Category: Business
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Chamber of Mines hits Mineworkers Union over AngloGold Ashanti contract mining
The Ghana Chamber of Mines has described as untenable demands by the Mine Workers Union for AngloGold Ashanti to use owner mining in its redevelopment of the Obuasi Mine. AngloGold Ashanti recently announced that it is set to redevelop its Obuasi Mine at a cost of over 500 million dollars. The company also indicated that…
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Tema Port Expansion project reaches key milestone
The first concrete element was moved from land into sea marking a new phase of the Tema Port Expansion project delivered by Meridian Port Services. This achievement is significant as it shows the project is on time for building the first 700 meters of quay wall ensuring the new port facility can be operational by…
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Mine Workers Union appeals Goldfields Ghana lay off case
The Ghana Mine Workers Union has appealed a ruling by an Accra High Court dismissing an injunction application filed by some workers of Goldfields Company Limited over the dismissal of 1,500 workers of the company. According to the union, the judge overlooked essential procedural issues they raised. “So virtually we disagree with the ruling and…
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Groupe Nduom to start crypto currency transactions
The Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom has indicated that the company may soon venture into crypto currency transactions. The announcement follows an earlier demand from Deputy Vice president of Groupe Nduom, Papa-Wassa Chiefy Nduom urging the Bank of Ghana(BoG) to diversify its investment by investing one percent of Ghana’s reserve in…
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Court dismisses injunction case against layoffs at Goldfields
An Accra High Court has dismissed an injunction application by some workers of Goldfields Company Limited over the dismissal of some 1,500 workers of the company. According to the court presided over by Justice Laurenda Owusu, the mining company risks losing more if the court halts the ongoing layoffs before a determination of the substantive…
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IMF assesses Ghana ahead of $236m disbursement
The International Monetary Fund (IMF) is expected to disburse at least two hundred and thirty-six million dollars ($236,000,000) of the Fund’s extended credit support to Ghana. The cash is expected to hit the government of Ghana’s accounts within the next few months. This is however subject to Ghana’s ability to meet key targets set under…
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Stanchart Bank launches ‘Wealth Lending’ to give investors options
The continues drop in treasury bill rate may soon compel investors to look at other instruments with high yields such as bonds, that is the verdict from Executive Director, in Charge of Wealth Management at Standard Chartered(Stanchart) Bank Ghana, Setor Quashiga. Treasury bill rates have dropped by about 50 percent since 2017. Meanwhile, she explains…
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Barclays Africa to rebrand to Absa Group
Barclays Africa Group is to rebrand to Absa Group by 2020, subject to regulatory approval in all ten countries that it operates in. This follows the successful sale of Barclays PLC’s stake in the bank’s Africa’s operations. Barclays PLC has since December 2017, reduced its stake in the Africa Operations from 62 to 15 percent.…
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Petroleum prices to drop by 3% in March
Prices of petroleum products are expected to drop by about 3 percent for the first pricing window in March. The pricing window spans Thursday, March 1, 2018 to Thursday, March 15, 2018. According to the Institute of Energy Security (IES), the drop can be attributed to the reduction of crude oil prices on the international…
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Robbery attacks: GhIPSS urges cashless transactions
The Ghana Interbank Payment and Settlement Systems (GhIPSS), is urging the public to resort to more electronic forms of payment in order to reduce their exposure to armed robbery and related risks. The advice follows reports of two separate armed robbery attacks in two successive days and other instances, in which huge sums of cash…