Category: News
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UMB announces departure of CEO
After four years of dedicated and growth oriented service to the Bank, the Board of UMB announce the departure of their CEO, Mr. John Awuah. John Awuah joined UMB and has over the years initiated and championed successful strategies with the private sector as well as partnered the public sector on initiatives for the development…
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ECG takeover: MiDA postpones February 1 date
The Millennium Development Authority (MiDA) has postponed the takeover of the Electricity Company of Ghana (ECG) by Power Distribution Services (PDS). The takeover was scheduled to have occurred on February 1. A statement from the authority copied to Citi Business News said the decision was taken at a Special Meeting on Thursday 31st January 2019.…
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Govt to issue US$403m bond for 5 undercapitalized banks
Government will issue a 403 million dollar bond this month to finance the five undercapitalized banks under the Ghana Amalgamated Trust (GAT), a report by Bloomberg has indicated. Government through the Ministry of Finance created the Ghana Amalgamated Trust, as special purpose vehicle to help five banks which were undercapitalized to meet the 400 million cedis…
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World bank modernizes Ghana post in 2 phases
The World Bank has slashed by half funds it allocated to Ghana Post for the modernization of 50 post offices under the e-transform project. Slashing of the money from 3.5 million dollars to 1.7 million dollars according to the Communications Ministry, was due to a decision made by the bank to modernize Ghana post in…
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Value of Mobile Money transactions grow significantly—BoG report
The latest figures released by the Bank of Ghana (BoG) indicate that the value of mobile money transactions grew significantly in 2018. The data also showed an increase in the number of transactions Ghanaians made on the mobile money platform last year. According to the data, the total value of mobile money transaction from 2017…
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Petroleum Commission sanctions 15 companies for flouting local content law
The Petroleum Commission has revealed to Citi Business News that it has for the past two years sanctioned about 15 companies in the Petroleum Upstream sector for violating the local Content Law. Chief Executive of the Commission, Egbert Faibille who revealed this said the companies were sanctioned after several discussions to ensure those companies complied…
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Six fund managers exit investment market
The Securities and Exchange Commission (SEC) has cautioned the public against doing business with some six fund management companies who have voluntarily ceased their operations. The companies cited various reasons for the decision. As a result, the regulator says they are not supposed to engage the public in that capacity henceforth. The fund management companies…
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Power Distribution Services takes over ECG tomorrow
All is set for Power Distribution Services (PDS) to take over the Electricity Company of Ghana(ECG) tomorrow—February 1. The new entity is set to assume the assets and management of the ECG after it was selected by the Millennium Development Authority (MiDA) through a bidding process. For starters, Power Distribution Services is expected to inject…
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Railway Workers’ Union to help revamp railway sector
The Railway Workers Union has given assurance it will work to ensure the rail sector is revamped to help commuters. The leadership of the union told Citi Business News they are ready to put behind all unresolved issues between them and government to sustain operations of the rail sector. Operations along the Accra-Tema Railway Line,…
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IES predicts fuel price increase by 2 pesewas for a litre
The Institute for Energy Security (IES) is predicting a substantial rise in fuel prices at the pumps. Consumers are expected to pay 2 pesewas more for every litre of fuel purchased at the pump. The news comes after more than six Pricing-windows of continuous fuel price declines and stability. IES attributes the increase to a…