Category: Business
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ESLA Plc debunks CBOD report on petroleum revenue receipt
The company responsible for clearing the energy sector debt, ESLA Plc has debunked reports by the Chamber of Bulk Oil Distributors (CBOD) that a total of 915 million cedis was not reported by government in 2016 and 2017 petroleum revenue receipt. The chamber last week alleged in its 2017 industry report that government failed to…
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Islamic scholars urge BoG to license Islamic banking
Some Islamic scholars are urging the Bank of Ghana(BoG) to license Islamic banking in Ghana to improve the financial system. The central bank in 2016, withdrew the license it gave to Saudi Arabia-based financial company, Makkah, after the company failed to meet key requirements for the granting of a full operation license on two occasions.…
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Reduction in spare parts prices will not impact transport fares
The Abossey-Okai Spare Parts Dealers Association have ruled out any reduction in transport fares due to proposed decrease in the cost of spare parts. The vehicle spare parts dealers have announced that they may reduce the prices of their wares by between 15 and 20 percent, following a reduction in some import duties. Some observers…
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Aker Energy takes over Hess Energy’s oil bloc in Ghana
Aker Energy Ghana AS, a subsidiary of Aker Energy AS has completed the acquisition of Hess Ghana, the operator of the Deepwater Tano Cape Three Points block (“DWT/CTP”) with a 50 percent participating interest in the license. A statement from the company copied to Citi Business News assured that “Aker Energy will work closely with…
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Gold production increase by 10.2% in 2017
Ghana’s gold output rose to 2.805 million ounces in 2017, up 10.2 percent from the previous year, data from the Ghana Chamber of Mines has indicated. The growth reflected a general increase in output across most of the 12 mining firms operating in the country, the chamber said. Total gold revenues amounted to $3.52 billion…
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Access Bank introduces access money transfer
In fulfilment of its new strategic objective to become Africa’s gateway to the world, Access Bank, one of Ghana’s leading retail banks has launched a new money transfer service known as “AccessAfrica”, to remove boundaries across Africa with the ease and convenience of moving funds around. The new service allows both customers and non-customers of…
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Citi Business Festival: Dr. Bawumia speaks at first event
The 2018 Citi Business Festival will kick off this morning with the African Sovereign Wealth Funds Summit which will be held at Marriot Hotel, Airport City at 9:00am. Vice President Dr. Mahamudu Bawumia will be the Guest of Honour and Keynote Speaker. Other speakers include Paulo Gomes, Chairman of Africa Sovereign Wealth Advisory Group, Michael…
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2018 Citi Business Festival starts today
The most anticipated business festival —the Citi Business Festival will be launched today on Citi FM. The festival will include a series of on-air and outdoor events on different areas of the economy. Partnership programmes The festival will kick off this morning with the African Sovereign Wealth Funds Summit which will be held at Marriot…
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Tullow Plc targets more oil exploration in Ghana
The Chief Executive Officer of Tullow Oil Plc, Paul McDade has disclosed that the company will actively participate in the bidding process announced by government recently to allocate oil blocs to investors. According to him, the company will earmark about half a billion dollars to commence more oil exploration in Ghana if it wins the…
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BoG directs struggling banks to present merger plans
The Bank of Ghana (BoG) has asked all local banks that may not meet the 400 million cedis capital requirement to present their plan for mergers. This, according to the central bank is to create space for the banks to consolidate their operations with the other entities after December 31st 2018. The Governor of the…