Category: Business
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BoG to halt fraud in Ghana’s Payment Systems
The Bank of Ghana (BoG) has indicated that it will put in a robust system this month to halt fraud related activities associated with the country’s payment systems. The move, according to the central bank will be implemented in collaboration with banks and telcos. Speaking to Citi Business News on the issue, the First Deputy…
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Inject $300m into TOR or privatize it- Alex Mould
Former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould has stated that the Tema Oil Refinery(TOR) will need a capital injection of about $300 million to be able to operate efficiently. The country’s only refinery in recent times has not been able to operate at its maximum capacity due to production losses,…
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SMEs skeptical of mobile money services (Audio)
Businesses are still skeptical of the use of mobile money despite the boom in patronage of the service. Citi Business News’ checks with some small scale business owners show mixed reactions to the use of mobile money services. This means more needs to be done to increase patronage. In the build up to the Financial…
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Oil & Gas experts caution gov’t against building more refineries
Some experts in the oil and gas industry are asking government to focus on building just one refinery rather than building four as proposed in the Petroleum hub project. According to them, the unpredictability in demands of petroleum products on the export market may not be favorable to Ghana. Local demand for petroleum products have…
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Kumasi Airport phase II to be completed ahead of time
The construction of phase two of the Kumasi Airport is expected to be completed ahead of schedule, this is according to aviation Minister Cecilia Daapah. The completion date will now be 2019 instead of the initial date of 2020. Madame Cecilia Daapah made this known at the sod cutting ceremony for Phase 2 of the…
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ACCA tasks UGBS to update syllabus
The Association of Chartered Certified Accountants (ACCA) has tasked the University of Ghana Business School(UGBS) to update its current syllabus to meet the modern training modules it has recently rolled out. According to the ACCA, such a move is critical to enable Ghana keep up with global accounting standards, as well as help propel the nation unto…
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Ghana needs effective regulation to be a petroleum hub—Experts
Some energy experts at the Ghana International Petroleum Conference (GhIPCON) are urging government to speedily develop a policy framework to back its vision of creating a petroleum hub in the country. This, they believe will ensure effective regulation of the over 50 billion dollar project. Government is seeking to develop a petroleum hub which is…
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Non compliant fintechs to lose licenses – BoG
The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly. This caution is also contained in the Bank of…
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Veep urges BDCs to consolidate
Ghana’s vision of becoming a petroleum hub may not be realized if oil service providers in the industry fail to consolidate their efforts, Vice President Dr. Mahamudu Bawumia has said. According to him, Ghana will be better positioned to compete within the sub-region if service providers like bulk oil distribution companies (BDCs) join forces. Speaking…
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Ishmael Yamson steps down as Board Chairman of Stanchart
The Board Chairman of Standard Chartered Bank, Mr. Ishmael Yamson has announced his resignation from the position effective June 30, 2018. His resignation comes after serving in that capacity for thirteen years; from 2005 to 2018. Mr. Yamson announced his resignation at the bank’s Annual General Meeting (AGM) on Thursday, June 7, 2018. Speaking to…