was arrived at after a meeting by representatives of member countries, on Friday [June 22, 2018]. Despite this decision to increase output, some analysts say the impact will be marginal…