Category: Business
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Goldfields, Asanko announce 50-50 JV
GoldFields Ghana and Canadian mining company, Asanko Gold have announced a fifty-fifty joint venture partnership agreement on Asanko Gold Mine ‘s concession located in the Ashanti region According to the agreement, Gold Fields will pay Asanko Gold a total of 185 million U.S dollars to buy the 50% interest in Asanko’s concession located in Nkran…
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Barclays Bank Ghana posts GH¢386m in profits in 2017
Barclays Bank Ghana is confident of sustaining its profits and contribution to the new ABSA brand from this year onwards. The Bank’s optimism is premised on its performance for last year (2017) where it recorded a profit after tax of 386.17 million cedis. The Finance Director at Barclays Bank Ghana, Antoinette Kwofie disclosed this plan…
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Karpower deal extension: IES warns of rise in power costs (Audio)
The Institute of Energy Security (IES) is cautioning of an eventual increase in the cost of power generated from the Karpowership over the continuous payment of capacity charges. The IES believes this will also defeat the immediate claims by the government of reducing the cost of power produced from the power barge. The comments come…
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SEC to introduce legislation to regulate REIT
The Securities and Exchange Commission (SEC) has disclosed to Citi Business News plans to introduce a Real Estate Investment Trust (REIT) legislation, before the end of 2018. SEC believes the legislation when in force, will facilitate a robust real estate sector. The Real Estate Investment Trust focuses largely on owning, operating or financing the real…
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BoG stops unwarranted loans to ‘cronies’ with new corporate rules
Directors of banks and other specialized deposit taking institutions cannot operate without disclosing their interests in their places of work. Also, the central bank has directed the full disclosure of conflict of interest guidelines by such institutions to tame adverse impacts of delayed loan repayments. The rules are part of new corporate governance directives issued…
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uniBank takeover : BoG rules out new negotiation with bank
The Bank of Ghana has ruled out any plans to negotiate with the old management of uniBank, to hand over the bank, before KPMG completes its six months’ mandate. The BOG, believes the old management of uniBank was given enough opportunities to turn the fortunes of the bank around but failed. The Bank of Ghana…
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Amewu blasts AngloGold over ‘propaganda’ local content forum
The Minister for Lands and Natural Resources, John Peter Amewu has lashed out at mining company, AngloGold Ashanti, describing a gathering it organized on local content participation as a ‘propaganda’. Mr. Amewu, who sounded angry and betrayed by AngloGold Ashanti, recounted how the mining company had gone ahead to shortlist two foreign companies for a…
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Communications, Aviation Ministries beef up IT security at airport
Minister for Communications, Mrs. Ursula Owusu Ekuful has emphasized the importance of integrating technology into the country’s systems, to improve security at various points of entry. Mrs. Owusu Ekuful believes general improvements in security can lead to a boost in tourism for the country. Speaking to Citi Business News on the sidelines of the inauguration of…
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Tourism Ministry to stop open defecation at tourist sites
The Ministry of Tourism, Arts and Culture has warned that it will deal severely with persons whose activities prevent people from visiting tourist sites. According to the ministry, acts such as open defecation are a major setback to the tourism industry. Addressing journalists at a press conference, the Minister for Tourism Arts and Culture, Catherine…
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Red flags over local content in ECG as bidders submit proposals (Audio)
Ghana could be losing significant benefits from the power sector in the absence of a local partner for the concessionaires bidding to assume management of the Electricity Company of Ghana (ECG). This is the concern of Policy Analyst with ISODEC, Dr. Steve Manteaw. His argument follows the submission of proposals by two companies bidding for…